Texas Mortgage Place
1795 Northwest Hwy
Garland, TX 75041
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About Texas Mortgage Place
Texas Mortgage Place is a private lender based in Garland, TX offering funding throughout Dallas and Fort Worth. They offer lending solutions for many different situations, including short term loans, long term rental property loans, fix-and-flip loans, and refinancing. They issue terms between 6 months and 1 year and loan amounts ranging from $70,000 to $400,000 with a maximum LTV of 80%. They do not require borrowers to have a minimum credit rating to receive a loan. They primarily make loans for single family and multi-family.
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Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Refinance / Cash Out Loans, Bridge Loans
Property Types Covered: Single Family, Multi Family
Areas Served: Dallas, Fort Worth
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Lending Guidelines for Texas Mortgage Place
Below are the general loan guidelines published on the Texas Mortgage Place website. Please confirm all terms and rates directly with the lender.
Investment Property Loans
Loan Amounts: $70,000 - $400,000
Available Rates: N/A
Typical Terms: 6 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/AFix and Flip Loans
Loan Amounts: $70,000 - $400,000
Available Rates: N/A
Typical Terms: 6 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/ARefinance / Cash Out Loans
Loan Amounts: $70,000 - $400,000
Available Rates: N/A
Typical Terms: 6 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/ABridge Loans
Loan Amounts: $70,000 - $400,000
Available Rates: N/A
Typical Terms: 6 months - 12 months
Points Charged: N/A
Max Loan-to-Value (LTV): 80%
Max Loan-to-Cost (LTC): N/A
Owner Occupied Allowed: N/A
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Texas Mortgage Place.
Loan Example 1
Texas Mortgage Place issues a private money loan to Bryan for a remodeling project in Dallas, TX, on a property that is listed for $330,000. The lender agrees to issue a loan with a 70% loan-to-value (LTV) so they will loan $231,000 on the project. The rate on the loan is 13% for a term of 12 months and the lender requires a five point origination fee at the closing. The interest payments are to be paid on a monthly basis and the principle amount will be paid back after the property sells.
Therefore, the borrower will be required to make a $99,000 down payment plus pay a $11,550 origination fee. The monthly interest-only payments will then total $2,503 to Texas Mortgage Place. Bryan's intention is to complete the renovation by the end of the 12 months and resell it for $396,000. If he succeeds he will earn a gross profit of $24,420 ($396,000 price - $231,000 principle - $99,000 cash paid at closing - $11,550 origination fee - $30,030 in total interest.
Loan Example 2
Tim is a real estate investor in Dallas, TX. He buys an older house for a remodeling project and obtains a private money loan from Texas Mortgage Place with the following paramters:
a) A $230,000 sales price, b) a 85% loan-to-value (LTV), c) a 6 month term, d) a 11% interest rate, and e) a 2% origination fee.
Tim plans to list the project when the note expires for $345,000. If he accomplishes his goal, the outcome would be as follows:
$345,000 sales price
- $195,500 loan principle (85% LTV)
- $34,500 down payment (15% on 85% LTV)
- $3,910 origination points (2% of the $195,500 principle)
- $10,753 total interest paid (6 months x 11% interest)
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= $100,338 total profit (doesn't include taxes or rehab costs) -
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