After 10+ years proudly serving Aggies and others in the state of Texas (including many fellow TexAgs members), I am very happy to announce that AgsReward and its parent Hurst Lending & Insurance have expanded in several key areas this year:
Now Serving More States
AgsReward and its parent, Hurst Lending & Insurance, can now offer mortgage loans in Colorada and Florida, as well as Texas. We will soon have our license to lend in Louisiana, Virginia, Georgia and Michigan. In addition to loans on primary residences, we offer great rates on loans on investment properties and second homes, including jumbo and low down-payment home loans.
Launched A Mortgage Investment Fund
Hurst Lending has also recently launched a Mortgage Investment Fund. My business partner, Scott Bialek, and I started lending our own funds for shorter-term home loans 3 years ago. Based on our success, we are raising money from accredited investors (mainly friends, family, and prior customers) as well as more traditional institutional sources to fund more of these loans. The fund's formal operation began in late April. Our fund invests in mortgage loans secured by a 1st or 2nd lien in residential real estate, focusing on loans to high quality borrowers with high credit scores whose situation falls a bit outside conventional lending criteria.
The institutional portion of our fund raising effort is complete and we are close to closing our first round of funding from other investors. If you or someone you know would like more information about our new fund, please contact me.
New Types of Bridge Financing
As a result of this fund-raising, AgsReward and Hurst Lending now have the ability to serve our clients with a range of short-term/bridge lending needs such as:
- Retired/Fixed Income Buyers If you cannot qualify for a conventional loan before selling your home, a short-term bridge loan will allow you to use the equity in your current home before it sells to secure your new home
- Self-Employed/1099 Buyers If you've been self-employed for less than 2 years, or recently changed status from W-2 to 1099, you may not qualify for a traditional mortgage. A bridge loan can allow you to buy now, then refinance into a conventional loan as soon as you can qualify with 2 years' tax returns.
- Buyer Fell Out? If you have your new home under a contingency contract and the buyer for your old home falls through, a bridge loan can allow you to close on the new home purchase while you find a new buyer.