Hard Money Loans in Katy, Texas

When it comes to financing a real estate investment or development project, hard money loans are becoming an increasingly popular option in Katy, Texas. For potential borrowers and lenders alike, it’s important to understand exactly what hard money loans are, how they work, and when they make the most sense.

What is a Hard Money Loan?

A hard money loan is a loan secured by real estate. It’s often used by investors who don’t have access to traditional bank loans. The lender will typically provide the borrower with a single lump sum of capital at the beginning of the loan and will require repayment of principal and interest at the end of the term. In some cases, lenders may also require that borrowers make periodic payments throughout the loan term. The terms of these payments vary based on the lender and can be negotiated before signing any agreement.

Benefits of Hard Money Loans

One of the main benefits of hard money loans is that they tend to close faster than traditional bank loans since there’s less paperwork involved. For investors looking for quick financing for their projects, this can be incredibly helpful since time is of the essence when it comes to making deals happen. Additionally, these types of loans tend to have fewer restrictions on what type of property can be financed and have lower credit score requirements than traditional bank loans. This makes them attractive options for investors who may not qualify for other types of financing.

When Should You Consider Taking Out a Hard Money Loan?

Hard money loans should generally only be considered if you need access to capital quickly or if you are unable to obtain traditional financing due to your credit score or other factors. Additionally, these types of loans should only be taken out if you have confidence that you will be able to repay them when due since late payments can lead to additional fees or even foreclosure on your property if you are unable to catch up on missed payments.

In conclusion, hard money loans can be extremely beneficial tools for investors in Katy, Texas who need quick access to capital in order to move forward with their projects quickly. That being said, they should only be considered after careful consideration and after understanding all associated risks involved with taking out such a loan. At our company we understand how important it is for our clients to know all aspects involved in taking out a hard money loan so we provide detailed information about our services so clients can make informed decisions about their finances before signing any agreements with us!

Hard Money Lenders in Katy, Texas

FlipCo Financial is funding real estate projects in Katy and the Greater Houston Area. With 5 stars on google, our team is providing the best hard money loan service in the city and we are ready to work with you. Contact our team of experienced real estate investors to get your free quote on your loan.

What Clients Say About Us!

"I used FlipCo on my personal investment and it was such an easy and smooth process. No Appraisals required. Highly recommend."

"Flipco is the real deal! Not only did they save me on a deal, closing in less than 5 days from my first phone call, but they also had the best rates!"

"FlipCo hands down have the best customer service and provides personal attention to every transaction. They are very investor friendly making it possible for new investors to enter the market."

"My closing was only 4 days away and my original lender was not able to perform. I called Flipco Financial and they were able to make it happen. Quick and easy process!"

"FlipCo has been so great to work with. The down payment was so much lower for this flip, which allowed us to keep more cash in our bank account. They are super responsive, helpful, & professional!"

"I've used half a dozen hard money lenders over the last 8 years and FlipCo offers the best numbers for an investor. They are very transparent and fund extremely quick."

"First time working with Flipco, they were able to close a tricky transaction in less than 4 days with us, over the weekend. We will definitely use them again!"

"I used Flipco on my 4th flip and I was amazed by the speed and the customer service involved in allowing me to close within a couple days."

"The purchase process, draw process and terms are the best and easiest! My favorite is there are ZERO draw fees!"

"I have used other hard money lenders in the past but FlipCo has blown the others out of the water. You will not be disappointed with FlipCo - their services are top notch!"

"Karena and FlipCo are the best!! They provided amazing and fast service for my 2 fix and flip loans. Highly recommended!!!"

FAQ's

How quickly can you fund my project?

At FlipCo, we understand that time is of the essence for real estate transactions. We can fund projects within 48 hours of receiving clear title and all underwriting documents.

How do you differ from other lenders in this industry?

The most important part of our deal structure is ensuring our client are set up for success. We go the extra mile to ensure that title issues are not overlooked, legal documents are prepared correctly for our clients and that our clients have all the tools they need for their projects. Our client’s success comes before anything else.

How are my monthly payments calculated?

The monthly interest payment calculation is explained in detail via the agreed upon Term Sheet that is signed prior to project closing. We charge interest only payments and only ever on funds used.

Do you require insurance?

Yes, every property we lend on is required to have title, builder’s risk, hazard, and general liability insurance.

What type of properties do we fund?

Single Family Residential, up to 4 doors (No Owner-Occupied)
First lien position
Previously flooded properties require additional diligence from our underwriting team
Additional square footage will require a survey prior to funding

Approval Timeline/Process

We typically approve our clients within 48 hours of receiving all required documents.

Do you require appraisals?

We do not require third party appraisals. All underwriting and price opinions are performed in house reducing project costs as well as providing enhanced efficiency to the underwriting process timeline.

What are your borrower requirements?

Last 3 months of bank statements
Financial statement
Completed borrower application

How long are your loan terms?

We offer a 3 and 6 month term.

Do you do credit checks?

FlipCo typically does not require a credit check. We pride ourselves on lending on the asset and strategy rather than the borrower’s credit score.