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Killeen-Texas Hard Money Loans
Given its close proximity to Austin, it is little wonder that real estate investors are finding many opportunities in Killeen. There is plenty to be excited about, which is why so many people are looking for financing today. If you are an investor or developer who has grown frustrated with the process required to get a conventional mortgage, you are not alone. Many people find that they do not even qualify after waiting weeks or months for a decision. The issue is the reason that you are wanting to purchase a piece of property in many situations. That is why you will want to know more about the existence of hard money loans and why they might work for you.
What Is a Hard Money Loan?
This is a type of financing meant only for real estate investors and developers. If you can show a need for quick cash to close a deal on a piece of property that will have built-in collateral already, you might be a prime candidate for a hard money loan. One of the major advantages is the fact that the application process is much more streamlined. This is not a conventional mortgage, you are looking at getting the cash you need in less than a week in many cases.
Here are some specific types of loans that you might be looking at.
A Loan To Fix and Flip a Property
Killeen has many homes and office buildings that are in need of repair. These can often be purchased quite cheaply. If you have found a good deal, you might want to talk to Delancey Street about the possibility of getting a fix and flip hard money loan. You will get the cash you need to buy the property. Then, you will immediately set to work on remodeling the building, after which you will hopefully sell it for a nice profit. It is then that you will pay off the loan in full.
A Loan To Occupy a Building
Remember that hard money loans are meant to be a short term financing solution, and that they are typically for investment and development purposes. As such, it is not common to see them be granted for the purposes of occupying a dwelling, but that is not to say it doesn’t happen. This type of loan would be to purchase a home or building that you personally intend to occupy, working then to refinance the loan or demonstrating how it will be paid off within a few years.
A Bridge Loan
With this particular loan, you are meant to quickly purchase a property that you will then sell right away. You might also have another property that is closing not long after you get this loan, and you will then use those proceeds to pay off the new deal. Another possibility is to refinance the loan.
A Construction Loan
There are many pieces of land around Killeen ready to be developed. If you need money to get that construction started, this is the type of hard money loan you would look for. You will get the cash you need to complete the structure, after which you will sell it or refinance the loan.
Contact Delancey Street
You will not be going through a traditional bank lender to get a hard money loan, as you would for a conventional mortgage. If you are ready to discuss your options, you can just contact Delancey Street to get the process started. You will find that the process is much easier than you were expecting and that this is a way to finance short term deals and get you the capital you need to continue investing in Killeen real estate.