Hard money Loans might cost a bit more than a bank loan, but they offer many benefits that make them an excellent choice for Fix and Flip Loans.
When you are searching for Fix and Flip Loans, you will quickly discover that traditional lenders, such as banks and mortgage companies, are not interested in working with you. These lenders have very strict criteria to qualify for a loan, and they are also federally regulated. This makes qualifying for a less than cookie-cutter loan, very challenging. But the good news for real estate investors interested in Fix and Flip Loans is that hard money lenders provide Loans that better meet your needs.
Hard money lenders are private individuals or small groups who work together to provide Loans to borrowers. And because they are not regulated in the same way as banks and mortgage companies, they can be much more flexible and accommodating on terms for your Fix and Flip Loans. The loan terms cover everything from the length of the loan, or life, to the rates and repayment schedule. On flip projects, you never want to have a mortgage that drags out for more than a year, and hard money Loans offer the short life that you need. In addition, you can work with the lender to set up a repayment schedule that works for you, such as no payment for 90 days.
When applying for a traditional mortgage or bank loan, there are many documents that you must submit. And the approval of your loan hinges on having all of the forms completed correctly and having a high credit score. But with a hard money lender, the approval of your loan request is based on the value of the property that you are purchasing. This dramatically reduces the amount of paperwork that you need to submit. And it takes the stress off you if you do not have an excellent credit score.
Fast Cash
If you have ever applied for a loan from a bank, then you know that it can take many weeks or even many months for the approval process to be completed. And even after completing all of the paperwork and waiting, you still might be rejected. That is far from the case when you are requesting a hard money loan. The lack of red tape related to these Loans makes it very easy for the lender to provide you with a fast answer on your request. And if there is an issue that causes your application to be rejected, you can often negotiate new terms for the loan and be approved in just a few days.
The Right Tool for the Job
Flipping homes is a fast-paced business and one where timing is often critical to the success or failure of a deal. You can’t wait for months to get funding on a traditional loan. The solution for a fast loan with no red tape and no deep dive into your personal credit history is hard money. It is a solution that can help you begin a successful career in real estate investing.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis
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.
© 2016 Level 4 Funding LLC. All Rights Reserved.
Copyright | Privacy Policy | *Terms & Conditions