Be Sure to Know the Terms of Your Arizona Hard Money Lenders

Be Sure to Know the Terms of Your Arizona Hard Money Lenders

It’s good to know what the phrases are when coping with an Arizona hard money lender so you’ll find the one that may suit your wants. Listed below are some of the phrases you possibly can anticipate to see from many Arizona hard money lenders. Sometimes they’ll solely Mortgage you up to 70% ARV (after repaired worth). Which means a hard money lender can Mortgage you up to 70% of what the house is value in repaired situation. So in the event you discover a residence value $45,000 in the situation it’s in, and desires $20,000 in restore work, and after it’s repaired the present honest market worth is value $100,000, then sometimes they will lend you up to $70,000, which might cowl the value of the home and the repairs.

OTHER TERMS YOU CAN EXPECT FROM ARIZONA HARD MONEY LENDERS ARIZONA ARE HIGH INTEREST RATES. INTEREST RATES VARY FROM 12% – 20% ANNUALLY AND TERMS CAN LAST FOR 6 MONTHS TO A FEW YEARS. MANY TIMES THESE RATES VARY DEPENDING ON YOUR CREDIT SCORE AND EXPERIENCE. IN MOST CASES, THERE WILL BE CLOSING COSTS OR FEES TO USE HARD MONEY ARIZONA. TYPICALLY HARD MONEY LENDERS WILL CHARGE ANYWHERE FROM 2-10 POINTS JUST TO USE THEIR MONEY. ONE POINT EQUALS ONE PERCENT OF THE MORTGAGE AMOUNT. SO CHARGING 1 POINT ON A $100,000 Mortgage WOULD BE $1000. THESE ARE ALL IMPORTANT THINGS TO CONSIDER WHEN CHOOSING A HARD MONEY LENDER ARIZONA.

arizona hard money lenders

arizona hard money