It IS possible to play — and even win — the real estate game using Colorado Hard Money Loans. Here’s a rundown of who they work for and why they can be a better choice than conventional bank loans.
Traditional bank loans and Colorado Hard Money Loans differ in a variety of ways, and those differences give borrowers a diverse range of options from which to choose when they need funding. Let’s look at some of the most important distinctions:
Because they have complex underwriting and tough regulations to abide by, banks love to do paperwork. They will check your credit score and if it doesn’t meet their minimum requirement, you’re out of luck. They will dig into your history and if you have a blemish or two, you’re out of luck. They will check your bank accounts and assets, and if you don’t have the dough, you’re out of luck. And, thanks to the recession, these qualification requirements got even more strenuous after the passing of the Dodd-Frank Act.
Conversely, Colorado Hard Money Loans exist outside the traditional banking system. The funds come from private investors, so there are fewer hoops to jump through. Yes, you’ll need to pass some basic sniff tests, but lenders in the hard money game are more concerned with your collateral, your plans, and your passion than your history, your bank account, or your credit score.
Operating outside the conventional system gives these loans another advantage over bank loans: they’re lightning quick. With all the paperwork and underwriting, a bank loan might take over a month to come through. Colorado Hard Money Lenders, on the other hand, can get you approved in a matter of days and you can have the funds in as little as two weeks.
Keep in mind that hard money comes with higher interest rates and shorter terms. These types of loans are perfect for people who want to make money in real estate but don’t have a spotless record or a shining credit score. They’re also ideal for people who want to move quickly to close a deal that might not be available for long.
If you think a Colorado Hard Money Loan sounds like the right move for you (or you just want to find out more about them), give us a call today!
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
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 the Author: 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.