Showing posts with label arizona bridge loans. Show all posts

Tuesday, May 15, 2018

How to Understand Repayment Terms for Business Loans Arizona

When trying to obtain business loans Arizona and decipher the sometimes complicated jargon in the agreement, it’s critical to know what is of expected of you in terms of paying back the loan. Level 4 Funding breaks it down.

You need to start with a clear reality about what it’s going to take to get a loan approved — and then be able to meet the repayment term schedule. Terms for business loans Arizona are totally different than home mortgage payments, for example, that you might have for 30 years. These loans at loan-term can range from five to 20 years, give or take, and at short-term, between three and six months to three years. However, the latter will also include higher interest rates.

The short-term business loans Arizona are designed for business owners that need cash and they need it now. This could be for a number of reasons (need to make payroll, want to purchase a building, need to do some important renovations or upgrades to pass inspections) — all of which are time sensitive. These loans can be approved and turned around with cash in hand for the borrower within as little as 48 hours, give or take. However, ultimately, these loans can be more difficult to pay off because of the shorter repayment time allotment plus the additional high interest rates.

With long-term business loans Arizona, the time frame for repayment stretches over a much longer course of time, and they are amortized loans, which means that the loan needs to be paid in fixed installments through the duration of the payment terms. This is similar to how homeowners pay their mortgage — with principle and interest all together. But sometimes there is a balloon payment required at the end of the terms, meaning the borrower much pay the remainder of the loan back in one large sum, which can be difficult as well.

Be sure you are aware of any penalties.

While you would think that paying your loan back early would be rewarded, it can actually work against you. Some loan agreements charge a penalty for early payment (likely because they would like to keep receiving that high interest through the term of the agreement).

Give a professional a call to help you understand the intricacies of repayment terms.

When seeking a loan and understanding all the ins and outs of this complicated application and agreement contract, it’s important to work with someone you can trust. Level 4 Funding’s lenders are professional, experienced and they care about finding you the right loan with the repayment terms that work for you and your business. Give us a call today and let us help you discover how easy and simple the loan process can be.

Thursday, May 3, 2018

How to Understand Hard Money Loans

If you learn about the process of hard money loans, you can figure out how to get the best loan to suit your business needs. Level 4 Funding shows you how.

When it comes to learning about hard money loans, it helps to start at the very beginning, with what they actually are. These are unconventional loans that are not reliant on banks or traditional lending institutions for funding. Private sources fund these types of loans, whether it be an individual or a group that helps assist with the funding. Most often, these loans have a short repayment term cycle and are typically used by the borrower to purchase investment properties.

The qualification process for hard money loans it totally different than applying and approval for a traditional loan. In the latter, a borrower needs to complete and submit an application process to the bank or other conventional lender. The process is often very detailed and lots of documentation is required of the borrower. The borrower must also share credit score and history, and provide details about their financial status in order to be considered for the loan.

For unconventional loans, the process is based upon collateral, and the current market value of whatever collateral the borrower is able to provide. Collateral is the value the borrow puts up as a way to offer the lender security of the loan. This could be a car, the person’s home, another building or event the building/property that is being purchased, for example. The lender requires this as security that if for some reason the borrower can’t make payments, than the lender takes over the collateral and can sell it to recover their funds. In this type of loan, the funding individual or group is less interested in the borrower’s credit score or even their currently financial situation. It’s all about collateral.

This is important for borrowers that have less than ideal credit scores or have a ding in the credit history somewhere along the line that makes it difficult for them to obtain a conventional loan. The value of the collateral or the property in mind to purchase needs to have value equal (or likely higher) than the amount that is being requested to borrow. This gives people breaking into the world of investment property purchases a good place to start.

Now that you know…

This is a huge benefit of hard money loans that people don’t often realize at first. While conventional lenders can often be intimidating and the loan applications very challenging, the process of this type of loan is very straightforward. Investment properties, fix-and-flip homes and other property purchases are all great for this type of loan. It offers the cash upfront (and fast!) to make the purchase happen. Then it’s up to the borrower to take their investment purchase to the next level in order to profit to the maximum.

