Reason #1: Down payment for the purchase of a new home. If you’ve found your dream home but need a down payment until your old home sells, a Arizona Bridge Loan is a perfect solution. Reason #2: If you’re looking to make a quick offer on that foreclosed home that just went on the market, a Arizona Bridge Loan can be obtained quickly. Reason #3: A property in the up-and-coming neighborhood that’s in need of renovation has appeared on the market. Again, this type of loan can be obtained in record time.
Reason #4: The market is hot and making an offer on a home with a sales contingency will likely take you out of the running. Reason #5: You’re building a new home and can’t qualify for a traditional mortgage. Keep in mind that there are bridge loans that you can obtain from banks and others that you can obtain through hard money, private lenders. Reason #6: This is your go-to as a real estate investor for quick turn-arounds in a hot market.
Arizona Bridge loans are called such because they provide a bridge from one property to another while waiting for one to sell, refinance, or for a conventional loan to process. They are common in investment circles and are often obtained from Colorado Hard Money Lenders. When acquired though private lenders, the loan will be based on the available collateral. Repayment can be set up as interest only until the renovation or building is complete.
There are a few items to be aware of when considering this type of loan. Make sure the market is such that the property will sell in the timeframe allowed by the loan’s terms. These loans have terms that range from 3 to 12 months. Because of their short-term nature, quick to fund process, and associated higher risks, these loans tend to have higher interest rates.
Colorado Hard Money Lenders carry more weight on available assets than on your credit score. They are also more apt to work with you in terms of repayment plans.
At Level 4 Funding, we work with hundreds of private investors, many of whom specialize in these types of loans. Think of these loans as one of the tools in your investment belt that can help increase your portfolio. If you’re uncertain if this type of loan is the right one for your current project, call us. We’re happy to discuss the various options that Colorado Hard Money Lenders can provide. These include specialized loans for contractors in which money is obtained in draws and interest-only payments are in place until the property is built and sold. Our lenders also specialize in the very popular fix-and-flip investment strategy.
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.