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

Source Capital has no minimum credit requirements — that means you can get a Houston hard money loan regardless of your financial history. Unlike a traditional mortgage, we don’t require perfect credit history just to secure financing. Next time you’re looking for hard money lenders in Houston, TX, you won’t have to worry about your credit score getting in the way of securing the funding you need.

Curious to know how it works? We don’t usually investigate borrowers’ financial details (like income and credit score). Instead, hard money lenders use assets—like home equity and owned property—to secure your funding. This ensures that our approval process is fast, simple, and hassle-free. We often complete the process and approve loans within 24 hours—then we get funding to you within 7 days through a direct wire transfer to your account. 

Source Capital hard money loans in Houston help you put your credit history behind you so you can begin your journey as a real estate investor.

How Our Loans Work

Getting approved for a loan can be one of the most difficult parts of real estate investing, but it doesn’t have to be. Our Houston hard money lenders are committed to making it easy for you to invest, which starts with our simple loan application. Approval in as little as 24 hours and funding in as little as 7 days means you can start investing right away, so you won’t miss out on lucrative opportunities.

Instead of focusing on your credit score and your income, we’re more worried about the value of your assets and the property you’re purchasing. You can get approved for a private loan through Source Capital even if you’ve been denied by a conventional lender.

Source Capital offers loans with a loan to value (LTV) up to 65%. The loan amount you’re requesting can’t exceed 65% of the value of the property you’re purchasing. For second position loans, we offer a combined LTV up to 50%.

After you apply for a private loan, we’ll send you a written offer that includes your loan terms. Your interest rate and origination fee may vary based on several factors, but you’ll have a chance to review your rates and fees before accepting our offer.

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

Our Houston hard money lenders are happy to help match you with the right funding for a variety of real estate options. Houston hard money loans can be used to finance a number of Texas-based residential, commercial, or industrial properties:

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

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

Source Capital is one of the premier commercial hard money lenders in Texas; whether it’s an office park in Lawndale or the perfect warehouse near the Second Ward, we’ve got your back for Houston real estate funding. And for real estate investors looking for a Houston hard money lender to finance a bridge loan, Source Capital can set you up with financing options lasting up to 12 months.

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

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

Source Capital has experience with a variety of clients across different industries, and we have the expertise to guide you through both residential and commercial real estate transactions. Everyone’s real estate venture is different, and may require different strategies, so we’re committed to offering loans to investors working with diverse property types. No matter what your real estate game plan is, Source Capital has the funding you need to get ahead. 

Whatever your real estate business goal may be, Source Capital is happy to provide you with the funding you need to achieve it. The average home price in Houston is around $264,000, however the growing market may start trending higher. With that in mind, there’s no time like the present to jump in while low prices last—and thanks to our fast hard money loan approval process, you can get the funding you need quickly to dive in whenever you’re ready to take on your next real estate venture.

Types of Loan Programs

At Source Capital, we know how stressful it can be to find a loan program that suits your needs. We offer several types of loans designed to fit different types of investors, so you can get access to competitive rates and favorable terms whether you’re looking for a cash-out refinance or a commercial property loan.

Refinance

If you need a Houston hard money loan for your next investment, a cash-out refinance might be the right solution if you have equity. With a cash-out refinance from Source Capital, you can get the money you need to pay off your existing loan with enough left over for your real estate investment.

Investment purchase

Bustling cities like Dallas and Houston are hotspots when it comes to rental properties. Rentals are in high demand, so make sure you’re ahead of the competition with a hard money loan in Houston. Source Capital can fund your loan in as little as 7 to 10 days, so you can make an offer before it’s too late.

Commercial property

Investing in commercial property can be lucrative if you have the funding, and Source Capital can help. We offer Houston hard money loans for various types of commercial properties, including retail storefronts, office spaces, and more. With competitive rates and terms, it’s never been easier to invest in commercial real estate.

Probate and estate

Are you waiting to receive an inheritance? If you don’t want to wait to invest, Source Capital can help. Our probate and estate loans can give you access to your money before the probate or estate process is complete, so you can make an offer on the property you’re eyeing before it’s off the market.

Where else in Texas can I secure a hard money loan?

Our solutions aren’t just available in Houston—we are proud to be a leading Texas residential hard money lender all across the Lone Star State. So, no matter where in Texas you want to start investing, there’s a funding solution to get your project moving:

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

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

Source Capital is proud to offer industry-leading rates on all of our financial products, making critical funding available at a rate that keeps you competitive on the real estate market. Your loan’s exact rate may depend on a few factors, which will be reviewed during our lightning-fast approval process.

In addition to our competitive rates, when you sign up for a loan through Source Capital, you can expect some of these outstanding benefits: 

• Easy application process with clear, easy-to-understand language
• Fast turnaround for approval status—typically we can get you an answer within 24 hours of receiving your loan application
• Quick funding and closing, often within 7-10 days following approval
• No minimum income requirement: the size of your paycheck won’t stop you from getting the funds you need
• No minimum credit score—put your financial history behind you
• Limited-income and self-employed borrowers are welcome
• Fixed interest rate starting at 8.99% so you don’t have to stay guessing about your rate
• No prepayment fees or “junk” fees that clutter up your loan and drag down your bottom line
• Terms lasting up to 24 months to give you enough time to see your project to completion

The total cost of your hard money loan will depend on the terms of the loan. Factors that affect your total loan cost include:

• Loan amount: The more money you borrow, the more you’ll have to pay back—including interest.
• Loan duration: Shorter loans result in more interest, so you can expect to pay more interest over the life of a 24-month loan.
• Interest rate: While our interest rates start at 8.99%, higher interest rates can increase the total cost of your loan.
• Lender fees: Our loan origination fees start at 2%, but lender fees may be higher depending on the size and duration of your hard money loan.

Popular Houston Areas

Houston is the most populous city in the state of Texas, and it continues to grow with each passing year. Whether you’re in Downtown Houston or in a suburb on the outskirts of the city, there’s no shortage of popular neighborhoods to invest in.

Memorial

Located just west of the heart of the city, Memorial is a serene neighborhood with a lot of natural beauty. There are several parks in the area, including Nottingham Park, Terry Hershey Park, George Bush Park, and the Congressman Bill Archer Dog Park. Anyone who loves nature will be right at home in this neighborhood.

University Place

University Place is a short distance from Midtown and Downtown Houston, making it an excellent choice for younger renters and college students. There are plenty of food and entertainment options in the area, and getting to the heart of Houston only takes a few minutes.

Clear Lake

The Clear Lake neighborhood gets its name from the lake it’s situated right next to. Not only is this one of the most scenic neighborhoods in Houston, but Clear Lake residents are only a few minutes from one of the best fishing and outdoor recreation spots in the area.

The Woodlands

While The Woodlands is technically a census designated place outside of Houston, it’s close enough to be considered an area of the city. For people who prefer a suburban environment with easy access to the big city, The Woodlands is a naturally beautiful area about 30 minutes outside the city.

How can I get started with a hard money loan in Houston?

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. 

We let our satisfied borrowers speak for themselves (and point to our A+ rating with the Better Business Bureau), as well as our five-star reputation as one of the industry-leading private money lenders in Houston, Texas.

Get started with your Houston hard money application today. The process is quick and easy, and we can often get you your answer within 24 hours. Apply now and start your property investment plans in Houston today.