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Arizona Hard Money Loans: Why you need more Debt
When it comes to Arizona Hard Money Loans, you want more debt, not less. Having more debt might not sound like good financial advice, but in the case of fix and flips, it is.The best-laid plans of fixers and flippers often go awry.
Line by line you might have your project priced out down to the very nails you plan to use to install the kitchen cabinets. Your schedule might have a minute by minute breakdown of how work will proceed, “On April 16th, from 10:10-10:15, remove the carpet in the second bedroom, from 10:15-10:35 install new carpet,”
Maybe your plan probably won't be this detailed. But you might do a lot of homework and think you might only need so much financing, but if you do run out of funding…
It's going to be hard to get other Arizona Hard Money Lenders on board with your project if things go wrongIf you run out of money and you need more financing here's why it might be impossible to qualify:
• Title issues- If you run out of funding, a second lender will be second in line if you happen to default, which is far too risky for most lenders. So most hard money providers ... more
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