Finding the Right Arizona Hard Money Lender for You

Finding an Arizona hard money lender could seem like a daunting, insurmountable even, task. In fact, you may be so deep in financial hardship, it’s taking all of your strength just to keep your head above water. However, this situation does not have to be your reality. Arizona hard money lenders are available and ready to loan you the money you need and get you on your way to financial freedom. There are a few ways to find the right Arizona hard money lender.

First, you need to determine the kind of hard money you are seeking. Are you a commercial developer in need of hard money? Or are you an individual interested in a residential hard money loan? Deciding which category you belong to is the first step to consider before looking further.

Then, decide how much money you need. You probably already have your purchase in mind, so do the math. How much can you afford? How much do you need to borrow? What can you do to minimize costs? Remember that Arizona hard money lenders will loan you up to 80% LTV (loan to value), but this amount could also be as low as 65%. Keep your number somewhere between that range and then start doing your research.

The Research Process involved in finding an Arizona Hard Money Lender

Start with the internet. Use a search engine such as Google or Bing and type in the words you are looking to find. For example, if you wanted to find a lender in your area, you may type “Arizona hard money lenders.” Undoubtedly, several hundred (if not thousand) websites are going to pop up. Click on some of the sites and compare and contrast what you see. Make a few lists of the things that seem legitimate to you and also keep a list of lenders that seem a little sketchy.

Since you are about to receive a large sum of money from an Arizona hard money lender, you want to make sure that what you are getting is legitimate. If they are a trustworthy company or lender, you will be able to tell by your first impression of the website. Remember that, if it seems too good to be true, IT IS! Don’t do anything you feel uncomfortable with, even if it seems like a good deal. Trust that gut feeling of yours, even if it means the lender you decide on has slightly higher interest rates.

After you have found a few Arizona hard money lenders that look appealing to you, go back to your search engine. Even the most legitimate looking companies can fool their consumers, so it is important to look at customer reviews. Type the name of the business or individual hard

How do Arizona Hard Money Lenders Help to Stimulate a Troubled Economy?

Financial burdens are all too abundant in this day and age. Between home repairs, medical bills, children and family needs, grocery bills, cell phone, tv, internet, and unexpected costs, there never seems to be enough money to go around. An unexpected job loss or pay cut can devastate a family that is just barely getting by. It is no surprise that most Americans are struggling to make ends meet with high unemployment rates and people working underpaid jobs that they are overqualified for. Many of these people are looking for other viable, trustworthy alternatives to make changes in their lives.

Arizona Hard Money Lenders as a Solution

Because so many Americans are experiencing the financial hardships mentioned above, there is not a chance that they could be approved for a loan. Sadly, most financial institutions and banks wouldn’t even consider lending to them!  This has created a ripe market for Arizona hard money lenders.

Arizona hard money lenders stimulate the economy by lending to individuals when other lending institutions and banks won’t. Obviously, the lending process alone does not directly stimulate the economy. It must go one step further than that. When borrowers receive hard money, they normally spend the funds on the goods and services required for fixing up their new home purchase. This creates commerce for all parties and manufacturers involved in the process, whether directly or indirectly. Make sense?

If you have the funds to become an Arizona hard money lender, contact a hard money institution today. Then, you can loan your money to borrowers who need it and sit back and watch your money grow. If you are on the other end of the table and are looking to be approved by an Arizona hard money lender, look no further. With no proof of income required, no application fees or closing costs, and little wait time, you could be approved for a hard money loan in no time. Basically, hard money loans are a win-win situation for all involved.

Why the high interest rates on Arizona hard money loans?

Borrowers of Arizona hard money loans sometimes find themselves frustrated at the high interest rates required of them. However, it is important to step back for a moment and remember how and why they got the loan in the first place.

Hard money loans are equity-based loans that are not dependent upon the borrower’s financial information at all. In fact, approval for a loan does not even take into account employment history, income, or ability to pay. The approval loan is based solely upon the appraised value of the property. Also, Arizona hard money loans tend to be shorter than average bank loans (about 6-36 months) and often loan up to 80% of the property value. Often, these numbers are determined within a matter of hours.

All of those things taken into account, Arizona hard money loans charge a bit higher interest rates because of the significant risk taken on behalf of the lender. These lenders go where banks refuse to go, and they lend to those individuals who would never be loaned to otherwise. They don’t look at a borrower’s ability to pay--they simply trust that that borrower will do what they say they will. That is the main reason Arizona hard money loans sometimes have high interest rates.

Another reason borrowers experience high interest rates is because they are not required to pay any application fees, recording process fees, documentation fees, or closing costs. All of those expenses add up quickly and when taken care of by the lender, need to be accounted for at least slightly by the borrower.

What is an LTV in terms of Arizona Hard Money Loans?

In essence, LTV stands for the Loan to Value ratio of an Arizona hard money loan. Most of the time, borrowers can receive up to 80% of the money pertaining to the property value. The LTV in a hard money loan can be as low as 65% at times, as well. The property being purchased with hard money is considered collateral so that there is enough equity in the property should the property go into foreclosure.

Arizona hard money loans may seem unattractive to some home buyers because of high interest rates and low LTV’s, but it is importnat to remember the benefits and realize that these types of loan are often approved when no other lender would do such a thing.

The Upsides of Arizona Hard Money Loans

Many people view Arizona hard money loans as a “last resort,” and tend to avoid them because of the negative connotation associated with them. The have developed this reputation because most borrowers who utilize these services have bad or limited credit and cannot be approved by a bank or other money lender. That usually means that they also tend to have higher interest rates than traditional loans, thus making borrowers wary.

