Austin Hard Money Real Estate Experts
When it comes to procuring a loan, a person typically has a variety of options, from seeking a bank financed loan to owner financing. One other option that is available to certain people is a hard money loan. When it comes to real estate, these types of loans differ from other loans, particularly mortgages, in that an individual or small lender, rather than the government or a major lending institution, provides money based on approximately 60-70% of the value of a piece of property (usually the home a person owns or is purchasing).
At Easy Road Home, we know that Austin residents in need of a loan may be looking to a hard money loan as a way to finance their property or buy real estate. As this type of loan has certain advantages and drawbacks, it is important to consult with a real estate expert before moving forward.
Concerns Regarding Hard Money Loans
Hard money loans can be helpful for someone who is having difficulties getting approved for a loan by a traditional lender. However, there are some concerns to keep in mind if considering this type of loan. You might expect:
- Higher interest rates
- Shorter payment terms
- Penalties for pre-payments
These side effects of a hard money loan are possible, and might lead to your frustration if you’re not adequately prepared for them. However, you can be prepared with the guidance from a real estate expert you can trust.
Contact a Hard Money Specialist in Austin
The Austin real estate market is booming, and knowing more about your purchasing options, like hard money loans, can help you make the best and most well-informed decision about your purchase. Contact the real estate specialists at Easy Road Home today by calling 888-405-2817 to learn more.