The first thing you need to know about Arizona hard money is that it is not based on your own personal merits. Most Arizona hard money loans base their approval on the merits of the property or home you are looking to buy—not on your credit score or yearly income. In fact, many lenders do not even look at your financial history! That means you do not have to provide tax return information, pay stubs, or proof of income. This can be excellent news for a beginning real estate investor looking to make a profit or for someone looking to purchase a new home for their family.

One way to make a profit by investing in real estate is by utilizing Arizona hard money institutions. As long as your lender can see that your “fix and flip” adventure is worthwhile and has opportunity for profit, you can be approved for a Arizona hard money.

These types of loans can vary in length. Many loans are short-term (about six months) while others extend for a few years. Most hard money loans are fairly short-term. While interest rates for these loans can be a bit higher than traditional bank loans, their short payment length makes them worthwhile.

Arizona hard money lenders will lend money where banks won’t. All too often, good-hearted, hard-working people have their dreams crushed because traditional bank loans don’t work out for them. That is not the case with Arizona hard money. These lenders will lend based on the merits of the property you are looking to buy and not on your financial history. So, bad credit does not necessarily disqualify you from ever receiving a loan.

Generally, hard money loan amounts vary based on need. However, the good news is that many looking to receive a loan can be offered an amount that is up to 70-80% of the value of the property.