How to Use Hard Money for your Renovation Loan Needs

Published by admin at September 7, 2019

You’re ready to take on the project of a fixer upper—so, how do you go about it? While many people may consider banks as their go-to for all of their loan needs, consider how private Arizona Hard Money Lenders literally lend themselves to all your renovation loan needs!

A private hard money lender offers a few things that lend themselves to those working on fixer uppers: speed and flexibility. When you find the perfect property that has the potential for beautiful, modernized renovations under the aesthetic of your eye, the urge to snap it up is a big one. Fortunately, Arizona Hard Money Lenders can get money to you fast. Whether it is the day off or before the end of the week, they can get you the money much faster than banks who may take as long as a month for the loan to be processed and received. Arizona Hard Money Lenders can give you the confidence you need when bidding on a competitive housing market. Additionally, the loan repayment period of hard money is a short one—usually one year. While the loan can be extended depending on your lender, it is the complimentary timeframe to those working on fixer uppers and looking to make an immediate sale and profit.

Differences Between Private and Public Money Lenders

Requirements and regulations are the major differences between private and public money lenders. Private money lenders don’t have as many as public lenders like banks and credit unions do. This means that private money lenders can approve more people—usually. A perfect financial history is not as important to them, as long as you can prove yourself to be a reliable money borrower. Banks will not have as much leeway or be able to work with you on such an individualized basis. The flexibility of private money lenders can be very beneficial, as can their speed. Especially when attempting to score a great property off of a competitive market, speed can make all the difference. You do not want to have to settle on a project—especially one you are renovating. You want the perfect property for your plans and abilities as a renovator. Obtaining your renovation loan in as little as a week, instead of the bank’s general timeframe of a month, can make all the difference!

Making a Profit with Fixer Uppers

The last thing you want when seeking out your renovation loan is a property that falls through with some unexpected surprises, or one that is unable to reap a profit. When seeking out a property (and loan lender), you really want to consider location. Choosing a property that is in an entertainment district, near restaurants, office spaces, and the greater community, will make it more appealable to potential home buyers. Your property should also be “improved.” This means it will already have established key features like sewers and curbs that you won’t have to finance or worry about later. Finally, your property should be in the same general geographic location of your loan lender. Finding both a great property and great lender is key, and they must go hand in hand. As you go on your search for hard money, visit us at Level 4 Funding. We can work with you through all of your renovation goals to ensure you make the most on the housing market. Give us a call today!

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

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.