There are many types of Loans to Flip Houses in Arizona available for people interested in investing in a property. Arizona Hard Money Loans are great for people immediately interested in making a bid on a piece of real estate. The speed at which one can be obtained is much speedier than one given from a traditional lender such as a bank because these lenders have a greater acceptance rate. In this case, the approval process may be easier because things like income history and credit score aren’t considered as heavily. The value of the property is what is most important in this case. The speed and approval process is accompanied by a higher investment rate and a shorter pay period. If this isn’t right for you, other options are available.
Depending on your situation, a bridge loan may be ideal when dealing with two transactions. A bridge loan will allow you to purchase a home for flip, without the stipulation that your initial property must sell first. Like Arizona Hard Money Loans, they are short term and have higher rates. Also like Arizona Hard Money Loans, the focus is less on credit score and more about the value of the property.
Cash-out refinancing and home equity line of credit are other options for those looking for Loans to Flip Houses in Arizona. Refinancing will allow you to utilize some of your home’s equity. Obtaining this kind of loan will replace the current mortgage you owe on your house, for a new one with the cash you are wishing to take out to flip a home. Doing this will require a good credit score and debt-to-income ratio, and while you may save some money on interest, you will have to pay closing costs. Your mortgage rate will ultimately determine if this loan would be worth it over a period of time. Home equity line of credit is an option that would allow you to use your home as a second mortgage.
With small interest rates and a minimum credit score of 650, personal loans can be great options for people who only need to borrow a small amount. Personal loans can also be combined with other types of loans, and are approved for just about any personal use. Arizona Hard Money Loans are options through private lenders with a speedy process and easy acceptance, but higher interest rates if a public lender like a bank rejects your proposal. Another way to personally ask for loans is quite personally. Depending on who you know, friends and family may be willing to lend you some money for your fixer upper, and, in this day and age, it is not uncommon for people to source funds from crowds. Across sites like GoFundMe and Kickstarter, people fundraise for all kinds of various reasons. If obtaining a loan from the bank is uneasy, these are three alternative routes.
If you are in need of Loans to Flip Houses in Arizona, it is important to consider all of your options. A successful house flip will refer not only to the final product, but the use of money and time that was put into it. For a successful flip like those seen on TV, consider the benefits of each loan type so that you can make a successful flip.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
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 the Author: 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.