Arizona private money lenders might seem confusing if you’re working with them for the first time. Learn how to navigate the money lending process with these tips.
If you’re new to the world of private lending, it can be helpful to know how to work well with Arizona private money lenders. In any industry, there are things that, when done, can help make proceedings go more smoothly. To make the lending process as easy as possible for you and your lender, we’ve put together our top 10 tips for working with Arizona private money lenders.
1. Know your private lenders’ backgrounds.
It helps to go into your loan process knowing a little about who you’re dealing with. This can help you start conversations and build strong relationships with your lenders. Good relationships with them can work in your favor when it comes to future loans.
2. Research their company.
Make sure you’re working with a reliable company. Their company website and online reviews should tell you a lot.
3. Know the type of loan you want.
Oftentimes, hard money lenders will offer various loan types. It will help them if you have an idea of the loan type you’re looking for, whether it be a cannabis business loan, commercial property loan, or fix and flip loan, for example.
4. Go in with an ideal rate.
Think about the ideal rate you’d like on your loan, or even a range of rates that would work for you. Having this in mind going in will help you better negotiate with your lender.
5. Have a payment plan in mind.
If you have any payment constraints or desires, map them out before discussing them with your lender. Knowing what you need in a payment plan and communicating that to your private lender will help them help you.
6. Know the ins and outs of your property.
This is a big one. Know the property you want to purchase like the back of your hand and bring information about it with you to your lender if you can. The better you know your property, the better you will be able to determine the amount of money you need to borrow.
7. Know what exactly you will be doing with the money.
Going along with knowing your property, try to know as much as you can about what you’ll need the loan for. This clarity and detail will build trust between you and your lender.
8. Keep up a dialogue with your private lenders.
Lenders want to know that you will pay them back. You can assure them of this by effectively communicating about payments and problems.
9. Treat your Arizona private money lenders kindly.
They’re helping you out, and you will be working with them for likely a long time as you pay back your loan. Treat them well and make sure they know they’re appreciated.
10. Recommend your lenders to others.
Businesspeople love more business! Recommending your private lenders to others will not go unnoticed.
Follow these tips to ensure a smooth lending process.
Your private lenders will be thankful for effort you put into communication with them. Build strong relationships with your lenders and it will help you in the long run.
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.