If you have been rejected by a bank for a loan, fear not! There are other options available to you that can prove beneficial if you’ve been rejected by a traditional loan lender. Read more below to learn about untraditional lenders who offer Arizona Hard Money Loans!
If you are rejected by a bank or credit union, one of the most common and traditional loan lending options, it may seem like it’s over. Your home, project, or competition seems to have succumbed to the rejection—however, it’s not true. When a traditional loan lender cannot provide you with the loan you need, you can pursue private money lenders.
Private money lenders in Arizona are great alternatives to the big guys who have strict requirements when it comes to money borrowing. Consider seeking out Arizona Hard Money Loans from a private lender. Private lenders are usually composed of investors and individuals who offer more flexible and individualized relationships than large, financial institutions can.
There are some major differences between public and private loan lenders. First is the cost. Private lenders require high interest rates in fees in exchange for a quick and flexible approval process. Depending on the needs of your project, this can make or break you. Interest rates can be as much as five percent more than other rates on the market—some borrowers can manage these steep rates, though it may not be for everyone—even there are benefits of private money lenders.
A private lender can alleviate a lot of stress associated with your financial project, making it less of a burden and more of a collaboration. Because Arizona private lenders can work with you on an individualized basis, they worry less about your financial history. It will be important that you prove yourself as a reliable borrower with concrete plans and details, however, you won’t be knocked out of the running as easily as you would be with a traditional loan lender. Private lenders can work with you and may offer to make reasonable adjustments within the loan for your project. This includes things like loan repayment extensions through the general loan approval process.
Committing to a loan agreement can be stressful. Both you and your loan lender need to have faith in each other, and you have to understand the complete terms to your loan agreement. Needs vary across borrowers and projects, so you have to determine what is best for you. Sometimes hiring a real estate attorney can be a helpful resource if you have any major questions about your loan agreement, or if you aren’t feeling good about your lender. Moving forward in confidence will reflect the likely success or fail of your project. Consider what you need, and work with your resources. Don’t stop at just one private money lender. Continue searching until you find a reliable investor committed to you and your project, like the lenders at Level 4 Funding in Arizona!
Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About: 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.
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