Financing in San Antonio>Question Details

SFRflipperSA, Both Buyer and Seller in San Antonio, TX

Anyone doing Hard Money or Private Money in San Antonio on single family residential as of 12/2010?

Asked by SFRflipperSA, San Antonio, TX Thu Dec 2, 2010

- Looking for low to no doc. Open to full doc as well.
- Interest rate not as important as ease of funding. Inother words, if you can make it easy, I will pay a higher interest rate.

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Answers

8
By looking at the posters signature its pretty obvious he/she is looking to flip houses. None of the grants or loan programs suggested below would be available to an investor looking to pick up a non-owner occupied residence. those are reserved for owner occupant purchasers ,and mostly first time homebuyers.

As for the cost of a Hard Money loan that's for the investor to decide. Some simply view it as a cost of doing business. Of course cash is always better but not everyone has 50-$60k laying around to turn a rehab deal. At the same time, many potential rehabs deals will not pass muster when it comes to a conventional appraisal due to the condition of the property. Some choose to use a HML because it gives them the opportunity to make a solid offer with a quick closing time. Yes, you likely need to have skin the game but very often you can get in with as little as 10% and borrow money for the repairs held in escrow. You also don't have to worry about endless, rediculous conditions that typically accompany a traditional loan in this environment. Cost of funds is typically 12-14% and usually set up as interest only. If you borrowed $50k that would be $583/mo payment. You skip a month after you close so if the investor knows what he/she is doing, does a good job on repairs, and prices it right, then he/she could get a contract in 30-45 days and only end up making 2-3 payments. For many, that works if they have the chance to make a 25-30k profit on the deal.
1 vote Thank Flag Link Mon Dec 6, 2010
I am all day, every day. If its investment then limited doc is ok. If owner occupied then you need to prove income. Call me to discuss further.

Marco
marcob@residencelending.com
210.286.8136
1 vote Thank Flag Link Fri Dec 3, 2010
Call Marco from the post below. I've done business with them here in San Antonio and they are great.
0 votes Thank Flag Link Thu Jan 6, 2011
It is possible to get owner financed or private loans from individuals. I would not recommend them because of the interest rate they charge. And, alot of them want a huge downpayment (usu 20%). If you can qualify for a government program, please do so. San Antonio has on occasion had grant money for first time homebuyer programs for those just starting out, those with questionalble or no credit. The grants go quickly so you have to get the application done very quickly. Please email me with more questions.
0 votes Thank Flag Link Fri Dec 3, 2010
We have a Wholesale Company in Orlando, Fl. My husband is the broker and he has contacts in Texas. They are some guys that he used to work with here in Florida. I know that they have Private Money contacts over there. You can email me and I will forward their information directly to you. I dont want to post it.
Amy Perez
amyp.altura@gmail.com
0 votes Thank Flag Link Fri Dec 3, 2010
Texas is a Homestead State and according to a Loan Specialist that I deal with you can get a Hard Money Loan, but they will do them only on secondary homes not owner occupied. If this works for you, let me know and I will get you in contact with him. If not he might be able to find another loan program that would work for you, let me know if I may help. Good luck with however you go.

Thanks,

Kip
0 votes Thank Flag Link Fri Dec 3, 2010
You can always find a lender but you might not like the interest rate. Check out the classified section of our newspaper.
0 votes Thank Flag Link Thu Dec 2, 2010
I have a contact from Houston that is a HM lender and facilitator.

Give me a shout and we'll touch base.

Josh
Web Reference: http://www.eXposedHomes.com
0 votes Thank Flag Link Thu Dec 2, 2010
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