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3 Reasons You Should Seek Out an Arizona Residential Hard Money Lender
A can be a fantastic alternative to a common bank loan in many cases. Here's how to know if getting one is the right move for you.
Residential Arizona Hard Money Loans are private funds that can be procured by real estate investors for single family homes and duplexes. They differ from bank and credit union loans in a range of important ways:
1. Residential Arizona Hard Money Loans are more flexible. Banks are very rigid when it comes to qualifications for getting a residential loan. They'll typically want you to have a FICO score of 700 or more; they'll want you to verify all of your income sources and they'll want you to have a fair amount of funds to put down. Arizona Hard Money Loans are based on collateral, so those things aren't as important.
2. Residential Arizona Hard Money Loans are faster. A bank or credit union loan has to go through an extensive underwriting and verification process that can sometimes take 60 days or more. A can get you approved quickly and many loans go through in a matter of two weeks or less. That speed will give you a significant advantage when it comes to moving quickly on an investment opportunity.
3. Residential Arizona Hard Money Loans come with fewer fees. Most banks will nickel and dime the borrower with applications fees, appraisal fees and more. Those fees can add up to thousands of dollars. Arizona Hard Money Loans are typically very light on upfront fees and some have none whatsoever.
Is a Residential Arizona Hard Money Loan Right for You?offer a lot of advantages over bank loans, but they also offer shorter terms and higher interest rates. Since they're based on hard assets and not credit scores and financial history, they are the perfect fit for some people. Namely, investors with impaired credit, investors who need their funds quickly, and investors who have blemishes like short sales and foreclosures on their record. It's also ideal for borrowers who have complex situations where multiple pieces of collateral are involved.
Finding an Arizona Residential Hard Money LenderFinding an in Arizona is simple. Here at Setabay, we'd love to hear about your investment plans and discuss ways to help make your real estate dreams come true, 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
[email protected]
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.
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