FAQ’s
How can I get additional assistance on my deal?
To get additional assistance you can either call us at the office 214.420.7312 or you can go here and email us.
How does the program work?
Longhorn III Investments, LLC has quick and easy funding available to investors for non-homestead single family residential properties. The property is the collateral for the loan. This means the loan is primarily based on the property itself. The process is quick and easy so you can focus on getting a quick return on your investment. Our goal is to be your exclusive and reliable funding source so you can build your business without worrying about using your cash to fund the investments.
What is the advantage of Longhorn III Investments, LLC funding vs. other hard money lenders?
First, we’re investors just like you. We’ve bought, renovated, and sold over $3,000,000 in residential properties and know that the success of your investing business hinges upon the availability of quick cash. Banks may take up to 30 days before making a decision, but with our great service and funding program, we can help you eliminate banks that try to determine the fate of your business for you.
Which types of properties do you loan on?
Single family, detached residential houses that can be purchased at 70% or lower below market value, renovated and sold for a profit.
Does my credit matter?
Yes, there are credit minimums/ There will be a one time credit check to make sure there are no recent foreclosures or recent bankruptcies.
What is the criteria for your loans?
We will loan up to 70% loan-to-value based on our independent appraisal. Click here to see our hard money property criteria.
What are the loan costs?
See Loan Fees for all associated costs and fees
What is the term of the loan?
The loan term is 6 months. Additional 3 month extensions can be granted on a case by case basis. Additional points, inspection fees, and a rate adjustment will apply.
How does the application process work?
Easily! Follow the steps here and you’ll be walked through the quick process. The application will need to be fully completed in order to be processed, so look at the application checklist and we’ll tell you exactly what you’ll need to do in order to get funding processed quickly so we can fund your deal.
Can I get a Pre-Approval Letter?
Yes! We can generate instant Pre-Approval letters for you. Complete the Hard Money Pre-Approval section here and you’ll have your letter quickly.
How do I get Pre-Approved?
Simply complete the Pre-Approval section and you’ll instantly receive your Pre-Approval letter after submitting it.
Do you escrow for interest payments?
No. Many of our competitors force you to escrow your interest payments, which means you borrow more and make less!
How fast can you fund my deal?
From the time a complete application is received, 5-7 business days is the norm (assuming title work is complete and ready for closing). The inspection and appraisal will be back to us within 3 business days so we can approve and fund your deal within 2-3 business days after that.
Does the loan include repair money?
Yes. We know that you want to minimize your out-of-pocket expenses in order to maximize your return, so all of our loans include the funds to repair your property, which will be escrowed pursuant to an escrow agreement.
How do you determine the repairs needed?
We use the repair list you submit within the application, and we confirm those repair items with the inspection report.
What if my repair costs exceed the purchase cost?
We’ll look at these on a case-by-case basis, however, in most cases you will need to come out-of-pocket to complete the repairs.
Which areas do you loan in?
The State of Texas
Do I need an appraisal?
Yes. The appraisal will be ordered by Longhorn III Investments, LLC. (DO NOT ORDER THE APPRAISAL YOURSELF. It will not be accepted.)
Do I need to use your appraiser?
Yes. We will order the appraisal. It is paid for by the borrower at the time the application is submitted.
Are inspections required?
Yes. The inspection will be ordered by Longhorn III Investments, LLC every time a draw request is made. It is also paid for by the borrower at the time the application is submitted.
Are down payments required?
Yes. If the loan is 70% Loan-to-After Repaired Value or less, generally a ten percent (10%) down payment will be required. If the the combined amount exceeds 70%, a larger down payment will be required. We will let you know the exact amount as soon as the loan is processed.
Do I need to be pre-approved?
Yes. You don’t have to have a property to get Pre-Approved for funding. In fact, you should get pre-approved prior to having a deal. Click here to get Pre-Approved now, so you can get your offers accepted faster!
How many loans will you fund at a time?
We have no set limit. Our goal is to be your exclusive funding source so you can grow your business to the level of success you desire. Our experience with you as our valued customer will help determine how quickly we can fund an increasing number of deals for you.
Do you loan on commercial properties?
No.
Do you loan on apartment buildings?
This is decided on a case-by-case basis.
Is a survey required?
Yes. (unless a recent survey for the property has already been performed)
Do you re-finance properties?
No.
Are extensions granted?
Yes. 3 month extensions may be granted on a case-by-case basis, provided all payments have been made on time and all repairs have been completed. Additional fees will apply.
Are loans available for rentals?
No.
What if the house needs significant foundation repair?
If the foundation repair costs exceed $5,000, a structural engineering report will be required and paid for by the borrower.
Are there any size limitations or maximum repaired value limitations?
The property must be a minimum of 1000 square feet and a minimum Repaired Value of $80,000. If the repaired value exceeds $175,000, we may require a second appraisal at the borrower’s cost. We will not loan on houses with an After-Repaired Value exceeding $220,000.
Can the property be tenant occupied?
No, not during the term of the loan.
What are the insurance requirements?
Click here for insurance requirements.
