Simplifying Hard Money Lenders in ArizonaJune 28, 2013
How to get money for your new home through hard money lenders in Arizona.June 28, 2013
What should you know about Arizona hard money loans?
You may already know the difference between soft money and hard money. Soft money is an easier loan to obtain than an Arizona hard money loan because hard money is typically private money and that tends to come from less traditional areas, such as a private investor, whereas soft money is merely the opposite. With Arizona hard money,
you are paying for the ability to get a loan based on the property itself, which your lender will come by and inspect before giving you the loan. Arizona hard money
lenders are making loans to people based on properties that a bank would never consider lending money to because they believe in you. Additionally, remember that with a hard money loan, you are paying for money in a timely manner. If you need to close a property in any time between a week to two weeks, you will need that money fast. An Arizona hard lender knows that. Your bank could never lend
- Hard money lenders Arizona
that fast- if you were even approved.
What to know about Arizona Hard Money Loans –It isn’t cheap!
Arizona Hard Money
Lenders generally allow Real Estate Investors to borrow a certain percentage of the purchase price and rehab costs (usually around 70%). But don’t get too excited. Before you consider any particular lender in Arizona, make sure that you become familiar with their terms and rates and conditions. There are some things you will have to contribute money to; closing costs and of course, the ability to pay your debt monthly. Moreover, a lot of these loans are asset-based loans. However, there are a growing number of Hard Money Lenders looking at your credit score. The main reason being that lenders are discovering many loans that they have made over the last 2 years took longer to get paid off than the initial term they were issued for. It makes sense now that lenders would want to know up front if paying back the loan would be a problem.
Remember to do some more research on Arizona hard money before you commit to them. They also have their advantages that can benefit you and fulfill your needs.
- Sandy Cramer
Apple Wood Fund
23335 N 18th Drive Suite 120
Phoenix AZ 85251