Hard Money Lenders strive to differentiate themselves through various services, how they treat their borrowers or clients and give importance to the concerns of their clients. We at GL&L Holdings have been at the forefront of innovative services and product development because we are here to act as catalysts for your investment aspirations.
What Makes a Hard Money Lender Shine?
Houston is one of the most vibrant and progressive cities in the United States. Various financial institutions play a role in the outstanding progress of the city, as they act as catalysts by providing funds for capital-intensive projects. Houston is also home to more than 50 Hard Money Lenders, which cater to a non-traditional and non-commercial approach to lending.
One of the best and most trusted Hard Money Lenders in Houston is GL&L Holdings. Some clients have been with us since the start of the last decade, attesting to the superb after-loan support. Customer experience has not also taken a backroom with the company because we treat clients like family.
Here are some of the reason’s why we are not your average lender:
We Do Not Report To Credit Agencies
Your loan with us will not affect your credit scores or standing, nor will your cumulative balances be. Our company will not share your data, personal or loan information, with credit agencies.
No Credit Score Requirement
We have no Credit Score Requirements for Short Term Hard Money Loans. Short Term Hard Money Loans generally only take into consideration the property collateral for the loan. These loans are ideal for Rehabilitation or Fix-and-Flip loans, where you tend to make returns within a short period. In these loan types, the ARV or After Repair Value of your real estate property and its future earning potential shall take priority in evaluations. Short Term Loans focus on the property, not your credit score. Only in some cases do we look into your financial standing.
Jumbo Loans
The Federal Housing Finance Agency or the FHFA sets the loan amount limits on conforming loans. Conforming loans evaluation rests within the parameters set by Fannie Mae or Freddie Mac. According to bankrate.com, the amount limits on Conforming Loans for 2021 are $548,250.00 for most parts of the United States and $822,375 in more expensive areas or places. Jumbo Loans are mortgages with amounts beyond these limits. These loans are usually applicable for multi-family units or multi-unit properties. GL&L Holdings offers Jumbo loans up to $1,000,000.00, depending on the after repair valuation of your property.
ITIN Loans
GL&L Holdings lends to ITIN Individuals. For some people who have been staying and earning in the United States but are not eligible to get Social Security Numbers, the government issues ITIN or Individual Taxpayer Identification Numbers for purposes of tax payments. Only a few Hard Money Lenders, one of which is GL&L Holdings, lend to individuals who generate incomes in the US but are not US Citizens. In congruence with this, we also do not require a USA Credit Score and US Bank Accounts for you to be able to borrow funds for your property investment projects.
Refinancing on Vacant Lots
Vacant lots are eligible for refinancing. GL&L Holdings provide flexible Hard Money Cash-Out Refinancing for vacant properties. Though not all vacant properties are acceptable as property collaterals in this criteria, the property’s potential to rise in value plays a factor in granting a refinancing loan.
No Proof of Repayment Needed
Some lenders ask for proof that you will be able to repay them religiously for at least six months for cash-out refinancing transactions. These validations of funds serve to mitigate the risks they take in granting Cash-Out refinancing. At GL&L Holdings, however, we do not ask for such proof and capacity for our Hard Money Loan requirements for refinancing activities. We look into your ability to maintain profitable ventures, as well as the viability of your projects.
No Need For A Fund Seasoning Period
Fund seasoning is one way for lenders to gauge your qualifications for a loan. Lenders, traditional or otherwise, may require fund seasoning to ensure that the funds you are using for down payment do not come from another loan or even from a shady transaction. Seasoning of funds can also serve as an indicator of your fund management abilities.
Top Hard Money Lenders for rental properties such as GL&L Holdings, however, forgo the seasoning requirement. Thus, allowing you to pursue your investment projects immediately, especially when you have a hot property listing to pursue.
Real Estate Rehab projects require funds to finish, depending on the extent it needs doing. Being in the Fix and Flip business will sometimes make you secure new funds for another or an upcoming project. One way of doing this is to get a Cash-Out Loan on your existing project. At GL&L Holdings, seasoning from the date of property purchase is not a requirement if your rehab project is already complete, allowing you faster access to funds.
Debt-to-Income Ratio Isn’t Calculated
Some Houston Hard Money Lenders such as GL&L Holdings do not calculate DTI or Debt-To-Income Ratio in approving your loan applications. While DTI is a component in evaluating loans, asset-based lenders are particular on the real estate property you offer as collateral in the mortgage. The future income you derive from the property also factors in the decision.
What GL&L Holdings Can Do For You
There are a lot of choices in the Houston area for Hard Money Lenders. Each with different characteristics and policies to appeal to borrowers. Subtle distinctions sometimes make the difference in choosing your lenders, such as minimal rate and closing cost differences. Other than these, it is also an advantage if your lender smoothens the workflow for your investment project.
GL&L Hard Money Loans has been at the forefront of revolutionizing the way you can acquire investment properties not only in Houston but also in other places as well. We have loan programs that cater to your specific needs.
We accommodate borrowers who have no seasoned funds, we do not require you to have reserves for Cash-Out refinancing, and we do not calculate for DTI. These are but a few of our accommodations that you can enjoy if you borrow from us. All we may be needing from you is for your investment project to have excellent income potential and your history of investments you have under your belt.
Hard Money lenders differ on how they deal with clients, who are more than happy to feel that extra mile you do for their business.
Call us now to get your investment project moving! We make your investments easy! You can call us at (832) 770-9415 or send us an email at info@gllholdings.com to get a FREE Consultation.
