Texas Hard Money Lender Stallion Funding Announces Another Closed Loan
Stallion Funding LLC is a Texas Hard Money lender based in Austin Texas. The firm recently closed a $370,000 loan with a builder in South Austin to do a cash out refinance of two model homes and a brand new subdivision.
- Austin-San Marcos, TX (1888PressRelease) August 25, 2012 - Hard Money is a term used to describe alternative financing for various real estate projects. For a number of reasons, banks can not or will not finance certain types of real estate. Under these circumstances investors who wish to develop land, remodel homes or commercial projects must turn to individuals to borrow money or special funds that can lend without the restrictions of traditional banks. At times, the borrower's credit is a stumbling block to obtaining financing and at other times investors are already leveraged through other projects. In any case, there may be a combination of reasons why real estate professions turn to hard money.
Typically hard money is significantly more expensive than what banks charge to reflect the additional risk inherent in creative financing. Investors who agree to fund hard money projects are normally sophisticated investors who understand real estate investing. Other times, hard money may be loaned by a special fund with many investors contributing capital and investing in several properties.
Vincent Balagia, the president of Stallion Funding was quoted as saying that he very encourage by the interest in new homes, especially in south Austin.
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