Making your dreams a reality through Arizona hard money
September 24, 2012Why Choose an Arizona Hard Money Mortgage over a Traditional Mortgage?
September 24, 2012Why Choose an Arizona Hard Money Loan over a Traditional Loan?
Some people might think opting for a hard money loan over a traditional loan is a crazy decision to make. With higher interest rates and shorter loan lengths, why on earth would anyone make this decision?
There are many misconceptions about Arizona hard money loans. (A few of which are stated above.) There are also many reasons why hard money loans are a legitimate option for borrowers. Most of the time, borrowers who choose Arizona hard money loans simply cannot meet the compliance requirements of their bank’s or traditional lender’s guidelines. Sometimes when the only option you can qualify for is a hard money loan, you must proceed.
Another plus to Arizona hard money loans is that they are much more prompt than other lenders. In fact, a loan can often be approved and funded all in a day’s work. Many other lenders can take up to two weeks to process and approve the loan. That can be a long time to wait to possibly hear bad news.
What can Arizona hard money loans be used for?
There are a variety of uses for Arizona hard money loans. Another misconception about hard money is that it can only be used for home purchases such as short sales. However, that is not always the case. Funds from an approved Arizona hard money loan can also be used for fix-and-flip projects, property development, foreclosure bailouts, debt consolidation, probate resolutions, etc. The possibilities are practically endless with this type of money lending and exchange!