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Why Hard Money Lenders Hate To Offer 100% Financing
Most Arizona hard money lenders are going to shy away from a borrower who is looking for 100% financing. And there are some very good reasons that this is a smart idea for both the lender and the borrower.
Hard money loans are asset-based or secured, so the most critical piece of the entire deal is the value of the property being purchased and used as collateral. But the second most critical part of the deal is the equity that will be established with the down payment. When a borrower asks for 100% financing, there are several red flags that pop into the head of Arizona hard money lenders, and those are signaling issues that could impact both the lender and the borrower.
If the borrower has no cash for a down payment, then it is also likely that he or she has no money to invest in renovations or upgrades to the property. In short, the borrower is not in a strong or even stable financial position, which is a good indication that the project will fail. The lender is wondering how the borrower will make the payments on the loan, as well as how the carrying costs of the property will ... more

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