We'll admit it — Arizona Hard Money Lenders don't exactly have the best reputation. But is that bad rap fair or unfair? Let's look at some of the myths surrounding Arizona Hard Money Loans.
When you hear the term "hard money lender" you might picture a loan shark or a shady smooth talker who's looking to separate you from your hard-earned money. In fact, some people still think of these types of loans as predatory. There are a few reasons for that, but the main reason they've developed a bad rap is that in the old days there were lenders who took advantage of people.
Some unscrupulous lenders would find borrowers in desperate situations, make them put up their property as collateral and set up terms that were nearly impossible to pay back. Their sole intention was to have the borrower default on the loan so they could seize their property.
These days, though, thanks in part to the passing of the Dodd-Frank Act, predatory and scam-like practices like these are incredibly rare. In today's climate, we've gotten back to what Arizona Hard Money Loans were always meant to be — loans that filled a void the banks weren't occupying.
How are Arizona Hard Money Loans meant to work?
Banks want everyone who borrows their money to fall into a very specific category. They'll set strict guidelines, asking you to have nearly a perfect credit score, a healthy bank account, and blemish-free past. Not everyone fits into their restrictive box and that's where Arizona Hard Money Loans come in. With Arizona Hard Money Loans, you put up collateral, you typically pay higher interest rates, and your terms are very short. As a result, lenders of this type are more concerned with the collateral and your plans — whether its renovations, commercial property, or a fix-and-flip — than your financial situation.
Finding the right hard money lender for your needs
Now that you know what Arizona Hard Money Loans are all about, you might be thinking that getting one is a good move for you, especially if you've been told "no" at banks and credit unions. So what are your next steps? We recommend calling, chatting, texting, or sitting down with a hard money lender in Arizona. He or she will be able to listen to your investment plans, look at your situation, and help you figure out the best way to get the funding you need.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com
Dennis Dahlberg Broker/RI/CEO
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 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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