8/5/2023 0 Comments Loanstar home lending reviewsLone Star National Bank has an ATM truck to make ATM services accessible to the community. These institutions also help address banking gaps among Hispanic American communities. Hispanic American-owned financial institutions are integral to providing products and services to underserved communities. The role of Hispanic American financial institutions Your deposits are FDIC insured for up to $250,000 for an individual account and $500,000 for a joint account. You can reach Lone Star customer service by phone Monday through Friday, 7:45 a.m. However, there aren't many reviews of the app on either marketplace. The mobile app has 4.2 out of 5 stars on the Google Play store but just 1.9 out of 5 stars on the Apple store. The bank has free ATMs in Texas and is a member of the Allpoint ATM network, with free machines around the US. Lone Star National Bank is a Hispanic American-owned brick-and-mortar institution with 33 branches in South Texas. However, interest only compounds quarterly and the $15 monthly service fee is higher than at other banks, so this account may not be the best choice for you. The Lone Star Premium Star Money Market Account requires you to put a lot of money down up front, and you'll get solid interest rates depending on your balance. Waive $15 service fee by maintaining a $2,500 minimum balance.Lone Star Hard Money currently has no reviews. = $53,000 total profit (doesn't include taxes or renovation costs) $19,250 total interest paid (12 months x 14% interest) Because she does not have enough cash to buy the property outright, she takes a fix and flip loan from Lone Star Hard Money with the following parameters:Īssuming a $325,000 sales price at the end of the 12 month term, the outcome for this deal would look like this: Jacqueline finds a townhouse in Dallas, TX to remodel and resell. If Maribel accomplishes her goal of a $286,000 sales price when the loan term expires, she would earn a gross profit of $50,160 after re-paying the principle amount and deducting the money she contributed at closing, the origination points, and the total interest payments. The monthly interest only payments will then be $1,173 to the lender. The loan is interest only, with monthly payments, and is for 6 months at 8% interest with 5 origination points to be paid at closing.Īccording to the parameters of the loan, Maribel will be required to contribute a $8,800 origination fee in addition to 20% of the purchase price, or $44,000, based on the 80% LTV. The lender agrees to issue a loan with a 80% loan to value (LTV) so they are willing to loan $176,000 on the project. The sales price of the house is $220,000. Maribel takes a fix-and-flip loan from Lone Star Hard Money in order to rehab a property to flip in Dallas, TX. They do not represent actual loans executed by Lone Star Hard Money. The following loans are for education purposes only. Please confirm all terms and rates directly with the lender. Lending Guidelines for Lone Star Hard Moneyīelow are the general loan guidelines published on the Lone Star Hard Money website. Property Types Covered: Single Family, Multi Family, Retail, Office Loan Types Offered: Investment Property Loans, Fix and Flip Loans, Commercial Hard Money Loans, Refinance / Cash Out Loans They make loans on the following property types: single family units, multi family, retail storefronts, and offices. Their lending guidelines are versatile, including terms between 3 months and 36 months, rates ranging between 10% and 12%, and loan amounts ranging from $50,000 to $2,000,000 with a maximum LTV of 70%. They offer commercial loans, refinancing, fix and flip loans, and investment property loans. Lone Star Hard Money is a hard money lender in Dallas, TX providing loans throughout Dallas and Fort Worth.
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