Private Lenders in Texas
What Is a Private Money Loan?
If you’re a real estate investor in Texas, you’ve probably heard of private money loans. But what are they? Private money loans are generally short-term loans (12 months or less) that are backed by an asset, such as real estate. Private lenders are typically individuals or small businesses, rather than large banks or financial institutions. FlipCo Financial is a private lender in Texas that offers a variety of hard money loans. Our team is highly experienced in our industry and we help investors make the best decision in their hard money journey. All of our loan agents have worked in real estate investing and have an investor mindset when it comes to private lending.
The Benefits of Working With Private Lenders in Texas
There are several benefits to private money loans.
– Quick approvals: Because private lenders like Flipco are typically small businesses or individuals, they can make decisions quickly. This means you can get funding for your investment property fast, which is often critical when you’re trying to take advantage of a good deal.
– Flexible terms: Private lenders are often more flexible than banks when it comes to loan terms. They may be willing to work with you to create a repayment schedule that fits your needs and budget.
– Lower interest rates: Interest rates on private money loans are typically lower than those offered by banks or other financial institutions. This can save you money in the long run and make it easier to repay your loan.
What is an Asset-Based Loan?
A real estate asset-based loan is a private loan that uses real estate as collateral. This type of loan is typically used by investors to purchase investment properties. Asset-based loans are a good option for investors who need to get funding quickly to close deals. It can be perfect if you are looking to fix and flip properties or wholesale homes.
If you’re a real estate investor in Texas, funding with us can be your best solution to get your money fast.
Hard Money Loans Explained:
Hard money loans are private loans that are backed by real estate. They are typically short-term loans with high-interest rates. Hard money loans are a good option for investors who need to get funding quickly. FlipCo offers hard money loans in Texas with competitive rates and flexible terms.
Why You Should Use A Private Money Lender In Texas Like FlipCo Financial
There are several reasons to choose private money lenders like FlipCo Financial:
– We offer a variety of hard money loan options in Texas.
– We have a quick and easy application process.
– We offer competitive rates and flexible terms. If you’re a real estate investor in Texas, funding with us can be your best solution to get your money fast.
Texas Private Lenders
If you’re looking for private lenders in Texas, FlipCo Financial is a great option. We offer a variety of hard money loans with quick approvals and flexible terms. FlipCo is based in Houston but we provide private money throughout Texas and across the nation.
Contact us today to learn more about our loan products and how we can help you finance your next investment property.
What Clients Say About Us!
FAQ's
A hard money loan is a type of short-term financing secured by the property’s value rather than the borrower’s creditworthiness. FlipCo Financial specializes in hard money loans for real estate investors, offering quick access to capital for property purchases and rehab. These loans are ideal for fix-and-flip projects, BRRRR strategy investments, and other short-term needs.
As a true asset-based lender, FlipCo Financial focuses on the property’s potential rather than your credit score. We provide flexible terms, faster funding, and a borrower-friendly approach, removing common pain points like lengthy underwriting processes, excessive due diligence requirements, and excessive deal delays.
Loan amounts are based on the property’s projected After Repair Value (ARV). FlipCo will lend up to 75% ARV. We follow industry standard underwriting guidelines, ensuring comparable properties (comps) are similar in size, type, and location. Our approach helps investors maximize their projects’ potential while managing risk.
Yes! As a true asset-based lender, we prioritize the asset over the borrower’s credit. Because of this, we do not have a credit score minimum or require a credit check as part of the application process. Although credit does not impact funding qualification with FlipCo, it can impact a borrower’s ability to get long-term financing if the exit strategy is to hold the property as a rental.
Yes! While experience can strengthen your application, we work with first-time investors and provide guidance throughout the process. Budgets larger than $60,000 will require additional review if a first-time investor.
FlipCo’s streamlined process allows us to fund loans within a matter of days. We move as fast as you do! Once your application is complete and approved, we work quickly to ensure you can close your deal without delay.
To apply, you’ll need to complete a loan application, submit your project budget in the FlipCo format, property photos, and purchase contract. If you do not choose to finance your rehab with FlipCo, we will still need to see your proposed SOW to understand the final product for accurate valuation. Our team reviews this information to ensure the project aligns with our lending criteria. Upon Underwriting Approval, final due diligence documents include entity documents, EOI, and Proof of Funds.
Borrowers can easily submit property photos through FlipCo’s online application portal or via email to their assigned account manager. We require clear photos of the property’s exterior, interior, and any areas requiring repair or renovation to support the underwriting process.
For property inspections, FlipCo accepts formal inspection reports from licensed inspectors, appraisers, or contractors. In some cases, detailed walkthrough videos or virtual inspections may also be accepted, provided they meet our underwriting requirements. Our team will guide you on what’s needed for your specific loan application.
Apart from the subject property, FlipCo requires the borrowing entity be registered and operating within the US as well as in good standing. Borrowers must provide proof of current liquid funds to meet calculated Minimum Reserves; this requires providing most recent bank statement and screenshot of current bank balance within 10 business days of closing. No active or pending judgements, liens, foreclosures, or bankruptcies personally or associated with a business entity.
FlipCo lends on residential, single-family homes and multi-family units. Property types include single family residence, duplex, triplex, quad. The property must be for investment purposes and cannot be owner-occupied and/or the borrower’s primary residence. Manufactured homes and shared wall units such as townhouses and condos are excluded.
FlipCo lends in several states and recently expanded to Ohio cities. Our states include Arkansas, Florida, Georgia, Indiana, Kansas, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Texas, and Virginia. Check our website for a detailed list of states where we operate.
FlipCo can lend up to $1,000,000 per unit. FlipCo does not have a loan minimum. We do have an origination minimum of $2,500.
How does FlipCo handle draw requests for rehab projects?
FlipCo issues reimbursements through draw requests once work is completed and paid. While there’s no required timeline for draw submissions, we encourage borrowers to submit within the first 30 days to keep their projects on track. To make a draw request, visit: FlipCo Rehab Draw Request – FlipCo Financial
Absolutely! FlipCo provides guidance to make the transition seamless with our in-house DSCR specialists!
FlipCo will only charge interest of funds drawn, not total committed. Your FlipCo quote will provide estimates on your minimum and maximum fully drawn interest payment for your review in assessing your potential carrying costs.
FlipCo offers short-term financing for 3- and 6-month terms. Extensions are available. Additional fees may apply.
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