One of the biggest benefits to using Texas Hard Money Loans is that they can get cash in your hands quickly. To keep the process moving smoothly, come to the table prepared.
1. Establish a main point of contact. Most lenders will pair you up with someone, be it an account manager, broker, or assistant. It’s important to develop a relationship with this person and ensure the lines of communication are open, so they can follow up with you as needed and keep you informed of the progress. If you aren’t given a main point of contact, find out who you should be keeping in touch with.
2. Find out what documents you’ll need in advance and have them ready to go. Each lender will have a different set of requirements for approving Texas Hard Money Loans, but you’ll typically need to supply details on the property, an appraisal, an outline of your plans, a budget, a timeline, and documents related to your business and financials. Oftentimes, the team cannot even begin processing an application until after everything is submitted, so delays in getting the paperwork to the finance team will naturally slow the approval process.
3. Don’t overwhelm your finance team with unnecessary paperwork. It can be tempting to send in everything you have related to your project, but your lending team will have its own processing methods and if extra things are sent in, that simply makes it harder for them to find what they need in your stack of papers.
4. Be prepared to supply additional details. If something is missing or is unclear, the team will need a prompt response from you in order to continue moving forward. Ergo, if you had a stack of papers you held back from the initial submittal, keep them close at hand just in case they’re needed.
Traditional bank loans have regulatory red tape that slows the approval process, dragging the funding out for a month or more. This isn’t true with Texas Hard Money Loans. If your initial application is comprehensive and you supply all requested documents promptly, you can literally close on your financing in a matter of days.
The process will be different depending on where you’re sourcing your Texas Hard Money Loans from, but an experienced funding team works like a well-oiled machine. That’s part of the reason they’re able to stay in business. By taking care of you promptly, they’re not only creating a happy customer who will return for later deals, they’re freeing themselves up to complete other deals. They do this day in and day out, so it’s a smooth and straightforward process. Follow their lead, stay connected with them, and you’ll close faster than you ever thought possible.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.