3 Questions to Ask Private Money Lenders in Dallas, Texas

Saturday, March 16, 2019

3 Questions to Ask Private Money Lenders in Dallas, Texas

When you’re looking for Private Money Lenders in Dallas Texas, there are certain questions you should ask. These are the most important ones.

Borrowing from Private Money Lenders in Dallas Texas is slightly different from going to a bank. It’s easier. It’s faster. It’s much more personal.

Even though there are these benefits, it’s important to seek as much information possible as you get ready to use these lenders. You probably already have some questions, but they may not be the most important ones. That’s why we chose to identify the 3 most important questions.

What are the interest rates?

Interest rates are slightly higher than they are at a financial institution. Understanding why can make you feel better about the decision of using a Dallas private money lender. The risk is higher with these types of loans because credit scores are not considered, nor are incomes or how much money is available in the bank. The only security is the property with equity. This is why interest rates are higher. Knowing how much they are is important so you know how much you’ll have to pay back dependent on the loan term.

What are the loan terms?

Most Private Money Lenders in Dallas Texas have a few different loan terms to choose from starting at 12 months and can go up to 5 years. If you pay back the loan before 12 months, that is okay. However, you have that amount of time if you need it. Knowing what the loan terms are will help you plan for payback.

What happens if the money can’t be paid back?

Each lender has its own process of what they do if the loan isn’t paid back. Some will take the property that was used as security to make back the money. Others will be willing to provide more time with penalties. Understanding what will happen if you can’t pay it back is a good idea. This way there will be no surprises if it does happen.

Knowing Which Private Money Lenders in Dallas Texas to Use

Choose Private Money Lenders in Dallas Texas that offer you the best interest rates, loan terms and security if you can’t pay the money back. While it may take some research to find the right ones, it’s worth the time. Once you know which lenders to use, you’ll be able to get money quick when you need it.

Develop a personal relationship with your private hard money lender.

These lenders are people who want to help you. Develop a relationship with the person, so you can feel comfortable borrowing the money when you need to.

Contact us now for more information on our private money loans. We will answer all of your questions, including the ones above. We are here to help you through the entire process.

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO

About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.