There are tons of options when it comes to seeking out loans. Both public and private lenders will have options for your investment, but only Arizona Private Money Lenders can offer the benefits of hard money. Though, what is hard money—and is it right for you?
A traditional lender is a public lender, like your local bank or credit union. Traditional lenders have high standards. They consider everything from your paystubs, job history, debts, and anything that could and can impact your current financial standing. Untraditional lenders, like hard money lenders, work a little differently. Arizona Hard Money Lenders are private companies or investors. They evaluate your eligibility with slight emphasis on your financial history. Collateral is the most important factor, which qualifies more people. Not only that, but they can offer speed and transparency which can play a large part on your success as a borrower.
Eligibility and Benefits
Because Arizona Hard Money Lenders accept borrowers on a different basis than traditional lenders, more people are eligible. When approved for hard money, your lender may be able to begin the loan process as soon as the day of. The speed is unparalleled to traditional lenders, who can take up to a month. If your lender isn’t speedy enough to get you your funds within the day, it usually takes about a week. The extra time can be key, especially if you are bidding on a competitive market and seeking out a property with potential. If you choose to move quickly! forward with Arizona Hard Money Loans, you will have the opportunity to work with lenders who are usually very transparent. They will be direct with you about your plans, and will be able to individualize the process for you. Private investors work for themselves, and when they invest in you and your project, they can focus on the best interests of you!
Specifics of Hard Money
Arizona Hard Money Loans have lots of benefits, but there are a few things you may want to consider first before blindly signing the terms to your loan agreement. First, you need to know that there are high interest rates associated with hard money. These rates can be five percent higher than those on the average market. Additionally, there can be extra fees. Depending on who you are and what your situation is, the fees may be affordable—and it may be worth it! However, the other thing to consider is the short timeline of Arizona Hard Money Loans. Because Arizona Hard Money Lenderscan work on an individualized basis, it may be possible to extend the timeline, but usually hard money is expected to be paid off within a year. A two to five year extension isn’t uncommon to ask and obtain—especially when working with private, personable lenders. If you are interested in working with a private money lender, research local lenders in your area. Find out what their portfolio looks like and, once you have all your information in line, schedule a day to meet with them and determine if they really are what’s best 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.