We will loan in the greater San Antonio, Austin, Dallas and Houston areas!
Here is link with our loan programs – https://www.investmarkmortgage.com/hard-money-programs/
Please note: unlike other hard money lenders, we do not accrue any interest on any funds withheld in a repair escrow – only the amount of the loan that has been leant out. Also, we do not have any pre-payment penalty. For buy-and-holds, we can offer up to 75% of the ARV.
Other costs related to our program are:
>> Approximately $450 for a full appraisal from our pool of third party certified appraisers.
>> We may require a survey if there is not one already – these normally cost between $450 – $650 for a single family house in a suburb.
>> Insurance is required on the property with Investmark Mortgage named as the beneficiary – let us know if you need any insurance broker referrals.
>> If the property is being purchased through a legal entity (e.g. LLC), a one-time legal analysis fee of $350 is required.
>> We collect 2 – 3 months of property taxes at closing and will continue to collect monthly property taxes with the monthly invoices. These tax escrow funds may be used to pay for underpaid interest (e.g. the title company did not calculate it correctly on the closing statement when the borrower sells or refinances the property), legal costs (e.g. a demand letter if the borrower does not pay) or insurance (e.g. if the borrower does not renew insurance and we the lender have to buy a policy). The excess property tax escrow funds are mailed back to the client in the form of a check in tandem after you either sell or refinance the property.
Here are some of Investmark Mortgage’s competitive advantages over your average hard money lender:
>> We do NOT accrue interest on money held in the repair escrow. This is a sizable savings if there is a lot of rehab required.
>> Two of the three points are pushed to the backside of the loan.
>> For buy-and-hold properties, we can loan up to 75% of the ARV instead of 70%. This means less cash to close which is great if you need the upfront cash to start the rehab or to show reserves for the refinance. Also, if the refi appraisal comes in a little higher, there is the potential of there being significantly less overall cash out of pocket for the entire deal.
>> Low fixed fees of $625. There are no junk fees and no nickel and diming on the closing statement. We are honest and transparent in our terms and pricing.
>> There is no minimum loan term (i.e. no prepayment penalty).
>> Our maximum loan term is 18 months. Most other lenders are 6 or 12 months with expensive loan extension fees.
>> We offer a free property valuation by one of our certified appraisers.
>> Need to know how the numbers work on paper? We have free deal analysis reports.
>> Top notch contractor or vendor referrals to help build your team.
>> Our draw process (from the rehab escrow) is fast and efficient – Business Day 1: request, Day 2: inspect, Day 3: bank wire to the investor’s bank account.
>> We respond quickly to our clients’ needs.
>> We are experienced with helping new or inexperienced investors.
>> W are all seasoned investors. The entire Investmark Mortgage team has over 35 years of combined investing experience. Customers can feel confident knowing that we are experienced and knowledgeable from both an investor and lender perspective.
