An Arizona bridge loan can be great for funding a new home purchase, but how do you know when to apply? Find out about Level 4 Funding’s Arizona bridge loan process and learn how to best time your Arizona bridge loan application.
Moving is stressful, especially if you’re worrying about how you’re going to pay for your new home. That’s where Arizona bridge loans come in. These loans are meant to bridge the gap between buying your new house and selling your old one. Your loan helps you buy your new property, and then you can pay back the loan when your old home sells.
You may know you need an Arizona bridge loan but aren’t sure when to get it. If you’ve never dealt with a hard money lender before, it can be tough to judge the timing of your loan.
However, many hard money lenders work in similar time brackets. Private lenders like hard money lenders are often used by borrowers to get money fast, since these lenders have such short turnaround time. Lenders can sometimes get borrowers their money in less than two weeks. Private lenders are also used for many short-term loans, such as loans that will last less than a year.
With all that in mind, you can start to determine when you will need to apply for your loan. For the most efficient and stress-free process, it’s best to apply for your loan within a few months of needing the money. Usually, hard money lenders will ask you to have as much information as possible about the property you plan to purchase. Once you know which new property you are buying, you will be able to apply for an Arizona bridge loan.
To ensure your loan will have enough time to be processed, apply a little earlier than you think you need to. Even if you’re a little early, if you get approved, you can discuss your situation with your hard money lender. Let them know exactly when you’ll be needing the money. It’s better to apply too early and have to wait for the money than to apply too late and not be able to get it in time.
Why hard money lenders?
Although you can get loans from banks, hard money lenders offer great advantages that may make you think twice about a bank loan. Hard money lenders have very short application processes, making them ideal for those that need money fast. Their application processes are also far simpler than those of banks. Plus, you’re likely to get approved for your loan even if you have poor credit, as hard money loans are based on collateral and not your financial history.
Your hard money lenders are there to help you.
If you have any questions about hard money loans, reach out to your hard money lender. Remember that they are there to help you through the moving process and make it all a little easier. Hard money lenders are known for working well with their clients and making loan processes fit their needs. Communicate with your hard money lender about your situation and let them know what will work for you.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
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.
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