Not qualifying for a loan with a traditional lender, like your local bank or credit union, is not the end all be all. There are always untraditional options. This means seeking out a private company or investor who offer hard money. The qualification process for Arizona Hard Money Lenders is a little different. Usually the process is fast, transparent and individualized—which are all very important things to borrowers.
Because Arizona Hard Money Lenders offer speed, there is greater opportunity to obtain your property. On a competitive market, the last thing you want is to have to settle on another, less promising property just because you weren’t able to obtain the funds fast enough. Obtaining funds can happen as soon as the week of, if you are approved by your lender. In more extreme and exciting cases, the process can begin the day of. Either way, this is much faster than the traditional lender who needs at least a month to get things rolling. Two other great characteristics of private lenders are transparency and individualization. The ability to work honestly with your lender will be extremely beneficial. Because Arizona Private Money Lenders approve borrowers based on the property, instead of financial history, they are able to focus on you and your project—this includes the plans and potential. Your financial history is still of some importance—they do want to know you can be reliable—but it doesn’t bear the same weight it does at the bank.
Arizona Private Money Lenders may sound too good to be true. They can offer you money, and they can offer it fast, but at what cost? Literally, at what cost? Well, first, higher interest rates—as much as five percent higher—and, sometimes, fees. Like any new endeavor, you need to tread carefully. The same energy and research you are putting into your actual project should also be put into the search for your lender. Remember that, like lenders can reject you as a borrower, you, as a borrower, can reject lenders. Work with the team who transparently supports you and your project and, if you don’t feel confident in the terms to your loan agreement, hire a real estate attorney to look over the conditions with you before you make your decision—or, better yet, begin your search again. Focusing on what is best for you is going to be what’s better for you in the long run if you want to complete a successful project and make a profit. Lastly, you want to consider the timeline of your lender Arizona Hard Money Lenders work on the short term. If you are in the throes of working on a fixer upper, with a quick renovation process and resale, or need to act fast in the situation of a foreclosure they may be just for you.
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.