Hard Money Loans in Waco
Whether you’re planning to remodel an apartment complex in East Riverside or looking to fix and flip a waterfront home in Mountainview, your business venture should be properly financed to ensure your vision comes to life.
With over 65 years of hard money lending experience, Source Capital is the hard money lender Waco real estate investors trust for rapid closing and fast funding. Our precise understanding of our clients’ needs has made us the proud financiers of hundreds of real estate projects.
As Texas’ premium source for hard money loans, we work directly and transparently to fund our clients’ real estate business proposals. With over $400 million in loans already secured, you can count on Source Capital to deliver the expert efficiency and security your vision deserves.
What are Waco hard money loans?
Traditional loans financed through banks or credit unions come with unnecessarily long-winded application and approval processes that could easily discourage ambitious real estate investors. Before getting approved for a traditional bank loan, your selected lender will launch a full investigation into your borrower’s credit and income history, rigorously surveying your financial record to assure that it meets their strict standards.
Once approved, it could take several weeks before the requested funds hit your bank account.
Instead of analyzing your credit score and financial history, hard money lenders offer a far more attractive and expedited option.
Hard money loans are popular asset-based alternatives to conventional lending; hard money lenders can accelerate the application and approval process to get your real estate project moving faster. Hard money lenders focus on the equity in your real estate, rather than your individual buyer circumstance. Without any past financial roadblocks in your way, getting approved for a hard money loan is easy.
Source Capital is all about transforming your real estate business dreams into a reality, and make it possible with no-pressure talks, accelerated access to funding, and quick closes. Our hard-working team of direct hard money lender professionals in Waco can be the gamechanger your project needs.
What properties can Waco hard money lenders finance?
Waco hard money lenders offer funding up to $5,000,000 for a number of property types, as long at they qualify as non-owner occupied business related properties. As per the Texas Homestead Act, Source Capital is able to source funding for clients working on both residential and commercial land intended for business use. These properties cover several industries, including the following:
- Fix and flip properties: remodels, renovations, buy and holds
- Single-family, duplexes, triplexes, and quadruplex residences
- Multi-family units: planned communities and complexes
- Office spaces: business, executive suites, and medical offices
- Industrial zones: distribution centers, warehouses, manufacturing factories
- Hospitality centers: hotels, motels, bed and breakfasts, restaurants
Whether your real estate business venture requires $20,000 in hard money lending or $1,000,000, Source Capital can meet your financial demands.
What benefits do hard money lenders offer?
Time is of the essence, especially when it comes to making big business strides. Hard money lenders understand that your time is money, so at Source Capital, we offer accelerated application and approval to get your project off the ground in a matter of days.
Waco hard money lenders are able to live up to the promise of swift processing by underwriting our own loans. Doing this removes the middleman, effectively saving precious time you’d rather spend on your remodel. We typically wire funds to your account within 7 to 10 days from the official Deed of Trust issuance date, allowing you to start flipping in under two weeks from your approval date.
Waco hard money lenders offer short-term agreements that can range anywhere between 1 and 3 years— giving you the power to capitalize on your real estate success while allowing you to pay off your loan quickly. Conventional loans offered by traditional financial institutions can lock you into 15- to 30-year terms that leave you indebted to them for decades. At Source Capital, we understand your entrepreneurial spirit, and give you the means to start a new venture by offering condensed payment terms.
Waco hard money loans come with fixed interest rates that leave no room for surprise when your monthly bill comes in. Source Capital protects your repayment against any sudden market spikes or foreclosures on properties that fall out of your budget.
What type of clients do hard money lenders work with?
Since our inception, Source Capital has worked with a number of Texas real estate entrepreneurs, funding clients across various industries with over $400 million in secured real estate loans. Whether real estate investors are looking for hard money loans in Dallas or San Antonio hard money lenders, they turn to Source Capital for quick and painless commercial funding. Our many clients include:
- First-time buyers
- Real estate agents
- Small-business investors
- Self-employed workers
- Foreign nationals
- Mortgage brokers
- Entrepreneur teams
Known for our straightforward procedures and comprehensive funding terms, many clients appreciate our easy four-step process that allows their real estate visions to become profitable business ventures.
How is a Waco hard money lender better than conventional loans?
Real estate markets in Waco change quickly, so nailing down the final bid on your desired real estate property requires prompt action and fast funding. Traditional mortgages from banks can tack on hours, days, and weeks of time that could be spent hashing out the final details of your master plan. Hard money lenders in Waco tear down the conventional paperwork process most banks require and build it back up into a simple online application process. This streamlined process is far more effective in getting you the money you need in a matter of days— effectively ensuring that you won’t lose a deal due to unavailable funds locked up in a traditional bank’s limbo.
Not only are Waco hard money loans the perfect solution for investors looking to finance short-term business projects, but they’re also the perfect solution for business builders looking to pay off their loan in under 5 years. Conventional bank mortgages lock entrepreneurs into repayment plans that may take over 15 years to settle. This puts a heavy burden on ambitious investors and can slow plans of future flips, fixes, and remodels.
The most significant difference between hard money loans in Waco and conventional bank loans is that hard money loans are far easier to qualify for. Even if you have a rocky financial history, hard money lenders at Source Capital are more interested in your property’s equity than your credit score.
How are Source Capital’s hard money loans in Waco structured?
There are a number of reasons why competitors can’t measure up to our fair and cost-effective terms. In fact, it’s these very terms that have made Source Capital Texas’ premier hard money lender.
Though the exact terms of your loan will depend on several different factors, you can expect the following structure for your hard money loan whether you’re looking for an El Paso hard money lender or a hard money lender in Waco:
- Financing as little as $20,000 or as much as $5,000,000
- No minimum credit score
- No “junk” fees
- No prepayment penalties
- Loans up to 65% LTV
- Origination fees from 1.75%
- Fixed interest rates starting at 8.99%
At Source Capital, we will never penalize early loan repayment completion. We understand that real estate investments and transactions are unique by nature, but will always work with you to get your money quickly and begin turning profits in no time.
How can I get approved for a hard money loan in Waco?
Interested in applying for a hard money loan? Our online preapproval application takes about 10 minutes to complete. Once your application is submitted, one of our decision-making experts is tasked with evaluating your project proposal. Upon approval, you will receive a written offer detailing your loan payment plan within 24 hours of application submission.
Interested in applying for a hard money loan? Since we know your time is money, our online preapproval application only takes 10 minutes to complete from start to finish. Once you’ve submitted, your application is assigned to one of our decision-making experts who evaluates your project and loan request. Within 24 hours, upon application approval, we will get back to you with a written offer detailing your loan payment plan. These quick easy steps are the first two in our four step breakdown.
- Apply online
- Get approval
- Receive loan funds
- Pay monthly
On top of our application being free and easy, we are always reachable by phone or email for a no-obligation quote. Consider us partners for your next real estate business venture— apply today using our pre-approval form.