These days, one of the easiest and quickest Mortgages available to consumers and real estate gurus is a hard money Mortgage Arizona. While everyone is aware the housing market is rougher than sandpaper boxing gloves in a boxing match, there’s still a niche market where buyers are grabbing up property, repairing it up and selling it for a profit. The only problem with this plan is that normally banks and mortgage companies are wary of approving Mortgages for such projects.
First of all, they want more long-term buyers that are out there and not some business-minded entrepreneur that has a passion for household repairs involving tiling and painting and roofing. Second, most banks and mortgage companies are wary of approving anybody period. The market is more than beaten and stomped all over, there’s hardly any chance worth taking a risk, because they’ll just get further and further in debt.
These things are also called asset-based Mortgages or bridge Mortgages. However, asset-based lending is a term more frequently used in conjunction with commercial real estate financing as opposed to simply hard money which is used for residential as well as commercial finance.