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Understanding How To Make Arizona Hard Money Loans Work For You
Borrowers need to understand how Arizona Hard Money Loans work to take full advantage of their benefit. Used correctly these loans can provide a huge ROI.Arizona Hard Money Loans are simply another name for asset-based loans. What this means for borrowers is that the loan approval is based on the value of the property being used as collateral and not so much on the creditworthiness of the borrower. In addition, these loans are not funded by a traditional bank. Instead, they are offered by private lenders who are in business to make money from the interest on the loans that they make. And being that these loans are from private lenders, the terms, while normally shorter in term, can be much more flexible than a loan from a traditional bank.
Asset-based loans can be used to purchase just about any type of property including single-family and multi-family residential, commercial, land or even industrial property. It can be important to know what types of loans a given hard money lender specializes in, or if he or she will fund any type of property loan. The only stipulation is that Arizona Hard Money Lenders will not fund a loan for an owner-occupied property because ... more
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