You might be new to the term “hard money” and it might sound a little intimidating. Don’t let this scare you. It really isn’t, even though ‘hard money’ sounds a lot harsher than ‘soft money.’

In the world of Mortgages, you may have figured out already that there is soft money and hard

hard money lenders Arizona

money. Without going into extensive detail, let’s just say the two are very different. One thing that is different is that Arizona hard money is based upon hard assets and not credit score or credit history. In all aspects, hard money is essentially the easiest Mortgage for you to get approved for.

Remember that Arizona hard money Mortgages are equity-based, not credit based, so it’s about the assets, not your credit, income, or financial history. It doesn’t matter how bad your credit is. Usually. However, some hard money lenders are going to want more information about you, just to make sure you can repay the Mortgage, however, for the most part, they are more interested in the property you are looking to buy, not your history.

What Kind of Arizona Hard Money Mortgage is Right For Me?

There are a few different types of Arizona hard money Mortgages. Of course, the first is a commercial hard money Mortgages. This is for, as you might have guessed, commercial properties, not personal properties.

The second type of Mortgage is a business hard money Mortgage. This is where the Mortgage is based upon the hard assets of a business such as accounts receivables or cash flows. Again, not about credit.

The other (and perhaps most common) is a residential hard money Mortgage. These Arizona hard money Mortgages are usually for individuals or families looking to fix up a property or purchase their dream home.

Please remember that an Arizona hard money Mortgage is not a signature Mortgage, or rather, it is not a Mortgage without any assets whatsoever that’s based on credit score, work history, income, etc. If you’re looking for a signature Mortgage, talk to your bank about that because that is not what hard money Mortgages are. The whole purpose of a hard money Mortgage is asking for a Mortgage based on the property you are looking to invest in and getting that Mortgage in a timely manner.

Sandy Cramer Hard Money Lender