Getting a loan is a lot of work. It takes planning, research, and a generally strict approval process. So, how do you know what types of loan lenders are best for you?
Read more below to learn more about your alternative loan options, including those offered by Arizona hard money lenders.
You may know of the traditional route for getting a loan. You go to your local bank or credit union and begin what can be a long approval process. Deadlines, financial history, and borrower reliability will play major factors in your acceptance or rejection.
Banks are sticklers on this stuff—and they should be! They need to know their investments will reap success. If it’s your first time borrowing, or your loan will be an act of grace like saving a home from foreclosure, obtaining a loan can be important. The stakes are high! Who do you go to if you are rejected by your bank?
How Private Lenders Can Help You
Private lenders are a great alternative option for people who don’t qualify for traditional loans. They can offer money fast, and are flexible within your needs as a borrower. But how do they do this? What are the differences between private and public loan lenders?
Private lenders offer hard money. They are usually independent companies and investors who can focus on you, your project and your goals. They offer a much more personalized experience than banks because of the unique individual basis they work off of. Traditional lenders take a more generalized set of financial rules and requirements and spread them across their potential borrowers. Untraditional, private lenders may be able to work with you and make small exceptions regarding their approval process. For example, credit scores are usually inapplicable. While you will need to prove yourself a reliable lender with feasible plans and a reasonable project, you don’t need to worry as much if your financial past has a few imperfections, making it easier to get approved within the loan process.
Moving Forward as a Private Borrower
If you get approved by a Arizona hard money lender, there are a few things you need to know. First: they will get the process going—fast! Second: a quite literal cost comes with them. Some borrowers find the cost worth it, extra fees and significantly higher interest rates than others on the market, however, it is definitely something you need to factor into your plans if you are taking advantage of the other traits of private lenders. Additionally, the repayment period is fast—usually one year. This makes Arizona Hard Money Loans great options for those working on fixer uppers or other types of investment properties with a quick turn around and profit margin. Because of the flexibility private lenders offer, you may be able to work out a loan extension. It depends on your lender, you and your project. If you are seeking out Arizona Hard Money Loans in Arizona, give the lenders at Level 4 Funding a call today to discuss how hard money can help you!
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