When most people look into flipping a house, they go to the bank to get financing. They jump through the bank’s many hoops, drop a bunch of their capital on fees and sometimes wait for a month or more to get financing together. Some people do it because it works for them and some do it because they think it’s the only way to go about it.
Here’s the good news — going through the big, inflexible financial institutions isn’t the only route. Hard money fix and flip loans are a viable option, too. Here are two major reasons why:
At the bank, you’ll be asked to have an almost spotless financial history, a sizable amount of money in the bank and a credit score that meets their minimum. If you don’t fit in their narrow box, you’re out of luck. Arizona Hard Money Loans use private money and operate largely outside the “system,” so while they take some of those same things into consideration, they’re not bound by them. That means a hard money lender has the freedom to work with you.
Maybe your credit score isn’t great or you’ve got some issues in your past, but you’ve got a vision and experience doing flips. In the hard money business, you can make your case and get the money you need to make your vision come to fruition.
When you go through the big banks, the red tape can be debilitating. There is all manner of regulations they have to adhere to, and they have complicated underwriting processes. As a result, you might wait a week or two to hear about your approval and then another month before you see the money in your account. Not so with hard money. With very few hoops to jump through, you can get approved in a day or two and have the cash in hand within a week or two.
And we don’t have to tell you how important speed is in the flipping game! If you’re interested in seeing if a hard money fix and flip loan might work for you, give us a call and discuss your options 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.