The real estate industry is growing in 2022. In fact, it has been the only industry whose popularity rose during the pandemic. This shows that no matter how the market is performing, people’s demand for houses will increase as the population rises.
If you see this as a business opportunity, you are thinking just like many other entrepreneurs out there. The real estate industry has billions of dollars to earn.
The real estate industry is more like a gamble but a safer gamble than you play in a casino. To make a profit in real estate investment, you first need a large sum of the initial investment. And once you are the owner of the real estate property, you have to wait for a potential buyer to make an offer.
Real estate investment can be a rewarding path and help you build wealth. Real Estate Investment Trusts and real estate crowd funding allow individuals to invest passively.
While most investors want to own the real estate property completely, you might find it uncomfortable to put a large sum of money. In that case, a hard money loan may be an answer.
What Are Hard Money Loans?
Giving a loan comes with serious consequences. What if the receiver is unable to give back the loan amount in time. This is the reason why when an individual asks for a loan; they need to show their credit score and loan-to-income ratio.
Once your credit history shows a smooth path, you will not find any roadblock to getting a loan. However, the traditional process of getting a loan is quite slow, especially if you have any negative elements in your credit report.
This is where hard money loans come in. Hard money loans are based on collateral. In this type of loan, lenders are less worried about the repayment of the loan. If anything goes wrong, the lender can simply take the collateral and sell it.
Hard money loans are typically short term. The tenure is one year to five years. You wouldn’t want the tenure to go longer term because of its high-interest rates.
Top Fix & Flip Hard Money Lenders In Austin Texas
Right now, the real estate market in Austin Texas is flourishing. If you want to pursue a career in the real estate market, knowing a few hard money lenders will help you solve your funding needs.
1. Stallion Funding
If you live in the Austin area, you must have heard about Stallion Funding. They are like a legend in the area. More than 350 loans have been completed by this funding company and have invested 250 million dollars worth in projects.
Stallion Funding takes pride in its capability of fast closing, transparent fees, and the assurance of getting the job done right. In addition, if you have any specific need, Stallion funding ensures that they tailor their solution around it.
2. House Max Funding
House Max Funding has been in the business for more than two decades and has flipped more than 3000 homes with a total worth of $750 million. In addition, House Max Funding helps you get approved for loans with just a snap of the fingers.
The thing which we like about House Max Funding is their hands-on approach, and they truly enjoyed the time spent with borrowers. If you are looking for a deal from the best people, House Max Funding is where you go.
3. Little City Investment
Little City Investment is based out of Austin but has locations all over Texas. They have over a decade of experience under their belt as hard money lenders for successful rehabs, purchases, and new construction projects.
What sets Little City Investment apart from the other lenders is their vast knowledge and funding sources that allow them to close the loans in just a couple of working days.
4. Park Place
Park Place funding is mostly known for its fast lending process. They know how some projects can be time-sensitive. Hence, they follow a simple process for easy loan approvals. Their turnaround time can be as short as 24 hours.
Traditional lenders give the buyers 80% of the purchase price; Park Place Funding gives 75% of the properties after repair value.
Whether you choose any hard money lender from the list, the best way to see whether that money lender is experienced or not is by going through their connections.
An experienced money lender will have a wide network and will help you find great investment opportunities.