Arizona Hard Money Loans Are Easy, Who Knew?
Arizona Hard money loans are surprisingly easy to obtain. Learn more below about how you can qualify to get quick cash to finance your investment.
Did you know that Arizona hard money loans, despite their name, are actually easy to apply for? The name might convince you otherwise, but hard money loans are where people go to get capital quickly because of their ease of application and quick turnaround.
So what exactly are the need to know facts about a Arizona hard money loan? The loan terms can and will vary between lenders, but for the most part, here’s what you need to know about hard money loans.
Proof of Repayment Ability vs. Collateral
Hard money lenders are like any other lender in that they need to know that they will be repaid, but they go about it in a different way than traditional lenders. What they focus on is the collateral for the loan. Will they be able to resell the collateral if you are unable to pay? That will let them know if the loan is worth it to them as a hard money lender. If your collateral has enough value, you should have no problem securing your loan.
Higher Interest Rates, but Quicker Payouts
Arizona Hard money loans are riskier for lenders than traditional loans so they need to account for that fact. That means higher interest rates because the Arizona Hard Money Lender is sticking their neck out for the borrower. That being said, the borrower is going to get their money quicker than with a traditional bank loan so both parties are benefiting from the transaction.
Credit Rating, Shmedit Rating
Even if you don’t have pristine credit, Arizona hard money loans will afford you the opportunity to get that investment property without having to rebuild your credit which can be a long, difficult process. Your loan amount will vary based on how much equity you’re going to have in the property, not based on your past credit decisions that have combined to make the credit score that could be keeping you from receiving traditional loans.
As you can see, Arizona hard money loans are simple. Only the name is ‘hard’ so you can feel confident in calling Level 4 Funding to learn more about Arizona hard money loans and how you can make your investment dreams come true. We can walk you through the process, discuss your Arizona Hard Money Loan opportunities, and get you funded quickly so you can snatch that perfect fix and flip off the market or grab that beautiful piece of commercial property that could be your next money maker.
© 2016 Setabay LLC. All Rights Reserved.