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El Paso Hard Money Guidelines :
Texas Hard money guidelines (residential)

Rehab loans are short term solutions for property acquisition and repair. Typically investors sell the property or put into service as rental properties though a long term mortgage solution. see Texas Investment property loan overview.

LOAN GUIDELINES

(changing rapidly - email to confirm)

Geographic Area: Texas
Property Type: Residential (non-owner occupied), Commercial, Industrial, Land
Loan Size: $60,000 Minimum-No Lending Limit/Cap
Loan Term: 1 year - 3 years
Interest Rate: Interest Only-Varying depending upon LTV, Credit, Term, Etc.
Loan Origination Fee: 3-5 Points
Loan to Value: Up to 70% on residential rehab, usually less on land.
Pre-Payment Penalties: on some commercial hard money loans
Lien Position: First Lien Only
Credit Rating: 600 minimum (Lower scores will require additional review and or fees)
Cross-Collateralization: possible (submit REO schedule for analysis)
Personal Guarantee: always on residential, sometimes on commmercial, ltv driven
Foreclosure Bailouts: yes

 

 

 

 
Typical Hard Money Loan
 
 
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