NMLS #1760709; Arizona Mortgage Broker License #0950084; California Finance . More than half of our business consists of non-owner-occupied single-family homes. Sacha was amazing every step of the way. Residential Hard money closes quickly (in as few as 3 or 4 days depending on the circumstances). They lend because they know its a secure and stable return on their investment compared to the erratic stock market or low yield money market accounts. They dont review income documentation such asW-2sor tax returns for debt to income qualifications. Called day one explained my situationThree days later loan approved for amount needed. UPDATE: three years later and we hav once again worked with Source Capital Funding. Be ready to search around if youre thinking about working with a hard money lender on owner-occupied hard money loans.Not all lenders offer hard money loans on owner-occupied properties because of the risk they create. This can be a hard goal to reach if your purchasing an investment property and dont already have the cash available. I strongly recommend you use their services, you'll be glad you did!! This type of loan program, also known as a Bailout Foreclosure Loan, is an additional loan taken out to refinance and pay off the existing mortgage that is in default. We are so comfortable and secure with Source Capital, that we have felt at ease introducing many of our friends and family to this wonderful company. . Beyond that, deals are examined on a case-by-case basis, so requested documentation can vary but remains uncomplicated. Please enter an email where we can send your rates. Thank you David! CALFORNIA HARD MONEY PRIMARY RESIDENCE LOANS. He is honest, direct and keeps the best interests of his customer front and center, he's First-Class. Investmark Mortgage, LLC is a 3 time award winning hard money lender, with offices in North Texas, Central Texas, and South Texas. Dennis@level4funding.com. Our loans are intended for business purposes only, including not only investment properties, but also for uses such payroll and inventory. For example, knowing you can close fast can give you the upper hand if youre in a bidding war. occupied, since those are far more likely to be . Do not hesitate to give them a shot. What a pleasure to work with them!Great experience! These loans can be recorded as hard money first mortgage,hard money second mortgageor hard money third mortgageliens.The Investors dont pay much attention to the borrowers credit or income because the location, equity and good condition of the property will protect their interests while making a equitable monthly return on their investment.-. Our loans are weighted heavily on the property which allows us to quickly fund loans that make sense. When life seemed so dark, with a deadline they helped save us. The difference between consumer-purpose and business-purpose loans lies in how the borrower uses the loan. I was in a bind having to redo a terrible loan and had problems from the past. Got my loan in less than a week. Owner Occupied Residential Private Money Loans Private Money Loans & Hard Money Loans As Low As 7%, Up To 80% LTV, $100k to $35 Million, EZ Qualify! After Dodd-Frank was signed, banks had to work hard to prove that borrowers understood loan risks, and they had to verify a borrowers credit history, income, and job status. Please check your email for more information. He made sure the loan got funded as quickly as possible and provided guidance throughout the process. Poor credit, bankruptcy, foreclosure, self-employed and foreign nationals are no problem. With our simple process, find out if youre approved in a matter of minutes! Instead of focusing on financials and credit, Source Capital offers asset-based financing that focuses on equity in real estate. There are many differences between owner-occupied hard money loans andconventional loans. https://www.fhamortgageprograms.com/badcredithome-loans/. If you're seeking a private money lender look no further. It can take longer to save money for the larger down payment, but you dont have to worry about having great credit or a low debt-to-income ratio. or in other special circumstances. I hope it's not the last. An owner-occupied hard money loan offers borrowers many finance options. Conventional financing is for 30 years on average, but hard money loans are usually for 6 to 60 months. Would you like to borrow additional cash? This field is for validation purposes and should be left unchanged. Most hard money loans in Texas are offered for less than a year, but some hard money lenders also provide loans on a longer-term basis. Hard Money Lender. Hard money loans are short-term loans that are secured by property. . Typically, they offer borrowers short-term funds for time-sensitive projects such as real estate investments or house flipping. Both types of loans are offered by traditional lenders in California, but many borrowers needing an owner-occupied loan dont qualify for conventional loans. Such as Owner Occupied refinances, cash-outs, Non-Owner Occupied rental loans, blanket and VRBO or Airbnb loans! Source Capitals founder, Sacha, also grew up in Arizona and can help in funding your next hard money loan. Take a look at our customer satisfaction and see why Source Capital goes above and beyond the industry standard of hard money lending. I'm a private money broker and being in the middle can prove to be real challenge. They eventually have a balloon payment due, which means you could owe hundreds of thousands of dollars at once.Popular exit strategies before balloon comes due: Without an exit