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Showing posts with label bad credit home loan. Show all posts
Showing posts with label bad credit home loan. Show all posts

Monday, May 28, 2018

How to Find Reliable Hard Money Lenders Arizona

Finding reliable hard money lenders Arizona is not as easy as driving to a bank or mortgage company. You will need to invest some time to find the best hard money lender to meet your needs.

Most first time hard money borrowers are not very familiar with the process or their options when it comes to selecting a lender. So it can be very tempting to just accept the first lender who is willing to make you an offer. But there are a few key questions that you should answer when you are assessing potential hard money lenders Arizona.

The hard money lenders website is going to tell you a great deal about how they do business and the actual type of service that they offer. Some sites are very basic and are only used to gather your information. They provide no details about the lender or the types of terms that they offer. Often times you learn after the fact that these sites do not belong to actual hard money lenders Arizona, but instead they are operated by an intermediary or broker who is collecting information on potential borrowers and then turning it over to an actual hard money lender. This is not a person that you want to deal with as they are going to add fees and provide you with no real service. You only want to work directly with the lender.

Professionalism is another important factor when selecting hard money lenders Arizona. You want to work with a lender who can meet your financial needs but also your customer service needs. Reliable contact information, a staff that promptly returns calls and emails and clear and professional documentation are all indication of a professional lender and not a fly by night entity.

Finding a Good Match

Not every hard money lender is going to be a good match for every potential borrower. Some lenders focus only on commercial properties while others prefer to focus on residential properties. Selecting a lender who regularly funds projects similar to yours will undoubtedly make the process smoother and faster which is often a driving motivation for using a hard money lender.

Do Your Homework

Any lender, whether a hard money lender or a traditional lender, is simply a service provider. You would never select a builder for your next home, a contractor or even a car mechanic without checking out the business and its reputation. So you need to commit to the same process with a hard money lender. Be certain that they are in good standing with other borrowers and that they are not embroiled in any legal issues. Check out their reputation with previous clients. Did they offer a professional process and service throughout the life of the loan? Were they reasonable to work with one terms and payments? All of this information will give you insight into what your hard money borrowing experience is likely to be when working with that lender.

Saturday, March 31, 2018

Learn How to Select Hard Money Lenders

For many borrowers working with hard money lenders is a new concept. Borrowers are not familiar with the process or how to select a good lender.

Many borrowers are facing the challenge of less than perfect credit or a low credit score. And sadly, these people are under the assumption that they have not alternative to traditional lenders and banks. They are unaware of the service which is provided by hard money lenders. Though these loans are called non-traditional, they are still a very viable option for anyone who is unable to qualify for a traditional loan. But it is critical that a borrower learn how to select a good private lender to work with.

The first step might sound overly simplified but it is valid. Select a firm or individual who specializes in lending hard money. This ensures that you are working with a knowledgeable lender and one who can offer you terms which will fully meet your needs. You can learn a great deal about a lender by reading comments from other borrowers and investigating the lenders reputation. Any reputable lender will do what is best for his or her clients.

If you are new to private lending, it will also be helpful to limit your search to local resources. Working in-person will allow you to ask questions and establish a good working relationship with the lender as you learn the processes and intricacies of hard money. In addition, it will be much easier for you to check out the licensing information for local hard money lenders. This is an important step that should never be overlooked even if the firm is large and appears to be well known.

Seek Openness

As with any business, there will be certain privileged or proprietary information that the lender might not be willing to share with you. But all parties should have access to the loan information during the origination process. Be sure that your lender is willing to provide this transparency and that you are not getting a higher rate than originally promised. As you invest more time in speaking to the lender, you should not feel like some questions are being skirted or that there are aspects of the loan process the lender is not willing to discuss fully and openly.

Due Diligence Pay Dividends

Learning any new process takes time and effort. And working with hard money lenders is no different. You need to be willing to invest your time in learning the process as well as getting to know the lenders. Working with local lenders allows for a shorter learning curve and also gives you more peace of mind as you have been able to actually meet the lender and their staff. As you progress into more loans, seeking national lenders is a viable option to increase your opportunities and to locate more diverse loan options and offers. Be certain to carefully evaluate all of the lenders and all of the loan offers that you receive. Look for a lender who you feel comfortable working with and find very trustworthy.



Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
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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

Thursday, September 28, 2017

Danger your prized collection is a Hazard

Recently had a call from a borrower who wanted to refinance and pull out cash on their owner occupied home.

Home was 'valued' at 650,000 in north Scottsdale on an 5 Acre Lot.

Currently no loan on the home. Just need $350,000 for brothers medical bills. "We have excellent credit and steady income."

This sounded too good to be true!

I did my preliminary questions and the borrower said: "have been trying to get a loan for quite some time now"

Oh-oh, red flag.

Continued my questioning, and did not understand what the problem was.

Until I Google View the property.

And bingo-bango-bong, I could see what the problem was.

This perfect borrower had 100's of old boats on the lot! In Arizona.

It was his hobby, and he was going to fix them up and sell them one day.

It look like a junk yard, not a home.

But I did not give up. I found a lender that 'would work' with the borrower and was able to close the loan.

Seems like his hobby of collelcting old boats was a problem but we were able to get him a loan.

Owner occupied private hard money loans are available. The rates start around 8% and go up. We were successful and this borrower qualified for a 30 year loan from a private lender.

Now all he has to worry about is fixing up those old boats and selling them. He thinks he is going to get it done some day. Hopefully before the flood.

Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444


Texas Tel:     (512) 516-1177
Dennis@level4funding.com 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 42 years. They have 2 beautiful daughters and 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Wednesday, April 8, 2015

Arizona Home Loan - Borrowers Can Still Get Arizona Home Loan If They Have Bad Credit

Home Loan Borrowers Can Still Get Arizona mortgages for bad credit


At Level 4 Funding, we believe there is no need to fret if you are in debt! New home loan borrowers can still obtain Arizona home loan or mortgages for bad credit or poor credit due to problems with debt. Debt should not be viewed as a scary thing, especially if you are buying a house. Like student loans, experts consider obtaining a mortgage as 'good debt'. Good debt is considered an investment and something that can improve your credit. However good credit is only considered good if you are able to pay off a loan responsibility. To lenders, consistent and timely payments on a substantial loan give a positive impression of the borrower. It proves to financial institutions that the borrower has a dependable payment history. With a significant and positive credit history, the borrower has an easier time being approved for any type of loan, including a mortgage.

The problem is when the credit history is scarred from late payments or defaulted loans. Such negative marks that result in bad credit can come from both avoidable and unavoidable tragedies, such a maxed-out credit card or serious medical situation. Despite whether a subpar credit rating came from an irresponsible or a necessary decision, there is still hope for new home loan borrowers to obtain Arizona Home Loan if you have bad credit.

First, what is considered a low credit score rating?

The difference between a low credit score and a bad credit score is difficult to define. This is because to some financial institutions, both situations are considered high risk. Therefore both low and bad credit scores are not favorable to lenders. Most likely individuals with low or bad credit score ratings will not be approved for a mortgage.

The breakdown of credit ratings is as follows:

750 and higher = Excellent
749 to 700 = Good
699 to 650 = Fair
649 to 600 = Poor
599 or lower = Bad

According to the above list, if your credit score is below 650, you are considered to be a high-risk borrower. However exacting scoring may vary depending on the lender you are seeking a home loan from. For instance, a 640 may be the cut off point for what is considered poor credit. In any case, with a poor to bad credit rating, you most likely will not be approved for a typical mortgage from a banking institution. However you may consider other loan alternatives.

Why you should consider Arizona home mortgages for bad credit


There are many options for new home purchasers with poor or bad credit history.  Lenders that accept bad credit ratings are often very flexible with your financial situation. As long as you have a good explanation for low score, offer proof of financial stability and have a significant down payment, you will likely be approved for alternative financing.


Speak to one of our friendly associates at Level 4 Funding, to learn more about our alternative finance options for bad credit. We will assess your individual financial circumstances and identify the right loan option for you. Don't hesitate in purchasing your ideal home today! 

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Tel:  (623) 582-4444 | Fax: (888) 279-6917

www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120
Phoenix AZ 85027



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