For many individuals the benefit of being able to obtain a loan with less than stellar credit scores can be a life saver. In situations where there credit score has been damaged, either by divorce, bankruptcy, or any other other major financial upheaval, it can be difficult to begin to repair. Matters can be made even worse when housing situations or dependents become involved. In these troubled times it is important to know that there are other options which can be concerned which don’t rely as heavily on an individuals credit score.
Hard Money loans aren’t hard to find if you know where and how to look for them. In Texas, for instance, there are several large independent specialized hard money lenders who are available to ascertain whether or not you can utilize their help. Most hard money lenders in Texas specialize in financing for individuals as well as companies who need more customization then a traditional bank can provide.
These hard money loan approvals are focused on equity rather then being constrained by credit scoring and income documentation. This allows lenders, who are trained and willing, to deal with loans which would be seen as too risky to conventional lenders. This localized presence allows hard money lenders to provide service quicker then lenders who focus on more risk free investments. This time can even be within seventy two hours after receiving the final documents.
The situations in which a hard money loan might be more suitable for an individual in Texas might be when:
- the property in question might be “distressed” which means that it might be foreclosed and being auctioned
- when the acquisition of money needs to be faster then a normal lender
- when the hard money loan is being used as a “bridge” loan