(When conventional investment people cannot or will not help you float a loan using rental property--land, buildings, or otherwise--you might try looking into a Arizona Rental Property Loan via the hard money route in order to clear one of the biggest obstacles—financing—out of your path.
You know the old saying: you have to have money to make money. Buying property demands that you generally have a large amount of funding. Bank and mortgage companies lend money, yes, but it is a long arduous process in which your credit history is checked piece by piece. A lot of mailing, calling and in-person trips are involved to secure the documents needed. Once this process has consumed a great deal of time, if there is a bump here and there in your history, the entire process may come to a grinding halt and in a lot of instances, cause your application to be rejected.
For example, let’s say you own a storage complex on the edge of town, buildings in decent shape, but in need of some work i.e paint, new flooring and definitely new security system. You’ve had a robbery and an attempted robbery even with good locks and cameras. The police don’t have a habit of patrolling the area with any regularity either. All of the banks and financing companies you have talked with thus far have defined your property as a risk they don’t want to take. “Well, we don’t lend money on property that isn’t in good shape and the fact that you have been robbed also increases the chances we will lose money.”
Despite the widespread opinion that most people hold about traditional funding being the way to go when borrowing against any type of rental property, occasionally it is wise to seek other options and Arizona Rental Property Loans may be exactly what you need
How would this type of loan help me?
Let’s look at three ways you could benefit from this type of financing:
1. When approved you will receive your money faster, a definite advantage since you need to have funding on hand as quickly as possible.
2. A larger amount of money may be available, allowing you to cover more costs on the project you have in mind in a shorter period of time.
3. You will be able to add more to your real estate portfolio. Everyone needs something to show that their faith in themselves and their work is justified. Down the road this deal could aid you in your next project and a good relationship with the lender would be another ace in your hand.
Finally, these loans don’t require a down payment as most banks do, a very positive factor in their favor since most upfront payments charged by a conventional lender begins at 20 percent of property value.
You will, however, pay higher fees and interest rates for this form of funding. A Arizona Rental Property Loan through hard money is not necessarily for everyone, but it is certainly worth investigation. Take a deep breath, turn your computer on and look at the possibilities of letting your rental property pay off in ways you never imagined before.
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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