Arizona hard money lenders are different from banks

The last thing that we would want to do is go into foreclosure, or into big debt that seems overwhelming. One of the hardest things to overcome when faced with an obstacle such as this is to wonder how you are going to become free from the debt. Just because your past has been full of financial troubles, it doesn’t mean that your financial future is in a crisis. There is help. An Arizona hard money lender can give you the quick loan you need to avoid bankruptcy and other troubles. Banks will always look at your credit score, credit history, and other components of your finances to give you a loan, but a hard money lender will not even look at either of those options.

Arizona hard money lenders loan money to complete strangers without looking at their credit history, employment record, or your ability to pay. This does indeed make it a significant risk when loaning their money to borrowers, but they are here to help and they understand what you are going through. Hard money loans are strictly equity-based and they use the home you are purchasing as collateral in order to ensure repayment. They can get you the money you need in a matter of 24 hours.

Arizona hard money lenders are with YOU.

As I had mentioned before, Arizona hard money lenders will go where no bank would even consider. Rather, they are on your side. They understand your situation and will do everything in their power to see that you are rewarded a loan for a home or project you want. Most Arizona hard money lenders loan money for buying a foreclosed or short saled home, home projects, or any other type of property or real estate investments.

The interest rates for most hard money lenders are higher than banks because they are taking a higher risk on you. But the good part about Arizona hard money lenders is that the loan period is generally a lot shorter than banks. They average anywhere from 3-36 months. Remember that Arizona hard money lenders will often approve you for a loan of up to 80% of the property’s value (though this number is usually closer to 60%) in as little as 24 hours.