If you are thinking that your credit score isn't high enough to get you the loan you need, then you are wrong. You don’t need a high credit score to start talking to your mortgage broker Arizona about hard money lenders.
Hard money lenders make it easier for people who don’t have a great credit score to get the loan they need for their property. No longer do you have to worry about your traditional bank loan application that may or may not even get you a loan. Your hard money lender will give you a loan quickly. No worries at all.
Your hard money lender is asset based when they decide how much money they can give you.
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The focus of the hard money lender’s loan is on the collateral from the property you are having appraised for the loan. Not the credit score. Not your cash flow. Those are things you don’t need to think twice about.
Moreover, you do have to be responsible with your hard money lenders loan however, because if you don’t pay it back, the hard money lender will take back the house since they technically paid for it. So keep that in mind when you begin to chat about hard money to your Arizona mortgage broker.
There is also the fact that a hard money lender loan is going to have a slightly higher interest rate but that is because the loan is fast. If you pay the loan within the time range or even before, then it shouldn't make much of a difference.
Your private money lender will do what he feels is best for you and your property. Banks and other kinds of traditional loan houses aren't going to give you what you need and they definitely aren't going to be fast about it. Get the kind of loan you want and get it today with your private money lender.
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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 12
Phoenix AZ 85027
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