Most consumers don’t even know what Arizona Hard Money Loans are, or how to use them. But with a basic understanding, they discover that hard money is a legitimate loan for some people.
When you mention to someone that you are looking into Arizona Hard Money Loans, they often look at you in a sympathetic manner and ask if they can help you out in any way. That is because they think that you have just admitted to being in some kind of money jam and that you are considering using a less than legal solution, kind of like a loan shark. Hard money just sounds bad, like you are going to have to do something really hard to get the loan. But the truth is that getting hard money is really very safe and easy.
Arizona Hard Money Loans are just another name for asset-based lending. And all that means is that you are using something as collateral for the loan, other than your outstanding or possibly shaky credit score. But as you might have guessed, this is not a form of lending that goes through a stuffy bank or mortgage company. These loans are funded by private lenders, and that is why they are called non-traditional loans. The money is not hard, nor is the process to get it, and when you do get the money, it looks just like what you would get from a traditional loan.
As mentioned earlier, these Arizona Hard Money Loans are far easier to obtain than a traditional bank loan, and that is because the lender is only really interested in the value of the collateral that you are offering. In most cases, the collateral is the property that you are purchasing with the loan money. And because your financial history and credit score are not under tremendous scrutiny, the process is far less stressful and drawn out. The lender has the property appraised and then asks you for a small amount of information.
What You Need To Prepare For An Arizona Hard Money Lender
Even if the property has great value, the lender is going to want to know a little bit about you, the borrower. He or she might want to know your credit score, but don’t worry that a low score will cause your request to be denied. The lender is just getting an idea of your income and debt load to be sure that you can make the loan payments. In addition, the lender is going to want to see your plan for the property. If it is a fix and flip, a long-term rental or a full renovation the lender will want to be sure that you are prepared financially and in terms of skill to complete the project and not destroy the value of the property. With a good business plan, some experience, and cash for the project, you will be almost assured of getting a loan.
It Sounds Too Good To Be True!
This is the real world, and any business deal that sounds too good to be true usually is a scam. But hard money is a legitimate lending business. The reason private lenders are in this business is that they can charge a higher interest rate and earn more money on each loan. But the simple truth is that these short term loans make it possible for many real estate investors to begin very successful careers. It is a situation that works to benefit both the borrower and the lender.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
© 2019 Level 4 Funding LLC. All Rights Reserved.
Copyright | Privacy Policy | *Terms & Conditions
No comments:
Post a Comment