How is a Dallas hard money lender different than traditional lenders?

Lenders like banks and credit unions typically offer traditional mortgages. When applying, a loan processor for traditional mortgages will require an extensive amount of information to determine whether you qualify, including income statements, credit reports, and notifications of outstanding debts. 

Source Capital’s hard money lenders in Dallas are much less invasive and typically only require a minimal amount of information to determine whether or not you qualify. Because we secure loans with assets, we can make decisions on your loan’s application in a matter of minutes—not the weeks or months needed by the conventional lenders who spend time filtering your loan up and down different levels of command.

Additionally, hard money loans are funded by private individuals or—in the case of Source Capital—small groups of investors. Working directly with a team of lenders allows you to speak to and work with the decision-maker one-on-one, cutting back the red tape surrounding the conventional application processes.

Can I get a hard money loan in Dallas with low credit?

Yes: Source Capital has no minimum credit requirements. The next time you’re looking for hard money lenders in Dallas, you won’t have to worry about your credit score getting in the way of securing the funding you need, thanks to Source Capital’s simple, effective, and practical asset-based lending program.

Here’s a little bit more on how it works: As stated above, we don’t usually investigate borrowers’ financial details (like income and credit score). Instead, hard money lenders use assets to secure your funding, like home equity and personal property. This allows us to make sure the approval process is fast and hassle-free. In fact, we often complete and approve loans within 24 hours. After that, we can get funding to you within 7 to 10 days through a direct wire transfer to your account. 

Source Capital is happy to provide you with the funding you need to achieve whatever your real estate business ambitions may require. The average home price in Dallas is around $306,000, and there are signs that, as Texas becomes a popular state for millennials and the tech industry to move to, prices may soon increase. There’s no time like the present to jump in while lower prices last. Thanks to our fast approval process, you can get the funding you need quickly to take advantage of a favorable market.

And you won’t have to worry about credit checks or income verification getting in the way. Put your credit history behind you and set off on the right foot with a Dallas hard money loan from Source Capital.

How Our Loans Work

Applying for a Dallas hard money loan has never been easier thanks to Source Capital. Our simple loan application only takes a few minutes to fill out, and you can get your loan approved and funded in as little as 7 to 10 days.

At Source Capital, we don’t focus on your credit score to determine your private loan eligibility. Instead, we look at the value of the assets you’re using as collateral and the property you’re purchasing. That means you can get approved for a loan even if you have limited income or a low credit score.

The big metric we focus on is your loan to value (LTV) ratio. This is your loan amount compared to the value of the property you’re purchasing. The loan you’re requesting can’t be for more than 65% of the value of the property. We also offer second position loans with a combined LVT of up to 50%.

When you apply for a private loan, you’ll receive a written offer that includes your interest rate and origination fee. We use several metrics to determine your rates and fees, but you’ll have a chance to review the loan terms and ask questions before you agree to anything.

Types of Loan Programs

We know loans aren’t a one-size-fits-all solution. Every borrower is different, which is why we do our best to offer a diverse selection of loan programs to fit varying needs. Whether you want to invest using your inheritance or take out a loan for a rental property, Source Capital can help.

Refinance

Tapping into your home equity is one of the easiest ways to get access to the funding you need to purchase your next home. With a cash-out refinance from Source Capital, you’ll have enough money to pay off your existing loan and make an offer on your next real estate investment.

Investment purchase

Dallas hard money loans are an excellent way to secure funding to invest in real estate. If you’re planning on purchasing a rental property to become a landlord, Source Capital can help. Our hard money lenders can approve your loan in as little as 24 hours so you can make an offer before your competitors do.

Commercial property

Whether you’re looking at a retail storefront, a mixed-use property, or an office space, our Dallas hard money lenders can make your commercial real estate investment a reality. We offer funding for various types of commercial properties, and we can tailor your loan based on the type of property you’re purchasing.

Probate and estate

The probate or estate process can take a while, and you don’t have access to your inheritance until the process is complete. At Source Capital, our hard money lenders can fund your real estate investment using your inheritance as collateral, so you don’t have to wait to begin your investing journey.

What kind of properties can I get a loan for in Dallas, Texas?

