Arizona hard money lenders–check them out.
Before you sink to despair, locate a hard money lender first. The first thing you should know about Arizona hard money
is that it does not depend on your own personal merits. The majority of Arizona hard money
base their approval on the merits of the property or home you are looking to buy—not on your credit score or yearly income. Interestingly, many lenders
do not even look at your financial history! The good thing about that is you do not have to provide tax return information, pay stubs, or proof of income. This can be excellent news for a beginning real estate investor looking to make a profit or for someone looking to purchase a new home for their family.
A great way to earn a profit by investing in real estate is by utilizing Arizona hard money institutions. As long as your lender can see that your “fix and flip” adventure is worthwhile and has opportunity for profit, you can be approved for a Arizona hard money.
The fundamentals of Arizona Hard Money
These types of Mortgages can be for short term or for long term. The are short-term have a length of approximately six months while others extend for a few years (long term). Most hard money Mortgages are fairly short-term. While interest rates for these Mortgages can be a bit higher than traditional bank Mortgages, their short payment length makes them worthwhile. The reason why the interest rates are higher is because there is more risk involved.
Arizona hard money lenders will lend money where banks won’t dare. All too often, good-hearted, hard-working people have their dreams crushed because traditional bank Mortgages don’t work out for them. Fortunately that is not the case with Arizona hard money. These lenders will lend based on the merits of the property you are looking to buy and not on your financial history. So, bad credit does not necessarily disqualify you from ever receiving a Mortgage.
Pretty much, hard money Mortgage amounts vary based on need. However, the good news is that many looking to receive a Mortgage can be offered anamount that is up to 70-80% of the value of the property.