It is very understandable that a borrower is a bit nervous when asking someone for money, even when the person is in the lending business. Naturally, you want to make a good impression. But you also need to remember that you are going to be the lender’s client and as such, you should always be treated with respect and professionalism. It can also be helpful to view Hard Money Lenders in Arizona as business associates or partners to reduce your anxiety level. You are both providing what the other person needs or desires, so the desire for the business relationship is definitely mutual.
And as with anyone whom you how to cultivate a long-term working relationship with, you will look for certain qualities which are important to you. Some borrowers prefer to have a local lender who will meet face to face while others just want a lender that will respond to a text or email in a timely fashion. If possible, try to invest about 10 minutes on a phone call just to get a feel for speaking to each lender and as an overall gauge for how well you might work together. It can also be helpful to have a list of several questions that you ask each lender to get an idea of their expectations and processes.
It can also be helpful to check out the Hard Money Lenders in Arizona that you are considering with the Better Business Bureau and any other local message boards for lenders or financing. Most Hard Money Lenders in Arizona will provide you with some basic information when you first contact them and in those documents could be a list of previous customers. If you have questions about the responsiveness of the lender or how easy they were to work with after they funded a loan, then customers will give you some great inside information.
Legitimate lenders will have nothing to hide and will be happy to disclose almost any information that you might request. After all, they are in business to make money and that only happens if they are funding loans, so they want you to be comfortable and ready to commit to the loan. Ask for a complete written list of all fees and charges that you will be expected to pay during the application process as well as the life of the loan. This will allow you to compare the total cost of all loans from all lender on a level playing field.
Most new real estate investors are on a tight budget and almost always pick the cheapest loan. But there is a lot to be said for finding the balance of service, compatibility, and affordability that work for you. Only by meeting all of those criteria will you have the potential for a successful long-term relationship with a lender.
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.