When it comes to obtaining a loan, more than half of applicants get rejected. This is a daunting statistic, but Level 4 Funding shows you why it’s easier to get approved for hard money loans when you have the help of a broker.
There are many reasons people get denied a loan. Perhaps the economy is in trouble and banks have tightened their wallets. Maybe you have a few dings on your credit history, are a first-time borrower or need the loan for a venture that is considered high-risk. All those are red flags for conventional banks and financial institutions because typically they are very conservative when it comes to lending.
That’s why seeking the help of a broker for hard money loans can be the ticket to your success, and your loan approval! A professional broker can help you get your loan, and get you the cash you need to start or grow your business very quickly. These alternative routes care less about some of the things that are considered “red flags” to traditional lending institutions and more about the collateral you are willing to put up to secure the loan. Brokers for these hard money loans need to ensure they will see their return on investment because they are talking a risk on you and your business.
Typically, the collateral and the interest rate depend on the size of the loan itself and the repayment term schedule. You will want to make sure you can work with your broker to get repayment terms that are realistic because if you can make those payments consistently, that collateral that you put up will now belong to the lender.
There are pros and cons to these types of loans.
The benefits of these loans are great – quick and simple application and approval processes with cash in hand fast! Sometimes you may not even have to go through a credit check. However, there are always the cons — in this case, high interest rates and pre-payment penalties are associated with these types of loans.
Talking to a broker can help you figure out your exact needs — and the loan to best fit those needs.
The Level 4 Funding team is on your side. As brokers should be, our professional experts are here to help make the process easier for borrowers. It’s important to be open and honest about your needs so our team can serve you best. We want to ensure that all our clients have more successful chances of getting approved for the loan they need. We want to take the stress out of getting a loan, so you can focus on more important things — like building and growing your business. So what are you waiting for? If you have been thinking about applying for a loan and you haven’t made the leap, call Level 4 Funding now and see how we can help you turn your dreams into reality!
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701