Working with this type of loan has great potential

For those without stellar credit or even those that are just starting to establish their business credit scores, these loans are the way to go. A private lender such as Level 4 Funding can help beginner investors with a short-term loan to build their investor career.

Saturday, April 7, 2018

The Difference in Hard Money Loans

Many people, before they delve into the world of real estate investments, think of hard money loans as those you obtain only if you have poor credit and are desperate. Those that have been in the business for a while understand that they are an important lender to have in your lending portfolio and that many have different requirements and protocol.

Hard money loans are often obtained from private individuals that specialize in various types of real estate loans. The rates they offer vary dramatically and can range anywhere from 10 percent and 1- or 2-point origination fees, depending on your terms, to 18 percent interest on a short term loan with a 5- percent origination fee. An origination fee is designed to cover the cost of entering into and processing the loan agreement. Some lenders will roll your origination fee into the loan balance while others require payment upfront. Compare loan APRs along with fees in order to determine who is offering you the best loan.

You’ll find underwriting processes, or loan determinations, very different among lenders of hard money loans. For many, creditworthiness and credit scores are not even considered in the approval process. For others, it is an important consideration. When evaluating what you bring to the table, which includes your down payment as well as your collateral, some will only consider the LTV or loan-to-value ratio while others consider the ARV or after-repair-value. If you’re looking for a loan amount based on the after-value, you will need to come to the table with a solid background in your chosen real estate investment as well as budget and expenses that includes contractor fees.

Some hard money lenders specialize in specific types of properties. For instance, you will find hard money loans specifically for fix-and-flip models while others are solely investing in manufactured homes with land. Obviously, it’s important to find out what types of investments they are willing to loan on before wasting any time with a lender that does not specialize in the type of loan that you need. Generally speaking, most will not lend on an owner-occupied residential property thanks to Dodd-Frank regulations.

The Main Reason Real Estate Investors Choose Hard Money Loans

One of the main reasons real estate investors choose hard money loans is because they are often quick to fund. Many of these types of lenders will fund in as little as a week or less, in comparison to the month or two that traditional lenders take due to underwriting processes and extended time to funding. If an investor finds themselves in a bidding war, having cash on hand can often mean the difference between starting their next renovation or still searching for that ideal property.

At Level 4 funding, we provide funding for all types of real estate investments including multifamily, construction, business and office.

We offer loans with no prepayment penalties and with terms that can be extended. Our popular construction loans start at 9.5 percent APR with 24-month terms and convenient monthly draws. Call us for a no-obligation quote.

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 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Friday, March 30, 2018

Why Understanding the Basics Helps to Avoid Red Flags on Commercial Loans

Applying for commercial loans is normally a long process. It is important to avoid raising red flags to keep the process as stream lined as possible.

Understanding the basics of commercial loans is critical to completing a loan application correctly and not raising unnecessary red flags which will slow down or stop the application evaluation process. Most commercial loans are offered for between 5 and 10 years but the amortization period is up to 25 years. Requesting a loan for a longer period of time is not normally an option but can indicate to lenders that you might be concerned about your ability to pay the loan in full in the allotted time frame. A standard down payment of 20% to 25% is expected on commercial loans. Again, this is a fairly non-negotiable fact as is a loan to value ratio of 80% or less.

One of the first red flags that a borrower can trigger is by demanding an unreasonably fast loan approval process. Some loans and lenders require 90 days or more to process and fund a loan. In a best case, it will require at least 6 weeks to process a loan application even if you have previously worked with the lender and been successfully awarded funds. An experienced and confident borrower knows the timeframe involved and has planned accordingly. Trying to rush the process indicates either inexperience which could jeopardize your approval or that your financial situation is about to change and you want to get approved before your creditworthiness drops.

Another red flag jumps out if you appear to be withholding information or are intentionally providing vague answers. A lag in response time might not be because you are trying to hide information but even if it is because you are not well prepared or are disorganized, the result is still a negative mark against you. Requiring continued requests for the same information is not going to make the lender bored and cause them to stop asking. It is going to make them worried or more curious and they are going to dig even deeper to find the reason for your secrecy.

