Direct Hard Money Private Lenders
Arizona Bad Credit Commercial Mortgage Lenders
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We Specialize in Arizona Hard Money Lenders
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If Your’re Not Using Level 4 Funding
You Are Paying Way To Much
“Top notch loan broker. who was awesome, quick, prompt, and most importantly, delivered. I would say don't even waste your time with another broker - these folks get the deal done, period. As a lawyer, they have helped me and many of my clients with a can-do attitude, and professionalism that is unmatched. A definite recommendation.”
“I was working with a hard money lender (OF) for the past ten days. 24 hours before my loan was supposed to close they called me and told me they were lowering my loan amount by 15%. I called Mark G at Level 4 Funding and told him the situation. If you want work with someone honest and professional call Level 4 Funding today.”
“After hearing, the good things about this company, I think they are on top of their game. I will keep recommending people I know in Arizona to level 4 Funding.”
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No Credit Required
No UP Front Fees - No Junk Fees
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It starts at 7.99% APR*
Our interest rates are very competitive starting at 7.99% APR*.
How to Know if Bad Credit Commercial Mortgage Lenders are the Real Deal
We’ve all seen the ads for Arizona bad credit commercial mortgage lenders and some of the deals look great. As the saying goes, though “all that glitters is not gold,” so it’s important to find out what a financing company is bringing to the table before you sign up,
Arizona bad credit commercial mortgage lenders usually all work on the same premise. It’s hard, if not impossible, to get a loan if you’ve got rotten credit or haven’t had a chance to establish credit yet. Sure, some will let you use your personal score instead of your business score to try to qualify, but that doesn’t necessarily help. After all, data from CNBC concludes that the median score for an approval right now is 759, which is an “excellent” FICO score. Meanwhile, the average person has an average FICO score of 704. About 75% of the loans are going to people who have a score over 700, which means most of us—even those of us who have been diligent for years—are not going to qualify. So, there’s certainly a great need for alternatives.
However, each lender approaches providing this underserved market with funding a little bit differently, and knowing the nuances of the trade can help you identify whether a lender is really going to help you or if they’re full of smoke and mirrors or plan to charge you an arm and a leg for their services.
For example, entities which say they’ll lend to everyone or have an unusually high approval rate often have a trick up their sleeve. No lender can fund every deal—they’d lose money hand over fist. Some deals are simply bad ideas. In that case, the company may be trying to give you a false sense of security to encourage you to apply or are outright lying to get you in the door, neither of which is a good sign.
Work with Someone Who Knows How to Evaluate Your Deal
The second trick Arizona bad credit commercial mortgage lenders use to get you in the door is a one-size-fits-all approach. They fund all sorts of deals and aren’t particularly knowledgeable in the areas they serve. For example, if you do fix-and-flips, you want a local who knows the industry establishing your terms. If you’re planning to start a grow operation, you want someone who can accurately evaluate your business plan to see if it’s viable and will yield returns. If the person funding your project has no experience in your specialty, they can’t accurately assess what you’re bringing to the table. Worst case scenario, they’re getting behind you on a plan that will go bust; best case, they may not offer you the best possible terms because they erroneously assume your deal is riskier than it really is.
Beware of companies with a high number of complaints.
It probably goes without saying, but it’s important to check into the reputation of Arizona bad credit commercial mortgage lenders before you jump in. You want to choose someone who has been in business for years—a company that’s too new could be green or may have changed names to escape a bad reputation. A company that’s been around for an extended period of time, on the other hand, will probably have a few bad reviews simply because they’ve worked with the general public a lot, but should have overall good sentiments. This provides extra assurance that you’ll have a good experience too.
What Are Arizona Hard Money Lenders?
Arizona Hard Money Lenders are private lenders who fund loans without the use of a bank or mortgage company. Unlike traditional loans hard money is secured by an asset rather than the borrower’s personal credit.
Arizona Hard Money Lenders are either private individuals or private business groups who loan borrowers funds for short-term loans. The biggest benefit of these private lenders is that the loan approval is based on the value of the property being used as collateral for the loan rather than the creditworthiness of the borrower. This opens up a great opportunity for borrowers who cannot meet the stringent loan qualifications of traditional banks and mortgage companies.
