There are soft Mortgages and hard Mortgages. You may be unfamiliar with a hard money Mortgage. The basic definition is this: Mortgage approval is weighted mostly on the value and borrowers “equity” of the “hard asset” used as collateral with a lesser concern given to the borrower’s credit rating. That means that you are borrowing against the property and not based on your credit rating whatsoever. That means the Mortgage is easily approved and quickly granted to you. Usually within twenty-four hours.
This should give you a little bit of a better understanding of just what Hard money lenders in Arizona can do for you. They will provide you the Mortgage you need for your business or personal use so you can get the property that you really want.
Here are some things you should look into if you are serious about the hard money Mortgage in Arizona that you want to take out. Upon receiving your application, they consider the following:
· Condition of the property
· Length of the Mortgage
· Location of the property
· Ability of the borrower to complete the project
· Amount of work to fix the property
· Amount of assets the borrower has to finish the project
· Current and projected value when finished
· Borrower’s information.
This is just to go back over what was said before; hard money lenders in Arizona do not go by your credit rating in order to qualify you for a Mortgage, but rather it is equity-based only. We can all breathe a sigh of relief for that! It’s okay if you have bad credit. You can rebuild your life and a hard money Mortgage can help you do that. Another term this concept is referred to is “Private Money” or “Equity Mortgages.” These type of Mortgages are unlike your typical Mortgage from the more traditional route of a bank, but they are from methods such as private sources such as investor’s personal funds, pension plans and other non-traditional sources. Arizona hard money lenders in Arizona are spread all over Arizona and other places around the United States to help you qualify for a Mortgage. You can do this! And you don’t need a fantastic credit score.
Apple Wood Fund
23335 N 18th Drive Suite 120
Phoenix Arizona 85251