Like we have mentioned in so many of our previous posts, no two Arizona hard money loans are alike. That’s the beauty of hard money—it is based on you. Your hard money lender will work with you to ensure the lowest rates possible, but there are really no across the board answers on hard money loans.
However, many of you are asking about the timeline to expect on Arizona hard money. Undoubtedly, the sooner you get your money, the happier you will be. But what can you expect from your lending institution? How soon is too soon and how long is too long to wait?
One of the most important things before making a loan application is to have the property under contract. It’s really hard to get financing on something, which is not under contract.
If you get started today, you could have your money tomorrow. It’s entirely possible and it happens all the time. Again, that is not the case for all Arizona hard money loans. The whole process starts with you getting the ball rolling.
Many lending institutions will require you to fill out a loan application right away. At Level Four Funding, we try to keep the paperwork to a minimum so we don’t do that. The first step is for you to contact us and tell us your information.
Then, we take a look at the property you are looking to take out a loan on. We may send evaluators out to look at the property, or we may just go with the information you provide us. We need to know the value of the property in order to provide any sort of funding. Believe it or not, we can get you your loan approval within thirty minutes and your funding within 24 hours. This is significantly faster than most lending institutions, and that is because we have an entire team of professionals and experts working to approve you today.
All in all, the process could take up to a few days, but no longer than a week. Don’t stress if yours takes a bit longer—that certainly doesn’t mean you are going to be denied Arizona hard money.