Have you heard the news? Arizona hard money is becoming more and more popular among buyers trying to find a financially feasible way to invest in a new home or property. So what is Arizona hard money? Let me enlighten you, my friend.

Essentially, there are two types of hard money Mortgages. The first is a residential investment. This is personalized for the individual and the property being purchased is used as collateral. That’s why the value of the home becomes an essential ingredient in the approval process.

The second type of hard money Mortgage is for commercial investors.  Usually, this type of hard money Mortgage is for companies looking to invest in “fix and flip” projects which can often be turned around and sold for profit. Since the values are figured a little differently on this type of property, a hard money lender might accept interest in your company as a way to determine approval, etc.

If any of the above information sparked your interest, Arizona hard money might be just right for you. Keep in mind that it is a pretty hefty commitment, but one that so many buyers benefit from. While the high interest rates and payments seem a little steep, it really can be worth it in the long haul.

In order to qualify, the lender will need to more about the property than they do about you. Again, the Mortgage is equity-based so how valuable your property is matters most. If you have poor credit, low income, etc. that doesn’t mean you won’t qualify. Talk to a hard money lender to see what you can do to prove your ability to pay and they will work out a deal with you.

If you’re looking into a hard money Mortgage for a fix and flip project, keep in mind the considerations hard money lenders take in approving you. They will consider the current value of the property, the cost of renovations, and the value of the home after the renovations are complete. Usually, these considerations work in your favor, but you will still want to do all that you can to make the process easier.

Arizona hard money could be just the ticket to get you your dream property quickly! Contact your nearest hard money lender to get started today.