Other Arizona Hard Money Need-to-Knows

Imagine Receiving Loan Money in 24 Hours: Arizona Hard Money

How many times have you considered applying for a loan but decided against it because of the lengthy approval process? And, after you are approved, we all know that it can take days before any money comes your way. This process can be frustrating, irritating, and even humiliating for some.

However, with Arizona hard money, that’s not the case. This type of funding is fast—in fact, you can be approved and receive your money within 24 hours. It just doesn’t get much faster than that. And, it’s easy to be approved. The property you are taking out the loan for acts as your collateral, so you don’t need to worry about gathering pay stubs and tax returns for proof of income. In fact, there is no form to fill out at all. Usually, Arizona hard money loans are used for residential and commercial property.

Other Arizona Hard Money Need-to-Knows

You know it’s fast and you know it’s easy, but there’s a bit more to it than that. An Arizona hard money loan is used mainly for property and real estate purchases, so likely you won’t be receiving a large loan for a car or to pay off credit card debt. Keep that in mind as you are looking into which kind of loan is best for you. 

Along with that, these types of loans can be for an amount up to 70% of the property value. So, whether your property is big or small, cheap or expensive, you can estimate a sum of 60-70% of the value of the property for your loan. This even works for fix and flip projects after those initial estimates have been made. 

One last thing to note is that Arizona hard money loans are typically for shorter periods than other loans. Most of the time, the loans are about six months, but this number varies based on differing circumstances and locations.

If you’re looking into buying a new home or piece of land, know that hard money is an option for you. It could be just the ticket you need to your dream property.