How Hard is it to Qualify for a Hard Money Loan in Arizona?

It’s a question we get all the time — how hard is it to get approved for a Hard Money Loan in Arizona? Let’s answer that right here and right now.

There’s a lot of mystery surrounding Hard Money Loans in Arizona, and for good reason — they admittedly have a spotty history after some unscrupulous lenders took advantage of borrowers in the past. Add to that the housing loan debacle and the passing of the Dodd-Frank Act, and you’ve got a lending industry that’s harder to figure out than ever before.

Before we delve into getting approved for a Hard Money Loan in Arizona, let’s look at the approval process for a typical bank loan.

● Banks will dive deep into your financial history. Any issues — like a foreclosure, short sale, or bankruptcy — will most likely be a deal breaker.

● Banks require a good credit score. Most big banks want you to have a credit score of 740 and some will go down to 700, but the interest rate will increase the closer you get to that minimum number.

● Banks want a sizeable down payment. If you want to get approved for a bank loan, you’ll be asked to have at least 20% of the value of the property on hand to use as a down payment.

Getting Approved for a Hard Money Loan in Arizona

The application and approval process for a Hard Money Loan in Arizona is completely different. First of all, there’s no complicated underwriting process. This means the entire thing can be completed in as little as a week or two. Secondly, and most importantly, this type of loan is secured by collateral. So, instead of condemning you for blemishes in your past or looking at arbitrary numbers, a Hard Money Lender will listen to your plans and check out the collateral you have. Finally, lenders in this field get money from private sources, so it makes it a quite simple equation — if your investment is sound and your collateral works, you can get approved.

Find a Reliable Hard Money Lender in Arizona

If your real estate investment is in Arizona and you don’t qualify for a bank loan, here’s the good news: you’re already in the right place. Level4Funding offers hard money to real estate investors, and we’ve been doing it successfully for decades. Give us a call today to see how we can help get you financing.

Dennis Dahlber Broker Ri CEO Level 4 Funding LLC
Dennis Dahlberg
Broker/RI/CEO/MLO

Level 4 Funding LLC
Hard Money Lender

Hard Money Loans

Hard Money Loan

Arizona Tel: (623) 582-4444

Texas Tel: (512) 516-1177

Dennis@level4funding.com

Dennis Dahlberg Broker/RI/CEO

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.