However, there are more upsides to Arizona hard money loans than there are downsides. For example, Arizona hard money lenders will go where traditional money lenders won’t. They will trust a borrower who has poor credit (or no credit at all), without asking for employment history or minimum income requirements. In fact, Arizona hard money loans are equity-based, so they are more dependent on the property value than they are on any of your information. Arizona hard money loans are an excellent option for short sales, purchasing foreclosed homes, and also fix-and-flip projects. They are a creative way for both the borrower and the lender to benefit.

Often times, lenders will lend up to 80% of the home value. In most cases though, this number is usually at least at 65%. The loans tend to be shorter than traditional bank loans, normally ranging anywhere from 6-36 months.

Getting Approved for an Arizona Hard Money Loans

Eligibility for Arizona hard money loans couldn’t be easier to obtain. Since the loan is not based on the borrower’s credit or other personal financial data, those items are never taken into account. Hard money loans are based solely on the appraised value of the property, or the LTV (Loan to Value) ratio.

Still, it is important to maintain a professional persona when seeking approval for an Arizona hard money loan. When consulting with a lender, be professional in dress and manner, have as much information on the property as possible, and a plan of action that you plan to use in repaying the loan. Be sure to make a document containing all expenses and plans for the hard money loan. It couldn’t hurt to include photographs of the home as well.

Sometimes, Arizona hard money loans are referred to as “bridge loans,” meaning that they are necessary for short-term financing needs. Because the risk taken on the lender’s part is significantly higher than traditional banks (because they are not looking at the borrower’s ability to pay), interest rates tend to be a bit higher.

Arizona Hard Money Lenders Will Approve YOU for a loan

Credit, income, job history, and assets are usually the only items typical banks and money lenders consider when making the decision about approving or denying a person for a loan. However, what often goes unrecognized is that a few small mishaps can destroy a person’s credit, that job history does not always reflect a person’s ability to pay, and that some people may not have much to show as far as assets go.

That is not the case with Arizona hard money lenders. These types of specialized lenders consider and understand the everyday difficulties American people face and they provide easy solutions to tough financial situations. They believe in your dream of owning the perfect home every bit as much as you do. That’s why they help you by providing fast, easy money when purchasing a home. Most of the time, Arizona hard money lenders focus mainly on short sales, fix-and-flip projects, and foreclosures.

Getting Approved by Arizona Hard Money Lenders

Being approved for a hard money loan is not as monumental of a task as it seems. However, it is important to act like a professional, take the situation seriously, and “sell yourself,” to the lender. It is good to provide your Arizona hard money lender with documents such as: a short description of yourself and your intended purchase, a copy of the purchase contract, appraisal estimate, details on inspection, cost of repairs (for fix and flip projects), an outline and breakdown of all costs involved in the purchase, Title Commitment, and photos of the home being purchased.

While maintaining good credit can never hurt a person, it is not necessarily critical to you getting a loan. Some people shy away from hard money loans because they have heard about the high interest rates. However, If you do have good credit, it can help you receive a lower interest rate on your hard money loan. Also, if you try to set your loan for a shorter period (perhaps 6-9 months), your interest rate will be significantly lower.

With hard money loans, you can get a loan regardless of your job history, credit, or current income. They don’t even check your tax returns or pay stubs! Your approval for a loan is mainly equity-based, but don’t underestimate the power of a first impression. If you get approved for a hard money loan, your project could be funded in as little as 24 hours.

Applying for a hard money loan is easy. Just call the company, receive an evaluation of the property, sign documentation, and walk away with your hard money loan. Isn’t it time you considered an Arizona hard money lender?

Arizona Hard Money Lenders are Eager to Help.

Arizona hard money lenders get it. They know that when you find a short-sale or foreclosed home opportunity, you have to act quickly. Those chances don’t stick around for long. Or, when you are ready to tackle that fix-and-flip project, you don’t want to deal with a bunch of paperwork and waiting time...you are anxious to get to work. That’s why Arizona hard money lenders will work with you from day one. They provide fast, easy financial solutions to aid you in the purchase of your dream home or property.. In fact, with the help of Arizona hard money lenders, your project can be funded in only 24 hours. How many banks and mortgage companies do you know that move that quickly?

Often times, you can be approved for a hard money loans worth up to 80% of the purchase value of the project. This is done without credit checks, tax information, or an evaluation of your financial circumstances. There are no hoops to jump through with Arizona hard money lenders. Interest for Arizona hard money loans is based mainly on the length of the loan (normally 6-36 months) and the value of the property.

Isn’t it time for your American dream? Let Arizona hard money lenders take care of the finances—you make the dream come true.

Make your Dreams become a reality with the help of Arizona Hard Money Lenders

You’ve had the dream forever. Your family sitting around the dinner table talking about their day, your kids playing in the front yard throughout every season, your spouse cuddled up the fire with a hot cup of cocoa...all in the perfect house. The house you have dreamed of since you began your career. When you find that beautiful home you’ve been searching for, you can’t help but anticipate the memories to be made. The American dream is finally coming true for you. The last thing you want to do is reluctantly provide your bank with your credit information...that could be flat-out embarrassing. And even more so than that? You don’t want to wait for it all to come together.

You may not always realize how the purchase of a home will impact your finances. A difficult financial past could keep your from acting on the deal, and if you let them, banks will stand in your way. That’s why you need Arizona hard money lenders.