strategy you could find yourself in a financial bind. Smooth payout. Our team of lenders can usually fund your loan within 7 days of approval due to our direct access to capital. Sacha is very professional and great to work with! She reviews every deal before I fund them, she also gives them five stars!Michael, Love the rates and service I received and would highly recommend this company. They wont turn you down if you have bad credit scores, though.Unlike conventional loans that require 680+ credit scores and only offer the most competitive rates to those with perfect credit, hard money loans are a good alternative for investors and business owners withpoor to average credit. First Name Last Name What Is a Cash-Out Refinance Hard Money Loan? After reaching out from an online inquiry, David set our expectations for finding a suitable loan product, kept in contact and guided us through the entire loan process. I will go back to them again if I need funding in the future. Get to know Ryan and Sasha, partners, exceptional quality people of faith.My wife was a CFO and a forensic auditor. I was almost ready to give up till I went online and looked for some hope out there for me. Got to have someone like him in your corner. i was referred by a trusted business colleague and my particular experience from the outset was extremely fruitful and exceeded my expectations. I had a great experience with Source Capital. They're a pleasure to work with. Can't wait to close another deal with these guy! The 5-Star review was absolutely earned by both Ryan and Marie as they were knowledgeable, attentive, and quick to respond especially when I needed it most!!! Thank you so much Sacha and Source capital yall are great. * Please note that ALL loans are secured by real estate only and we do not fund personal loans, car loans or unsecured loans. This includes the broker, the escrow and the title departments. > COMPARE LOAN RATES. Texas Hard Money Pros | A Direct Private Money Lender We Can Fund Your Hard Money Loan! We underwrite our loans in-house, cutting time and cost. Entities with viable investment projects that fit within our lending parameters will be considered for a loan. Its the easiest way to chat with you and answer any questions that may arise regarding your Texas hard money loan. Source Capital Texas hard money loans are secured by property equity, so were able to look beyond our borrowers financial circumstances. FAQ. Source Capital under promised, over delivered and kept constant communication along the way. Whether you are looking to purchase, renovate, expand, or make improvements on one or more owner-occupied properties, you need ample financing. They responded to emails and calls very quickly. Ryan Burns is one of the most honest, trustworthy men I have had the privlege of working with. I had plenty of equity in my property but did not have enough liquid cash for necessary improvements. We were able to fund her business purpose loan in 2 weeks. The lender and the borrower dance is a unique one to say the least. 1. Conventional lenders look closely at your income and compare it to your monthly debts. Owner Occupied & Residential Hard Money Loans There are many circumstances which result in a borrower being denied a residential mortgage by banks and credit unions, causing the borrower to turn to a residential hard money lender to obtain a hard money loan for their primary residence: The borrower currently has poor credit I worked with some high quality individuals. On a limited basis, Noble Mortgage also funds new construction loans and owner-occupied properties. I called this company already under contract needing help and they closed my loan 7 days later. This is true if you buy ahome at an auctionor in other special circumstances. Hard money loans are funded by private investors rather than banks. The founder, Sacha Ferrandi, and his excellent staff were most helpful and were always available to explain the process and answer all of my questions. Owner-occupied loans, also known as consumer-purpose loans, are offered to finance properties that borrowers intend to occupy as their primary residence. If a borrower is looking to purchase their first home but cant go the traditional route, a hard money loan can be the best choice. I'd worked with Source Capital Funding a few years ago when I needed a short-term loan for my business. And if they need to get a second mortgage to gain access to precious equity, it can be a life-changing way to get their lives back on track by redeeming their credit and cracking down on old debts. Hands on, great service, great process, great loan product! We work on a case-by-case basis, ensuring each applicant gets our full attention when determining if we can finance their owner-occupied property. Houston hard money loans and Texas hard money lender, no credit or income check. He gave me some very thoughtful and useful advice. I wish I had found them sooner. Hard money lenders use the property equity as the primary deciding factor for approval. We look forward to many future closings with Sacha and team. From the 73301 to the 88595 zip codes, our direct, immediate access to capital can provide you with fast funding for up to 70% of the property value. Give them a call and see for yourself. Highly recommend. These loans are available as long as you will use the property to flip or for business use if long term. They worked diligently to help me get my loan. Why are consumer-purpose hard money loans so rare in California? I would recommend him to others and I will be doing business with him in the future for