Best West Direct: How Arizona Hard Money Lenders Work

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Sunday, November 10, 2019

How Arizona Hard Money Lenders Work

If you are seeking an alternative to a conventional mortgage lender, then you may want to look at An Arizona Hard Money Lender. The loan with this type of lender, for the most part, is based on the collateral.

An Arizona Hard Money Lender will be able to act fast—in as little as a few days—while conventional lenders will make you jump through hoops and drag their feet for 30 or more days. Traditional lenders are concerned with your credit score, how you are going to repay them, and your income to repay the loan. If your history is solid and you have a great credit score and your ability to repay the loan is verifiable, then you should not have a problem getting approved for a loan. The process is painfully slow. If there are any negative entries on your credit report or income that is not verifiable to the lender’s satisfaction, you will more than likely be turned down. You will be faced with a longer process at a traditional lender. The approach by An Arizona Hard Money Lender is different. The Hard Money Loans in Arizona are short term loans ranging from 1 to 5 years. The interest that these types of lenders charge is higher than traditional lenders, so you will not want to keep the loan for much longer than the 5 years.

Speed, flexibility and percentage of approvals are a few of the reasons why investors turn to private lenders. Speed: the hard money lender is mainly focused on the property or collateral and not your financial position the Hard Money Loans in Arizona can be closed quicker than conventional loans. A private lender does not want to take possession of the property; they do not spend hours looking over a loan application, verifying your income, looking over your bank statements and so on. If this is not your first rodeo and you have a relationship with a lender, the approval process can move much faster.

Flexibility: The terms and conditions of Arizona Hard Money Lenders can be more flexible than traditional banks. Private lenders do not have a standardized underwriting process. They evaluate each deal individually. You might be able to charge the repayment terms.

Approval: The collateral is the most important factor. If the property is an investment property, then the lender may be able to lend on the full value of the property. Arizona Hard Money Lenders may not look at your credit report and if you have a foreclosure this is less important compared to a conventional lender.

A Hard Money Loans in Arizona can be expensive. Depending on the lender, interest rates can be double digit and you may pay origination fees and/or several points.

Where the collateral is located is important. You will be able to locate An Arizona Hard Money Lender easier if the property is in or near a metropolitan area. You will need to contact real estate agents and investors to find names of lenders or individuals that make Hard Money Loans in Arizona. Once you establish your relationship with An Arizona Hard Money Lender, you can build on that relationship for future projects. Call us at Level 4 Funding to see if we are the right lenders for your next project.

                                                                                                             Dennis Dahlber Broker Ri CEO Level 4 Funding LLC

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:  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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