Be Realistic

Finally, requesting a loan which is in excess of the 80% loan to value standard is going to create unneeded issues. The first thought is that you have not completed you due diligence and you are unaware of the actual property value. This makes you look ill prepared and unprofessional. The other thought is that you are simply disregarding the standards set by the industry. This makes you appear to be unrealistic and also self-absorbed as if the rules do not apply to you. Neither of these will create a positive image for you with the lender.

Avoid Any Unnecessary Issues

Most commercial lenders adhere fairly closely to the industry standards for loan terms. Understanding these terms and being realistic with your request will keep the process moving at or ahead of the average pace. But trying to rush or refusing to honestly answer legitimate questions posed by the lender will only cause unnecessary questioning of your business and financial stability which could eliminate your chance of securing a loan.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Tuesday, March 27, 2018

Triple Your Chances for Getting Hard Money Loans

Using a few tips can greatly improve your chances for securing hard money loans. You might also find that these same tips will increase your profit as well.

Applying for any type of loan can be stressful, and one of the best ways to avoid that unnecessary stress is to be well prepared. Knowing what to expect and how to best present your request can not only reduce your stress level but can increase your chances of getting hard money loans.

The first item that you need to understand is that a lender is only going to consider the loan request if the amount is within the industry standard 65-75% loan to value range. This means that the loan cannot exceed 75% of the value of the property. With that in mind, you need to be prepared to pay any additional cost above that 75% in cash. Understanding the LTV concept allows you to ask for a reasonable loan amount and also prepares you for the down payment which will be required. You will appear very well prepared and professional when the lender mentions the down payment amount and you tell the lender that you already have those funds available.

Another important question that you need to be ready to answer is about your exit strategy. Every lender wants to know what your plan is for the property and how you plan to achieve your goal. This could be completing a renovation and then renting the property or it could mean selling it after a renovation. But this is basically you explanation about how you plan to be able to repay the loan.

Compare Your Offers

The final strategy is to seek several hard money loans in an effort to have multiple offers to choose from. This is the same method that you would use to select any service provider and it allows you to shop for the best terms and overall cost of the loan. Be sure to calculate any loan origination fee, funding fee or early payment penalty that might be included in the terms of each offer to determine the true cost of each option.

Improve Your Chance for Success

There is a lot of information that you need to understand before securing hard money loans. But if you are willing to invest the time, then you can secure multiple offers. This allows you to select the best loan offer to meet your needs. In addition, preparing to answer the questions of the lender about your exit strategy and down payment funds is a good opportunity to fine tune your business plan for the project. Planning for the down payment and your exit are both smart business decisions that will help you to land a loan as well as increasing your potential profit at the end of the deal. It can be tempting to rush into a purchase when you find a great property with a lot of potential. But investing a little time in the planning phase will provide a great foundation for the project and better potential for your return on investment.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Monday, March 26, 2018

How to Obtain Your Next Commercial Loan in Less Than a Week

Traditional commercial loans often take more than a month to obtain when you consider the time to approval and then funding. Find out how you can obtain your next commercial real estate loan in a matter of days.

According to Bob Hope, “A bank is a place that will lend you money if you can prove that you don’t need it.” Investors with less than stellar credit or in need of immediate capital have found this perspective to be right on target. In addition, the type of loan will play a part in a traditional bank’s inclination to put the stamp of approval on your loan request. For instance, since 2008, traditional banks have been less prone to making small business loans and loan-to-value ratios have declined. For investors that are prone to higher-risk models, a traditional bank may not be the best choice when it comes to commercial loans.

In today’s current market, where sellers are experiencing multiple offers in a matter of days, obtaining quick capital for investment purposes has become much more important than in the days of the recovery, when properties could sit on the market for months without an offer. Multiple offers on the table will often place contingency offers to the back of the pile. Quick funding can dispel this dilemma.

