A wise man once said to me, “If you want something and you look hard enough, you’ll find it, even if folks tell you you won’t.” I wished I could talk to him when after my divorce and all the debts I incurred from said parting I couldn’t get any type of funding from the banks and mortgage companies to accommodate my latest project: a building that was just made to accommodate a fitness club in the right part of town, utilities installed and working and priced reasonably. It just needed a bit of fixing up and some good promotion.
The banks simply said that they simply couldn’t do it. “Not with your credit and debt-to-income ratio.” The mortgage companies asked for lots and lots of paperwork, but the first two had already turned me down while the other two were ‘still looking at things’. They had been looking for over three months. Someone else was going to get that building if I didn’t move fast.
As I sat watching my favorite television program after another frustrating day and trying to forget about my problems for awhile, I heard, “Need money for that real estate project? Been turned down by everyone you know? Come see us—we’re JJ & Company, the Arizona Hard Money Lenders. We say Yes when others say No.”
What have I got to lose, I thought, and reached for my laptop to find out what JJ & Company was all about. Once I was through reading, I bookmarked the site and made an appointment the next day. Just to see—I didn’t think the wise man would approve of this, but he would say take a look anyway.
“Do you know what a Arizona Hard money loan is?” the JJ representative asked me. When I replied that I didn’t know a great deal about them, he nodded and said, “Most people don’t. Let me tell you what we do.”
These loans apparently are set up for people with problems i.e. low cash flow, no real savings, self-employed, large debt with a long term showing, etc. But, he went on to say, they looked at the lender’s collateral than your dream credit score (which no one has, it seems) and a conventional job paying every two weeks without fail. “We do place a lien upon whatever you offer for collateral as a safeguard.”
But what he said next was the good part. “Processing, once you’re approved, and actual closing can be done in two or three weeks. The banks can take more than six months—that property will be gone if it’s good as you say it is. Second, we can fix your repayment schedule to suit your time—we’re not bound by all the rules and fixed payment dates like the banks.”
I went home--smiling for a change and once I appraised my situation thoroughly. I checked out the building again just to make certain it was as good as I thought and decided to go with this type funding. Maybe not with JJ & Company, but with someone after a few more appointments.
The wise man was right—he was my father, by the way. I had searched for what I needed and found something I was pretty certain could help. Do as I did if you have a problem involving real estate funding—an Arizona hard money loan may be just for you.
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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