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“I was working with a hard money lender (OF) for the past ten days. 24 hours before my loan was supposed to close they called me and told me they were lowering my loan amount by 15%. I called Mark G at Level 4 Funding and told him the situation. If you want work with someone honest and professional call Level 4 Funding today.”
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What is a Hard Money Lender?
You’ve seen an ad or a forum discussion and now you’re scratching your head wondering: “What is a hard money lender?” In short, it’s someone who lends based on the value of a hard asset, but there’s a bit more to it than that.
What is a hard money lender (HML)? Well, it could refer to one of two things. Some people use the term to describe organizations which fund loans with private money, such as brokerages or groups of investors, and others use the term to describe the individual people who are providing the funds. In either case, the financing is usually coming from one or more private individuals rather than a bank. Sometimes, the investors pool their money together to fund a deal and other times a single investor funds the whole loan on his or her own.
Whereas many lenders base their decisions upon the person borrowing funds, this form of lending is based upon the value of a hard asset. On a broad scope, it includes physical things like machines, inventory, gold, and real estate. It’s things that can be readily converted into cash or other resources. They’re different from soft assets which cannot be exchanged for cash easily. Stocks and bonds are a prime example here, but if you were referring to a business, it might be things which are valuable to the business, but aren’t reflected on balance sheets, such as brand recognition or intellectual capital.
This form of lending is seen more often in the real estate industry. The property, building, or land is the asset which is used to back the loan. It fills a gap that traditional lending leaves behind. For example, people who want to purchase a property to flip or rent out often can’t get approved by a bank at all.
What Are the Benefits of Working with Alternative Lending?
To understand the benefits, we have to break down, “What is a hard money lender?” a bit more. As noted earlier, they serve niches that the banks don’t. For example, if the bank won’t touch you because you plan to use the property for commercial purposes (non-owner-occupied), an HML will help. The same is true if you’re doing flips and the property is in such disrepair that it makes the bank too uneasy to loan. It’s also ideal for those who need to move quickly. It can take a month or more to close on a traditional loan, but an HML can have cash to you in days. Plus, credit doesn’t matter as much. You can still get approved by an HML with rotten credit, simply because your loan is backed by the value of the property.
Why don’t HMLs get more press?
Now that you can answer “What is a hard money lender?” you’re probably wondering why this is the first you’ve heard of the concept. The reality is, alternative lending doesn’t work for everyone. It’s not a universal solution. Those in the consumer market are usually served by banks unless they’ve got rotten credit. Plus, the individuals funding the deals don’t usually advertise their services. Instead, they work with brokers who find deals for them and oversee the process. That in mind, you’ll often hear terms related to HMLs more on real estate lending sites or within circles of investors and house flippers. If working with an HML appeals to you, you’ll want to find a broker who works with lots of private individuals who fund deals in your niche and will help you get the best terms.
What Are Arizona Hard Money Lenders?
Arizona Hard Money Lenders are private lenders who fund loans without the use of a bank or mortgage company. Unlike traditional loans hard money is secured by an asset rather than the borrower’s personal credit.
Arizona Hard Money Lenders are either private individuals or private business groups who loan borrowers funds for short-term loans. The biggest benefit of these private lenders is that the loan approval is based on the value of the property being used as collateral for the loan rather than the creditworthiness of the borrower. This opens up a great opportunity for borrowers who cannot meet the stringent loan qualifications of traditional banks and mortgage companies.
The term of most Texas Hard Money Loans is less than five years, making these loans perfect for real estate investors. The recent craze with property flipping has primarily been funded by Arizona Hard Money Lenders as they offer a simple application process and a fast turnaround on the approval and finding. Many banks can take up to several months to approve a loan application but Arizona Hard Money Lenders can approve and fund many loans in just about a week.
In addition to the fast funding, borrowers who have less than perfect credit look to hard money as a viable option for their funding needs. Being asset-based rather than credit based, many more borrowers can qualify for hard money. And because of their limited options for borrowing, they are willing to pay the higher rates charged for the hard money. In the end, it works out well for both parties involved as the lenders are being paid a higher interest rate for the increased risk of a borrower with a low credit score and the borrower has a resource that is less demanding than a bank.
Uses Of Arizona Hard Money
The first real estate deal that most consumers think of when hard money is mentioned is a fix and flip. These are very popular but there are other used for hard money as well. Homeowners who are facing a foreclosure but have strong equity in their home can use hard money to pay off the original mortgage and avoid losing their home. This allows the homeowner the choice of remaining in the home and finding a traditional mortgage to pay off the hard money loan or selling the home at a fair price and paying off the loan. The second option is far better than the foreclosure as the homeowner will keep any profit rather than turning it over to the mortgage company in the foreclosure.
Pros and Cons of Arizona Hard Money Lenders
There are pros and cons to every type of loan and even to every lender. Before selecting a hard money loan, it is important to do your research and find the lender who offers the terms and services that you need at the best rate. Easy applications, fast funding and lower credit requirements are all great but realize that these benefits come at a price that you must be willing to pay to use a lenders money.
Do Arizona hard money loans Work for Cash-Only/ As-Is Deals?
As you begin searching for your initial fix-and-flip deals, you’ll see quite a few ads that implicitly say the seller only accepts cash or that the property is being sold as-is. Generally speaking, Arizona hard money loans (HMLs) work well in these situations, though it’s important to consider the methodology behind the verbiage.
There are many reasons why sellers will list a property as-is or denote it’s a cash-only sale. Usually, it’s one of the following:
- The property is in such ill repair that a bank won’t finance it. Oftentimes, the seller will mention that the home is “damaged.”
- The seller needs to be free of the property quickly and can’t wait for someone to get approval. If this is the case, the listing may mention it is a “distressed” property.
- The price or the value is too low for the property to qualify for a traditional mortgage.
In short, none of these situations really means that the seller requires you to have cash sitting around, but rather, the seller knows you aren’t going to get traditional financing and they don’t want to be bothered with offers that are contingent upon it. They don’t care whether your cash comes from your savings, if you borrowed it from family and friends, or if you’ve obtained an Arizona hard money loans; only that the sale won’t get held up by a bank.
Cash vs. HMLs: Which is Right for You?
There are benefits to going with cash when you can and there are benefits to leveraging Arizona hard money loans as well. If you’re using your own cash, then you’ll obviously have it tied up in the project for the duration, which can be problematic if you run into issues or come across another great investment opportunity while your money is already in use. However, if you have enough to cover it and feel confident you won’t need it, going with your own cash can be the cheapest way to fund a project. Borrowing from friends and family works along the same lines, but you’ll naturally have to be mindful of the repayment terms to avoid causing any issues. With an Arizona hard money loans, you do have to pay to borrow, but the fees can easily be paid for with profit when you manage a successful project.
Getting approval for cash-only properties is easy when you work with the right lenders.
If you’ve got a property in mind that’s listed as a cash-only or as-is sale, do your homework to ensure the purchase and rehab will be profitable. Spend time getting to know the property, what it has been appraised at, what challenges you’ll face when doing upgrades and repairs, and what similar homes in the area are selling for. Then, check with a broker to find out what terms you qualify for before approaching the seller. Armed with information and an approval in your back pocket, most sellers will jump at a fair offer, and perhaps even a low offer, regardless of whether your cash is coming from an HML or your personal bank account.
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