Alright, let’s talk about these hard money lenders in Dallas. Now, I ain’t no fancy businesswoman or nothin’, but I know a thing or two about gettin’ money when you need it. See, sometimes you gotta fix up a place, flip it, make a little somethin’ somethin’. Banks, they take forever and a day, always fussin’ over your credit and all that. Hard money lenders, well, they’re different.
They’re like the folks you go to when you need cash fast. Like, real fast. Say you found a real beat-up house, but you know with a little elbow grease and some paint, you can sell it for a whole lot more. That’s where these hard money fellas come in. They give you the money, you fix the place, you sell it, and you pay them back. Simple as that, or so they say.
Now, don’t get me wrong, it ain’t all sunshine and roses. These guys, they charge ya more. A lot more sometimes. I heard tell of them chargin’ 10%, 15%, even 18% interest! That’s a heap of money, let me tell ya. Banks, they might charge you 5% or 6%, maybe a little more if your credit ain’t so good. But these hard money lenders, they know you’re in a hurry, they know you need the cash, so they charge you what they want. And don’t forget about all them fees! Points and origination, they call ‘em. Sounds fancy, but it just means more money outta your pocket.
- Interest Rates: High, real high. Think double what the bank charges, sometimes even triple.
- Fees: They got all sorts of fees. Points, origination fees, you name it, they got it. Gotta read the fine print, that’s for sure.
- Speed: Now, this is where they shine. They can get you the money quick, real quick. Sometimes in a matter of days. That’s faster than a chicken can peck corn.
- Credit: They ain’t as picky about your credit as the banks are. Even if you got a few bumps and bruises on your credit report, they might still lend you the money. But if your credit is real bad, like, real, real bad, well, you might be outta luck. I heard some want a credit score of 550 or even higher, but some are okay with 500, I guess it depends on who you talk to.
So, how does it all work? Well, let’s say you wanna buy a house that needs fixin’ up for $100,000. And you figure it’ll cost another $30,000 to make it look all nice and pretty. And you think you can sell it for $180,000 after you’re done. You go to a hard money lender in Dallas, and they give you the money – maybe not all of it, but enough to get started. You fix the place up, sell it, and then you pay back the lender, plus all that interest and them fees. If you do it right, you make a little money for yourself. If you mess it up, well, you could lose your shirt.
Now, BridgeWell Capital, I hear they’re a big one ‘round here. They say they’re the number one hard money lender in Dallas for real estate investments. They work with folks all over Texas, not just in Dallas. And they say they don’t have no pre-pay penalty, which is good, I guess. Means you can pay them back early without gettin’ slapped with another fee. And they want you to have a 700+ credit score, which is pretty high, sounds like they only deal with the folks who have good credit.
Finding a good hard money lender in Dallas ain’t easy. There are a lot of them out there, and some are better than others. You gotta do your homework, talk to folks, read the fine print. Don’t just jump at the first offer you get. And for goodness sake, make sure you know what you’re gettin’ yourself into. Fixin’ and flippin’ houses ain’t for the faint of heart. It’s hard work, and it’s risky. But if you do it right, it can be a good way to make a livin’. Or lose your shirt, like I said.
So, that’s the long and short of it. Hard money lenders in Dallas. They’re fast, they’re expensive, and they can be a lifesaver if you need money quick. Just be careful, and don’t get in over your head. That’s the best advice this old woman can give ya.
And remember, always get everything in writin’. A handshake ain’t worth nothin’ these days. You need a contract, something you can hold onto if things go south. And get a lawyer to look it over, if you can afford it. Lawyers, they charge an arm and a leg, but sometimes they can save you a whole lot of trouble in the long run.
Now, I gotta go make some supper. All this talk about money and houses has made me hungry. Good luck to ya, and don’t forget what I told ya.
Tags: [Hard Money Lenders, Dallas, Real Estate Investing, Loans, Texas, Financing, Fix and Flip, BridgeWell Capital, Credit]