So, just what types of lenders can get you the capital you need in the time frame that you need it? Hard money lenders offer short-term commercial loans that are quick to fund in order to facilitate the purchase of your next real estate investment. While traditional banks usually offer longer repayment periods at reduced interest rates, they also require excellent creditworthiness and can take a minimum of 6 months to fund. This does not take into account the length of time that it will take to prepare your business plan, financial projections, and a proposal as well as exit strategy.

Benefits of Obtaining a Hard Money Loan for you Next Investment

Unlike banks, many hard money lenders are private lenders who are not bound by the same rules and regulations that traditional lenders must abide by. They may be a group of lenders pooling their funds together or individuals that make loans on specific types of properties whether multifamily or the fix & flip segment of real estate investing. Their focus is not on your credit history, but rather on the property or collateral involved in the loan. Time to loan varies among the various private lenders.

At Level 4 Funding, we work with hundreds of private investors and can provide loans up to $5 million. We offer approvals within 24 hours and funding within as little as a few days.

Working with a large pool of investors allows us to offer funds for nearly all commercial loans. This includes multifamily, office, warehouse, storage, raw land and even student housing. Call us for a no-obligation quote. We can often say “Yes” when banks and other lenders have said “No.”

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Saturday, March 24, 2018

How to Prepare to Speak to Hard Money Lenders

Being prepared is the best way to ensure that you can get offers from hard money lenders. But the secret is in knowing how to prepare.

It can be very stressful seeking a loan. Many people hate to feel that they owe someone money even when it is for a legitimate loan or mortgage. But being well prepared can help to eliminate much of that unnecessary stress and also can help to ensure that you get the loan that you need. Approaching hard money lenders for a loan is not exactly like going to a bank or a mortgage company to ask for a loan. And in some ways this is very good because the process is less complicated but that can also make it more nerve wracking.

A conventional lender is going to present you with a huge packet of forms to complete and then send you on your way until you have all of the paperwork completed and submitted. But the process of a hard money loan is less dramatic. So you will want to be sure that you are prepared prior to your first meeting so that you can give the lender all of the information that they will request. Not only does this allow you to appear very professional but it will also speed up the process even more.

Hard money lenders are really only interested in the value of the property which is going to be used as collateral on the loan. They don’t want to hear your life story and why your credit score is lower than the average consumer. So don’t volunteer too much but be ready for all of the questions pertaining to the property and your plans for it. The first question is going to be the address of the property, which is easy enough to supply. You will also need to provide a few photos of the property to show its current condition. In addition, you should provide any appraisal that you have gotten or valuation that you have completed for the property. This is the main information that the lender is going to use to determine the current value of the property and what the collateral will be worth to them.

Explain Your Plan

The next information that the lender will want to gather is about your offer price and any proposed renovations that you will be doing. It is a good idea to have a basic business plan in place to show the renovation budget, the timeline and your projected increase in the property value as a result of the renovations. The final piece of the puzzle for the lender is to understand how you plan to repay the loan. Are you planning to keep the property and rent it out? Are you going to sell the property and use the proceeds to repay the loan? And finally they will ask for the exact amount of the loan that you are requesting.

Fast and Easy

Providing all of this information in a single quick meeting not only shows your respect for the hard money lenders time but also shows that you are a well prepared professional. Having a plan and demonstrating it will let the lender know that you are serious and will be getting this loan from him or her or from a competitor.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Tuesday, March 20, 2018

Criteria for Selecting Commercial Lenders

Evaluating commercial lenders can be a difficult task. But preparing a list of criteria to use for selecting the best lender to meet your needs can be a great time saver.

As a business professional, both your time and your money hold a great deal of value. So it is important to find a lender who will meet all of your needs. Ideally, you will be able to evaluate enough commercial lenders to select a few to forge long term relationships with to ensure continued financial prosperity. The process will undoubtedly take some time but the long term benefit will be a good working relationship with a primary lender as well as other secondary reputable lenders.

Commercial lenders are all about money. You would not be seeking a commercial lender if you did not need money. But you should look at these relationships as you would any other vendor who is supplying a good or service to your business. You need to compare the merits or the service each lender is willing to provide to you. This means what type of fee structure are they offering, what is the interest rate and how quickly can they deliver on their product; your loan funding.

