How to secure an Arizona Hard Money Loan
If you’re interested in securing an Arizona Hard Money Loan, you might be curious about how to do it. Here, we’ll detail the requirements and the process to give you a clear picture of how it works.
If you’ve been bitten by the real estate bug and can’t wait to invest in a commercial property or a fix-and-flip, you’ve probably checked out traditional loans at banks and credit unions. This is the traditional route for securing funding for real estate, but it might not be the best route for you.
Banks, and to a lesser degree, credit unions, need their borrowers to fit into a very narrow box to qualify for a loan. They’ll look at the borrower’s history. If a short sale, foreclosure, or bankruptcy pops up, that’s curtains. They’ll look at the borrower’s credit score and anything less than their predetermined figure will mean disqualification. They’ll also take a look at the borrower’s bank statements and assets, and anything below their threshold will get denied.
A hard money lender will have requirements also, but their requirements will differ in significant ways. They’ll look at credit scores, bank accounts, and history, but those things will only be a small part of the equation. More important is the collateral you put up and the plans you have for the money. Arizona Hard Money Lenders have much more flexibility than banks and can consider each case individually.
The process of getting a Arizona Hard Money Loan
Getting a Arizona Hard Money Loan is faster and easier than going through a bank or credit union. Here’s how the process will typically go: you’ll fill out some paperwork, provide some documents for verification, and you’ll know whether you’ve been approved in as little as two days. Then, without the complex underwriting and red tape that banks have to wade through, you can have the money in your account in as little as a week or two.
Finding a hard money lender near you
If all of this sounds like a way to help fund your real estate investments, it’s because it may be. If banks and credit unions have said “no” to your dream, or you need money quickly, a Arizona Hard Money Loan might be perfect for you. Finding a reputable hard money lender in Arizona is simple — Setabay has decades of experience lending hard money, so we’ve seen it all. Give us a call today and we can talk about making your real estate dreams come true.
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