Are you struggling to obtain a loan or find it difficult to qualify with traditional lenders? If you’re in this situation, read more below to find out what kinds of alternative options untraditional lenders can provide for you!
When it comes to obtaining a loan from a traditional lender like your local bank or credit union, approval doesn’t always come easy. Banks have high standards during the loan approval process. This means things like debt to income ratio and credit score play a large determining factor in whether or not you will be approved for a loan. If you cannot meet these standards, you may have to seek out an alternative route and work with Arizona Private Money Lenders who offer hard money.
Private Arizona Hard Money Lenders are just as they sound—private companies or individuals who invest in projects. Hard money can be a great option for people seeking out loans who are looking for other loan opportunities.
Benefits of Private Hard Money Lenders
Arizona Private Money Lenders are often referred to people who cannot obtain traditional loans because of their ability to approve a wide variety of borrowers fast. Private lenders focus on the property’s collateral instead of the borrower’s financial history. In doing this, they are able to choose projects to invest in that have high potential for success. Before approving the project, they then consider the borrower’s financial history to determine if they are a reliable client with solid plans. Another benefit of private lenders and investors is that they are generally transparent with their borrowers. Because they are working on such an individualized basis, it is not uncommon for them to be blunt with you. If they don’t support your plans, your lender will be very direct with you.
Is Arizona Hard Money Lenders Right for You?
There are many benefits of hard money lenders; however, there are also some things to consider. Arizona Private Money Lenders work short term. Depending on your situation, this may not be ideal. For example, the repayment period for Arizona Hard Money Loans is typically a year which makes them absolutely ideal for fixer uppers. Working on a fixer upper generally means a successful renovation and a quick sale with a profit which would help contribute to any outstanding loans or fees. Private lenders can still be options for people who need money fast—like to prevent a foreclosure—but it’s not the most ideal situation. Additionally, private lenders have high interest rates. These rates can be as high as five percent more than typical rates on the market. Arizona Hard Money Lenders may sound ideal, but may not represent all of your needs on paper. When you dive into the housing market, you want to make decisions based on what is best for you in the long run—not only what will satisfy short term solutions.
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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