You will also want to evaluate the core qualities of the lenders existing clients. Do they cater to a certain industry or type of loan? Do they have a specific loan size that they tend to service? Are they familiar with your business and the type of loan that you are looking for? All of this information will help you to determine the level of responsiveness and the quality of the service that you will receive if you do business with the lender. Customer service might not jump out as an important factor when securing the loan but if you ever have an issue or want to restructure your loan, then customer service could be one of the most important features the lender offers. Think long term for customer service and product lines available. Meeting your long term needs with a single lender will save you a great deal of time in the long run.

Comfort and Compatibility

Think of your lender as a strategic partner. You will need to discuss confidential financial information as well as other proprietary information about your business. It is important that you are working with a lender with whom you have a certain comfort level. The more honest and up front you can be with your lender the more benefits they can provide to you.

Invest Time to Evaluate for Long Term Success

Creating a list of criteria to evaluate commercial lenders will require an investment of your time today. But the benefits will continue to reward you each time you complete a new loan from your lender or seek advice. Carefully consider the fees and interest rates associated with the different lenders, but also recognize the added value that customer service and fast response time can add to your relationship. Knowing that you have a lender who will meet all of your needs for the long term is worth the time involved in a careful selection process.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Sunday, March 18, 2018

Tips to Obtaining Hard Money Loans Fast

Hard money loans are used for short-term projects, usually ranging from as little as 30 days to 5 years. But these loans also come with higher interest rates. But if you need to get extra finances quickly, this type of funding is the right choice for you.

Fast approvals are usually quite easy when it comes to hard money loans. On top of quick approvals, these loans also come with high flexibility and less documentation is required for approval. Usually they are used as a last resort when unable to get a mortgage, but it can be well worth it.

If you are looking to finance a real estate investment, this type of funding is very beneficial in its own ways. The application process is much shorter compared to other loans. Financial history of course does play a role, but other factors come into play as well. Many lenders aren’t concerned with the present value. Their main concern is to see that in a short time, they will be able to make their money back on the investment, including interest.

Since lenders are looking more at the final project, making plans for the property plays a big part and can help you get hard money loans even faster. Most of the time, funding is provided in just a couple of weeks. But if need be, you sometimes can get the funds as little as just a few days, all depending on the lender and certain circumstances.

The first thing to do to obtain a loan quickly is to gather all of the important documentation.

Gathering all of the important documentation and information needed for lenders is one of the most basic factors for a speedy process. Things that lenders are looking for include: what kind of property you are looking to invest in (residential, commercial, industrial or land), the estimated value of the property, the requested loan amount and how the loan with be paid back (this includes the terms of loan, the length and monthly payments).

Not only is the process of getting funds quick, so is the application.

Unlike other loans, hard money loans come with much easier applications. In fact, the application is only 5 pages long. The entire process will even go quicker if you are able to present all of the information that the lender needs sooner rather than later. This is why organization of all of your documents and plans come in handy.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Saturday, March 17, 2018

Why Commercial Loans Had a Successful 2017

The end of 2017 wasn’t quite the strongest quarter, but overall 2017 was a really good year for commercial loans. Just recently, Bank Financial Corporation released their impressive numbers from 2017 and many others in the industry shared the same success.

With a 20 percent increase from last year, Bank Financial Corporation recorded a net income of $9 million dollars. There was a decline in the 4^th quarter from previous years, but it was mainly due to accelerated payments and also prepayments of leases. On top of that, the reduction of wholesale deposits did cause a decline in total deposits in the 4^th quarter, but 2017 still saw an overall increase.

Commercial loans and industrial loans san an increase in $53.5 million dollars in 2017. Also, seeing increases, multi-family residential real estate loans increased by $45.5 million dollars and middle market commercial leases grew by $18.1 million dollars. Bank Financial Corporation wasn’t the only company that saw an increase throughout 2017. Many in the industry also saw just as impressive numbers when it comes to all the different types of loans.

