It’s a catch-22. You’ve had financial problems in the past, so you’re looking to bring in some extra income to help pay the bills. Airbnb is a great option because it’s something you can do on the side. After all, the average host brings in an extra $924 every month. Unfortunately, the banks won’t give you the financing you need to make it happen. Are you completely out of luck? Not necessarily.
If the banks and credit unions have given you a firm “no” because of a low credit score, a precarious financial situation, or a past transgression, don’t worry. You still have options.
You’ve probably heard the term “hard money” before but you might not be completely clear on what it is. Put simply, Hard Money Loans in Arizona are loans that use funds from private investors. They offer a range of benefits that the banks can’t:
● Since the money comes from private sources, they’re not as heavily regulated and they don’t require as much complicated underwriting. This makes the process incredibly fast. With a typical bank loan, you might wait weeks to get approved and up to a couple months to see any money in your account. Hard money Airbnb Loans in Arizona can be approved and financed in as little as two weeks.
● Hard Money Loans in Arizona are secured using collateral. This means that Hard Money Lenders in Arizona don’t care as much about your credit score or any mistakes you’ve made in the past. If your investment is sound and your collateral is solid, you should be able to get approved.
● Hard Money Loans in Arizona come with higher rates and shorter terms — usually anywhere from six months to a year. The idea, then, is to use the proceeds from the Airbnb to pay the loan back quickly. Then you’re free and clear and everything after that is profit.
Opening an Airbnb property may be the perfect way to take advantage of the gig economy and bring in some extra money. If hosting has always appealed to you and the banks have turned down your dream, a hard money Airbnb Loan in Arizona might be the way to go. Call us, email us, or chat with us to find out how we can help fund your rental property goals.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
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.