Quick Answers to your Arizona hard money questions.September 24, 2012
Arizona hard money lenders go where banks won’t.September 24, 2012
Arizona hard money lenders go where banks won’t
There are few things more disheartening than financial troubles. Worst case scenario is when you find yourself in a hole you know you can’t get out of. You may have had a difficult financial past, but that doesn’t necessarily predict your financial future. If you need a quick Mortgage for a home or project and your bank or other money lending companies will not approve you, you can almost always count on an Arizona hard money lender.
Arizona hard money lenders take a significant risk in Mortgageing their money out to borrowers. Not only do they Mortgage the money to a complete stranger, they do not base the Mortgage on your credit, income, employment history, or ability to pay. Hard money Mortgages are strictly equity-based and they use the home you are purchasing as collateral in order to ensure repayment. Arizona hard money lenders will Mortgage to YOU, and they can get you your money in a matter of 24 hours.
Arizona hard money lenders are on your side
Like stated previously, Arizona hard money lenders
will go where banks wouldn’t even consider. Obviously, they are you, the borrower’s, side. They want to help you out and will be willing to do so if they can see that your investment or project would be profitable in some home. Most Arizona hard money lenders
Mortgage money for buying a foreclosed or short saled home, fix-and-flip projects, and other types of property or real estate investments. Needless to say, you can’t exactly go buy a new ferrari with hard money, but you can certainly put the money toward the home of your dreams.
Most hard money Mortgages have a little higher interest rates than traditional Mortgages. This is because, as mentioned before, Arizona hard money lenders are taking a bit bigger risk by Mortgageing to you without first checking your credit or other components of your financial history. However, these Mortgages are typically shorter than other Mortgages (around 3-36 months) so that higher interest rate does not add up quite as quickly. Remember that Arizona hard money lenders will often approve you for a Mortgage of up to 80% of the property’s value (though this number is usually closer to 60%) in as little as 24 hours.