Things to Consider Before Risking it all with Arizona Hard Money Loans

Published by admin at May 30, 2019

Hard money can be a great option if you need money fast and want to work with a transparent lender. There are some things to know about hard money, however, before you find yourself in an agreement that isn’t what’s right for you and your situation.

Arizona Hard Money Loans are offered by private money lenders. Arizona Private Money Lenders are untraditional, alternative options and can be great choices for people who don’t qualify for loans offered by traditional lenders. The high standards of traditional lenders, like local banks or credit unions, often disqualify many people. A great credit score, debt to income ratio, and financial history are all things that impact your eligibility. Traditional lenders will look at your taxes, paystubs, current financial standing, and even how long you’ve been at your job, just to name a few! Arizona Private Money Lenders don’t focus on all of those details as much. They will consider it, but the most important factor to them is the property’s collateral and potential. If you have an imperfect financial history, perhaps Arizona Hard Money Lenders are the right solution for you!

How Arizona Hard Money Lenders Can Help You

Arizona Hard Money Lenders are generally very direct and transparent. They are usually private companies and investors who can offer a much more personalized and individualized relationship than public lenders can. As you share your plans, budget, and research, they will be blunt with you. Not only that, but they can get the process going fast—much faster than a bank can and, sometimes, the day of. A bank may take as long as a month. Your local hard money lender may only need a week. Speed is great asset to have when approaching your project, and may even be necessary to obtain your desired property off the market. Arizona Hard Money Loans offer transparency and speed that can make all the difference.

How to Know if the Risks Are Worth It

Arizona Hard Money Loans can be great solutions. However, there are a few specifics to know that aren’t ideal in every situation. For example, there are high interest rates and sometimes more fees than traditional lenders. This seems to be the literal cost of their speed! Additionally, they work on a short timeline. Fixer uppers are generally fantastic opportunities to use hard money because the timeline of a fixer upper is just as fast. Ideally, you want to renovate and sell the home as fast as possible—while making a profit. Compared to using hard money as a loan for a long-term source of profit—like a rental property—fixer uppers are the superior choice. Only you know what you need best. If you meet with a hard money lender and don’t understand the complete terms of the loan agreement, you can always hire a real estate attorney to help break them down so you can go into it confidently or not at all—whatever is best for the investment of you and your project.

Dennis Dahlber Broker Ri CEO Level 4 Funding LLC
Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Hard Money Lender

Hard Money Loans

Hard Money Loan

Arizona Tel: (623) 582-4444

Texas Tel: (512) 516-1177

Dennis@level4funding.com

Dennis Dahlberg Broker/RI/CEO

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.