sure. We recently closed on a loan with Sacha. As a directmoney lender with a proven track record of successfully funding transactionsfrom the twin cities to all surrounding areas, we know how to get your loan funded fast. Lenders use this distinction because they want to know whether youll be living in a property, renting it out, or selling for speculation spec purposes. Sacha was really great: straight to the point, easy to work with and highly reliable. Finally, bridge loans for primary residence and W-2 employees that have less than 2 years of employment history are also candidates. This is because investors buy loans from lenders, and the lenders must meet the investors strict requirements. Need A Real Estate Loan Fast? Make sure you have a solid plan if you are seeking long-term financing. Please complete the form below and a decision maker will contact you shortly. We underwrite our loans in-house, sparing you any middle man, excessive paperwork, or administrative hurdle. simply stayed with me and didn't waver or quit, or even made it seem like that was even a remote thought. I'm very thankful to Source Capital Funding for helping me with the loan. An owner occupied loan is a loan where the person that is receiving the loan, the one that will make payments on it, is going to occupy the property that it is for. Residential Hard Money Loans: 1-4 Unit Residential Properties including Condos, townhouses, apartment homes, and other unique properties. Texas; Utah; Virginia; Vermont . Simply stated- truly exemplary and professional people, Source Capital has been an absolute pleasure to work with throughout. Open communication and no surprises. Working with Source Capital Funding was a breeze. To receive your custom, hassle-free Hard Money Loan quote please complete the "QUICK QUOTE" Form or call us directly at 888-460-4518. Ryan, Sacha and Marie are professional, knowledgeable and helpful. What Qualifies as Owner-Occupied in California? I had a very positive experience in working with Sacha I needed to get a loan to remodel a property and he did it in record time, moreover Sacha structured it in a way that worked well for me. Very professional and a pleasure towork with. Sasha and his team are great with communication, and always willing to help to address any questions or concerns. Source Capital Funding is one of the best hard money lenders I have worked with. With our new owner-occupied loan program you can purchase your new home before selling your existing home without having to meet stringent debt to income ratios of a conventional lender. Equity means the amount of value you as the homeowner owns outright on a property. Menu. He answered any and all questions professionally and with great kindness. Although many loan-modification and short-sale companies have sprung up in recent years, almost all make their money. Arizona Owner Occupied Hard Money Lenders Arizona Hard Money Loans , Rates from 5.99% with 90% LTV and 100% of Rehab Costs, Lending on Fix and Flip, Construction, Rental Property and AirBnb Sometimes you just need to close on a mortgage loan fast, and its possible with hard money loans. We have worked with multiple lenders over the years and the experience with David has been the best. Marquee Funding Group is a full-service mortgage banking firm specializing in private money loans. For the fastest processing times, we encourage you to phone us directly. I would highly recommend Source Capital Funding. Non-Prime Owner Occupied Texas Hard Money Lenders, For the owner-occupied Texas Hard Money Loan Applicants with less than perfect credit, challenges with proof of income or just need to close quickly. After 18 years in Real Estate I can confidently say this was by far the best experience we have had to date. Regardless of whether you have an existing loan or own the property free and clear, you'll apply for a hard money loan based on the price of the property. For the owner-occupied Texas Hard Money Loan Applicants with less than perfect credit, challenges with proof of income or just need to close quickly. If you apply online, you can expect to hear back from us within 24 hours after receiving your receipt, but if you give us a call, we can have your loan approved in a matter of minutes. Sascha was very helpful and knowledgeable. Most conventional loans require great credit, lowdebt-to-income ratios, and a solid employment history.Hard money lenders dont have the same requirements. Source Capital is a premier hard money lender in California, Arizona, and Minnesota, but we specialize in direct hard money loans in Texas. Working with a trusted and knowledgeable mortgage professional who can show you the different options and how they affect your finances is important.When you workwith us, no case is too unique. Great communication and customer centric, highly recommend! Great job! The speed, flexibility, and common-sense approach can make growing businesses and growing families much easier and less stressful. . Secure funds for your next San Antonio fix-and-flip property or find financing for your strip mall in Houston; with over a decade of experience, were equipped to help you finance even the most complex real estate transactions. Source Capital hard money lenders in Texas secure your loan based on equity, and dont discriminate against low credit, previous foreclosure, or a history of bankruptcy. Believe it or not there are someTexas Bad Credit mortgage lendersthat still Texas Bad CreditFHAMORTGAGE LENDERSAPPROVALS WITH MINIMAL . We help borrowers when others cant. 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