The housing market crash and the subsequent recession did a real number on the lending industry. Shady practices of the past led to new regulations such as the Dodd-Frank Act, and that has left conventional lenders (like the big banks) more than a little gun shy when it comes to doling out money for spec homes. So if you want to start building these days, you’re out of luck, right?
Not so fast. While getting Arizona Spec Home Financing the old fashioned way may have gone the way of the dinosaur, there are still private lenders who are willing to wade into the waters. Arizona Hard Money Loans aren’t subject to all the complicated underwriting and stringent restrictions of bank loans. They’re more concerned with your plans and your collateral.
If you decide that Arizona Spec Home Financing in the form of a Arizona Hard Money Loan is the right choice for your situation, there are a few things to speak about with your lender:
● Talk about location. It’s the oldest axiom in the real estate business — location, location, location. And that holds true for spec home building as well. Make sure your geographic location makes your investment a wise choice.
● Talk about the process. As a builder, you’re already familiar with sticking to a budget and staying on schedule. Part of that involves learning about the ins and outs of the loan process. How long will it take to be approved? How long before the funds are available?
● Talk about rates and fees. Any hard money lender worth his or her salt will be upfront about the rates they can get and the fees they’ll charge. Ask for a breakdown so you know how to fit it into your budget.
● Talk about the loan structure. Here’s where a hard money lender can really shine. Unlike banks, where the structure is essentially written in stone, a hard money lender can work with you to tailor your terms to fit the unique circumstances of your investment.
Ready to get started with your Arizona Spec Home Financing? It may seem overwhelming, but it’s really simpler than you think. You’ve got nothing to lose and everything to gain — give us a call today to speak with a hard money lender in Arizona.
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.