To start, Arizona Hard Money Lenders generally allow Real Estate Investors to borrow a certain percentage of the purchase price and rehab costs (usually around 70%). This is without any credit or credit history checks, so don’t worry if you’ve been slacking a little, this will not effect your Mortgage.
However, please note that before you consider any particular lender in Arizona, you really should be sure to be familiar with their terms and rates so you don’t have any trouble when you do get that Mortgage you deserve for your dream house or business property. Obviously you will need to contribute by paying the closing costs and the ability to service the debt monthly.
Unlike banks, most of these Mortgages are asset-based Mortgages, not credit. However, while there is a growing trend of Hard Money Lenders looking at your credit score. You may wonder why this works out the way it does. We are here to tell you about the hard money lenders Arizona and that main reason is that lenders are discovering many Mortgages that they have made over the last 2 years took longer to get paid off than the initial term they were issued for. So now lenders want to know if you can’t pay the Mortgage off in this time period.
Please note, however, the difference between soft money and hard money. Soft money,a s the name might hint, is easier to obtain than hard money for several reasons. Hard money is typically private money and this Mortgage comes from less traditional forms, whereas soft money is merely the opposite. With Arizona hard money, you are paying for the ability to get a Mortgage based on the property itself.
Arizona hard money lenders are making Mortgages to people and on properties that bank would never consider lending money to! It’s a really great thing. Moreover, you are also paying for speed! If you have a property you need to close in 7, 10, 14 days – do you think your bank would meet those times for a conventional Mortgage? You are paying for the availability of funds in a short time frame so that you can have the home or property you love.
Remember to do some more research on Arizona hard money before you commit to them. They also have their advantages that can benefit you and fulfill your needs.
Level 4 Funding LLC
23335 N 18th Drive Suite 120
Phoenix AZ 85027