It was a favorable year for Bank Financial Corporation set a new record with commercial related loan balances of $1.22 billion dollars. The total retail and commercial deposits didn’t grow, but it also didn’t decline either, leading to stability throughout the year. Stability isn’t the best scenario, but it is a lot better than seeing a decline. Which is why many in the industry are hoping that the numbers continue to increase or at least be stable as we continue into 2018.

Bank Financial Corporation thanks the positive trends due to a new organization structure.

With such a great year with accelerated growth with commercial loans, Bank Financial Corporation has given credit to the success to new key business plan objectives that they were able to execute for a successful year. The company is hoping to continue to improve and become more efficient throughout the new year. The company was able to organize their plans to successfully deliver the business that their consumers are looking for.

The momentum from 2017 is expected to continue through 2018.

Due to the successful year, Bank Financial Corporation has been able to obtain new customers, acquire new account types and even expand relationships with existing customers. Bank Financial Corporation is the holding company for Bank Financial National Bank, who currently have 19 offices across the United States and offer things like commercial loans.

Technorati Tags: commercial loans,commercial lending,commercial mortgage

Thursday, January 28, 2016

With A Bridge Mortgage, Arizona Buyers Can Move Before They Sell!

Selling a home while you still live there is less than ideal and often leads to frustration and accepting a low ball offer just to get it over with. There is a better way. With a bridge mortgage, Arizona sellers can buy a new home before their current home sells.

Moving is stressful. Between packing up all of your belongings, deciding on a new neighborhood, finding a new school for your kids, and finding your next dream home, you have a lot on your plate. Add in needing to sell your current home and many sellers find themselves completely overwhelmed. This can lead many to accept a lower offer for their home out of frustration or the need to move quickly. Rather than losing money, with a bridge mortgage, Arizona buyers and sellers can purchase a new home before their current home sells.

A bridge loan can help you make a down payment on your new home by giving you a short term loan for your down payment amount. A bridge mortgage Arizona is similar to a home equity loan in that it capitalizes on the equity built up in the home that you are selling. Unlike a home equity loan, you can take out a bridge loan on a home that you actively have on the market.

How A Bridge Mortgage Arizona Works

If a bridge mortgage sounds like a good option for you, it is important to understand how it works. If you are selling your home and still owe $200,000 on your mortgage but your home is worth $250,000 you can use a bridge loan to borrow against the equity in your home. This will allow you to make a down payment on a new home before you sell your current home. Once your home sells, you use the proceeds from the sale to pay off your bridge loan.

There are a few risks with a bridge mortgage Arizona borrowers need to be aware of. Since a bridge loan is a short term loan, you will pay a higher interest rate than you would on a home equity loan or traditional mortgage. You can minimize this risk by selling your home quickly and paying off your bridge loan before any interest comes due. You can work with your lender to determine a grace period that would be long enough to avoid accumulating interest.

A second consideration with a bridge mortgage is that they are financed through a private lender. Most banks will not loan money on a home that is actively listed for sale so a private lender is a better option. There are many, many reputable private lenders but there are some that are not. Do your homework, check reviews, and ask family and friends for recommendations. Finally, make sure that your lender has a licensed mortgage broker because you know that he will play by the rules and keep your money safe.

Finally, keep in mind that while a bridge mortgage is a great way to finance your down payment, you still will need to get a mortgage on the property. Since you will own both properties for at least a short time, you will need to be able to qualify for two mortgages.

Stop waiting for your home to sell. With a bridge mortgage, Arizona sellers can buy their dream home today!

A bridge mortgage can be a great way to purchase the home of your dreams today! Learn more and apply for your bridge loan so you can stop living in limbo.

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
dennis@level4funding.com
www.Level4Funding.com

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 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

Tuesday, January 19, 2016

Eager to Move? Here's How an Arizona Bridge Loan Can Help

If you need to move quickly but don't have the cash for a down payment until your current home sells, an Arizona bridge loan may be just what you need to help make your dreams come true. Learn the risks and benefits of a bridge loan to decide if it is the right choice for you.

