Posted over 5 years ago

Getting a Arizona Hard Money Loan: Advice for First-Time Borrowers

If it's your first time looking into a , you might be feeling confused or nervous about the process. Don't worry, it's a lot simpler than it seems. Let's look at some things you'll need to know for your first loan.

For our purposes, let's say you're going to do a real-estate flip. So, how would you go about getting a ?

When you make your initial contact, you'll want to have some key bits of information at your fingertips. You'll need to know the location of the property, have a purchase price in mind, put together a budget for the rehab and come equipped with some idea of how much the property may appreciate. And, many hard money lenders will want to know your exit strategy.

Once you've gone over this info, the lender may want to get a feel for you as the borrower, especially if you've never partnered on a project. A lender may ask if you've done fix and flips before and inquire about your financial history. Thankfully, none of these things will disqualify you .

The Next Steps After the Initial Meeting

The application process can vary significantly from lender to lender but will typically involve a loan application and showing paperwork for some of the above-mentioned factors including the purchase contract and the budget for the repairs and renovation. The underwriter will usually do an appraisal on the property and ensure that the after repair value is in the same ballpark as the borrower's estimate. In addition, they may want to check the property insurance and title history. If everything looks good, a closing will be scheduled.

At the closing, the buyer will purchase the property and sign paperwork related to the loan. Among the documents you might be asked to review, . Give us a call today to discuss how we can work together to make your real estate dreams come true!

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
[email protected]
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.