The term of most Texas Hard Money Loans is less than five years, making these loans perfect for real estate investors. The recent craze with property flipping has primarily been funded by Arizona Hard Money Lenders as they offer a simple application process and a fast turnaround on the approval and finding. Many banks can take up to several months to approve a loan application but Arizona Hard Money Lenders can approve and fund many loans in just about a week.
In addition to the fast funding, borrowers who have less than perfect credit look to hard money as a viable option for their funding needs. Being asset-based rather than credit based, many more borrowers can qualify for hard money. And because of their limited options for borrowing, they are willing to pay the higher rates charged for the hard money. In the end, it works out well for both parties involved as the lenders are being paid a higher interest rate for the increased risk of a borrower with a low credit score and the borrower has a resource that is less demanding than a bank.
Uses Of Arizona Hard Money
The first real estate deal that most consumers think of when hard money is mentioned is a fix and flip. These are very popular but there are other used for hard money as well. Homeowners who are facing a foreclosure but have strong equity in their home can use hard money to pay off the original mortgage and avoid losing their home. This allows the homeowner the choice of remaining in the home and finding a traditional mortgage to pay off the hard money loan or selling the home at a fair price and paying off the loan. The second option is far better than the foreclosure as the homeowner will keep any profit rather than turning it over to the mortgage company in the foreclosure.
Pros and Cons of Arizona Hard Money Lenders
There are pros and cons to every type of loan and even to every lender. Before selecting a hard money loan, it is important to do your research and find the lender who offers the terms and services that you need at the best rate. Easy applications, fast funding and lower credit requirements are all great but realize that these benefits come at a price that you must be willing to pay to use a lenders money.
Do Arizona hard money loans Work for Cash-Only/ As-Is Deals?
As you begin searching for your initial fix-and-flip deals, you’ll see quite a few ads that implicitly say the seller only accepts cash or that the property is being sold as-is. Generally speaking, Arizona hard money loans (HMLs) work well in these situations, though it’s important to consider the methodology behind the verbiage.
There are many reasons why sellers will list a property as-is or denote it’s a cash-only sale. Usually, it’s one of the following:
- The property is in such ill repair that a bank won’t finance it. Oftentimes, the seller will mention that the home is “damaged.”
- The seller needs to be free of the property quickly and can’t wait for someone to get approval. If this is the case, the listing may mention it is a “distressed” property.
- The price or the value is too low for the property to qualify for a traditional mortgage.
In short, none of these situations really means that the seller requires you to have cash sitting around, but rather, the seller knows you aren’t going to get traditional financing and they don’t want to be bothered with offers that are contingent upon it. They don’t care whether your cash comes from your savings, if you borrowed it from family and friends, or if you’ve obtained an Arizona hard money loans; only that the sale won’t get held up by a bank.
Cash vs. HMLs: Which is Right for You?
There are benefits to going with cash when you can and there are benefits to leveraging Arizona hard money loans as well. If you’re using your own cash, then you’ll obviously have it tied up in the project for the duration, which can be problematic if you run into issues or come across another great investment opportunity while your money is already in use. However, if you have enough to cover it and feel confident you won’t need it, going with your own cash can be the cheapest way to fund a project. Borrowing from friends and family works along the same lines, but you’ll naturally have to be mindful of the repayment terms to avoid causing any issues. With an Arizona hard money loans, you do have to pay to borrow, but the fees can easily be paid for with profit when you manage a successful project.
Getting approval for cash-only properties is easy when you work with the right lenders.
If you’ve got a property in mind that’s listed as a cash-only or as-is sale, do your homework to ensure the purchase and rehab will be profitable. Spend time getting to know the property, what it has been appraised at, what challenges you’ll face when doing upgrades and repairs, and what similar homes in the area are selling for. Then, check with a broker to find out what terms you qualify for before approaching the seller. Armed with information and an approval in your back pocket, most sellers will jump at a fair offer, and perhaps even a low offer, regardless of whether your cash is coming from an HML or your personal bank account.
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