If you are trying to sell your home, you know that it can take a while, especially if you are still living in it. Between picky buyers who can't see around your furniture to trying to keep it clean for showings that are often erratic and unproductive, you may feel that you will never be able to sell your current home. Which may be fine, but it probably isn't. Whether you need to move for work or simply to have more space, you may need to get out of your current home quickly.

You may be able to double qualify for two mortgages which would make it possible to move while your current home is still on the market. However, even borrowers who can qualify for two mortgages may find themselves short on their down payment for their new home. Even at only 5%, your down payment can be upwards of $20,000 and most people don't just have that sitting in a savings account. You are most likely relying on the sale of your current home to finance your down payment into your new house.

This is where an Arizona bridge loan comes into play. An Arizona bridge loan is a short term loan
designed to bridge the gap between your current home selling and you needing to move into your new home. You use the bridge loan funds as a down payment on the new home, and when your current home sells you pay back the bridge loan with funds from the sale. This will allow you to move almost immediately and will make it easier to sell your current home.

What You NEED to Know About Your Arizona Bridge Loan

While an Arizona bridge loan is a great way to get cash for a down payment, it is important to be aware of all the terms and conditions of your loan. Typically, bridge loans have a higher interest rate than most long term financing options. However, you can often find grace periods that allow you to skip payments for a month or two. If your home sells during that time you may not even end up making a payment on the loan and will avoid all interest charges. You also have to be able to qualify for two mortgages so most bridge loan borrowers will need to have relatively high incomes and decent credit scores.

Traditional banks don't have access to Arizona bridge loan funds, so call a private lender today!

If you need to move, don't wait. Contact our bridge loan specialists at Level 4 Funding to get started on the bridge loan process today!

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
dennis@level4funding.com
www.Level4Funding.com

111 Congress Ave |Austin | Texas | 78701

Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

Featured Post

Tuesday, May 15, 2018

Thursday, May 3, 2018

If you learn about the process of hard money loans, you can figure out how to get the best loan to suit your business needs. Level 4 Funding shows you how.

Saturday, April 7, 2018

Friday, March 30, 2018

Applying for commercial loans is normally a long process. It is important to avoid raising red flags to keep the process as stream lined as possible.

Be Realistic

Avoid Any Unnecessary Issues

Tuesday, March 27, 2018

Using a few tips can greatly improve your chances for securing hard money loans. You might also find that these same tips will increase your profit as well.

Compare Your Offers

Improve Your Chance for Success

Monday, March 26, 2018

Traditional commercial loans often take more than a month to obtain when you consider the time to approval and then funding. Find out how you can obtain your next commercial real estate loan in a matter of days.

Saturday, March 24, 2018

Being prepared is the best way to ensure that you can get offers from hard money lenders. But the secret is in knowing how to prepare.

Explain Your Plan

Fast and Easy

Tuesday, March 20, 2018

Evaluating commercial lenders can be a difficult task. But preparing a list of criteria to use for selecting the best lender to meet your needs can be a great time saver.

Comfort and Compatibility

Invest Time to Evaluate for Long Term Success

Sunday, March 18, 2018

Hard money loans are used for short-term projects, usually ranging from as little as 30 days to 5 years. But these loans also come with higher interest rates. But if you need to get extra finances quickly, this type of funding is the right choice for you.

The first thing to do to obtain a loan quickly is to gather all of the important documentation.

Not only is the process of getting funds quick, so is the application.

Saturday, March 17, 2018

The end of 2017 wasn’t quite the strongest quarter, but overall 2017 was a really good year for commercial loans. Just recently, Bank Financial Corporation released their impressive numbers from 2017 and many others in the industry shared the same success.

Bank Financial Corporation thanks the positive trends due to a new organization structure.

The momentum from 2017 is expected to continue through 2018.

Thursday, January 28, 2016

How A Bridge Mortgage Arizona Works

Stop waiting for your home to sell. With a bridge mortgage, Arizona sellers can buy their dream home today!

Tuesday, January 19, 2016

What You NEED to Know About Your Arizona Bridge Loan

Traditional banks don't have access to Arizona bridge loan funds, so call a private lender today!