At Source Capital, you can get a loan for a wide variety of properties in Dallas. Our hard money loans can be used to finance many Texas-based non-owner occupied residential, commercial, and industrial properties. Here’s a breakdown of the options:

• Residential properties: Fix-and-flip properties (buy and hold, remodel, and complete renovation), 1-4 unit homes, like single-family residences, apartments, condominiums, duplexes, triplexes, and even quadruplexes, and multi-family units (including buildings, complexes, planned communities)

• Commercial properties: Retail space (like malls, strip malls, and urban retail), office space (business, medical, executive suites), hospitality centers (restaurant, hotels, and motels)

• Industrial spaces: Warehouses, manufacturing plants, and distribution centers

Plus, your options aren’t just limited to Dallas hard money loans. Source Capital is one of the top Texas residential hard money lenders. Finance projects in these locations and more:

• Austin hard money lenders
• Waco hard money loans
• Hard money lenders in Houston
• San Antonio hard money loans

Real estate investors looking for a Dallas hard money lender to finance a bridge loan should also know that Source Capital can provide options that last up to 12 months.

Note: Certain regulations may apply whenever you seek funding for any real estate venture, including from Dallas hard money lenders:

• The Texas Homestead Act 
• The Texas Secure and Fair Enforcement for Mortgage Licensing Act (“Texas SAFE Act”)

Popular Dallas Areas

Like many other parts of Texas, Dallas is growing rapidly and quickly becoming a hotspot for people looking to move to the state. If you’re investing in real estate in Dallas, here are some of the neighborhoods you might want to focus on.

Uptown

You might think Downtown Dallas would be the best spot for real estate, but the real hotspot is just north of there. Uptown Dallas is a beautiful neighborhood that gives residents access to all the big-city benefits, but it still maintains that small-town feel that people love. Hundreds of shops and restaurants make this one of the most walkable parts of Dallas.

Prestonwood

For people who want the benefits of living in a city like Dallas without being in the heart of the city, Prestonwood is an excellent choice. Our Dallas hard money lenders can help you secure the funding you need to invest in a beautiful Prestonwood home. 

Arapaho

If you’re investing in commercial real estate or looking for property in a walkable area, Arapaho is a great choice. This is a relatively safe area that provides easy access to shops and entertainment, making it a perfect spot for both families and younger renters.

Lower Greenville

People who enjoy spending time on the water will love Lower Greenville. Not only does this neighborhood provide easy access to several colleges in the area, but it’s also right near White Rock Lake. Renters who love outdoor recreation will love the tranquility of Lower Greenville.

How much does a hard money loan cost in Dallas, TX?

Source Capital offers industry-leading rates on all of our financial products. We make critical funding available at a price that lets our customers stay competitive even in hot real estate markets. Bear in mind that your loan’s exact rate may depend on a few factors that will be reviewed during our expedited approval process.

The benefits don’t stop with our competitive rates, though. Working with source capital secures you a full suite of perks, like these: 

• We’ve built a simple application process that takes just a few minutes to complete.
• We can get you an answer within 24 hours of receiving your loan application online.
• Funds are often disbursed within 7-10 days of your application’s approval.
• Unlike traditional lenders, we have no minimum income requirements.
• No minimum credit score—be competitive, no matter your financial history.
• Self-employed borrowers are welcome, as well as those with limited income sources.
• Our fixed interest rates start at 8.99%—much better than the average Dallas rate of 12.5%.
• We charge no prepayment fees or “junk” fees that drown your profits.
• Our generous terms last up to 24 months, so you have the time you need to complete your projects.

Source Capital is one of the few commercial hard money lenders in Texas happy to help ensure you get the best rate possible to put your venture on the fast track.

Getting started with a Dallas hard money loan

Since our founding in 2007, we’ve helped fund over $400M in real estate loans secured with property. Our wealth of experience gives us confidence in handling even the most complex real estate transactions — and our clients know they can count on us to deliver as promised time and time again. Our commitment to customer service and transparency has earned us a reputation as a 5-Star mortgage lender on Yelp and Google, in addition to an “A+” rating with the Better Business Bureau.

Get started with your application for a hard money loan in Dallas, Texas, today. The process is quick and easy—just provide us with some basic information about yourself and your loan and we’ll respond with a written offer within 24 hours. Apply now and start your property investment plans in Dallas today.