Any Investor Friendly Lender in Houston, TX?

Question

Hi, we are looking to purchase a small multi-family residence in Houston, TX. Does anyone have any recommendations on a private lender they've used before? Investor-friendly lenders with low minimum mortgage amounts, such as 100k or so, and are flexible with mortgage points would be most desirable. Thanks!

Tina Liao · Answer

Thanks for the input. We are more of a buy and hold type than a fix and flip (especially since we are not that experienced with rehabbing property...not yet) and receiving secure, predictable monthly rent is more appealing to us.

Most likely around 100k to 150k (w/ 20% down). We'll dm you with further details. Thanks!

John Chong · Answer

There are lenders that can fund as low as $100K loan amount in Houston. I just sent you a message.

Devin Peterson · Answer

yes they do work with multiple sellers - fees are structurally integrated so it makes sense for you as the buyer

Darnell Lockett · Answer

Awesome. Looking forward to it.

Jay Hurst · Answer

That is called a hard money lender, and they are very common. We do both the hard money and the permanent loans which is not as common.

Tina Liao · Answer

Thanks. Will look into that.

Tina Liao · Answer

Thanks for the input. I'll look into that. I'm just afraid that the lenders willing to lend at that low amount will have astronomical fees attached to their loans which may break an otherwise good deal. In regards to blanket loans, do they work on deals with multiple sellers?

Tina Liao · Answer

As far as I know most property based lenders will need the property to be in rent ready condition but if a lender is willing to lend a few extra bucks for us to upgrades the cosmetics and then up the rent to fair market then I figure it would work out for us that way too. Just not sure if there's such lenders out there.

Annette Clarabut · Answer

Tina,There are two lenders in Houston I can recommend; Investor Loan Source and Jet Lending.  There are advantages to doing business locally.  One, both of these businesses are owned by real estate investors who understand the Houston market.  And two, working with locals increases your network.

Good luck on your deal!

Zach Edelman · Answer

Check out BP's list of recommended lenders! Most lenders that aren't local banks/credit unions lend in multiple states so I'd recommend checking out a lender that has experience closing a lot of deals in TX, but wouldn't necessarily make location of the lender a requirement.

Any Investor Friendly Lender in Houston, TX?

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