If you are a borrower or mortgage broker, the chances you’ll be someday needing to deal with private money lenders Arizona increases every day, especially in this economy. At some point during your search for a loan, you’re going to need to consider the many options hard money offers. Unfortunately, outside of real estate professional that deal with hard money lenders Arizona on a regular day to day basis are not going to be as skilled at communicating and selling these lenders on their credit worth. It will help you avoid some of the conflicts you’ll face if you simply understand their language.
So why is it so difficult to communicate with hard money lenders? They’re acrafty bunch, like a pride of witches, because almost none of them are the same. Like snowflakes, they’re all different.
What works for one lender won’t always work for another, and they interpret information in a multitude of different ways. Going around in circles with private lenders can make your head spin clean off and eventually make you think that getting approved for a hard money loan is more difficult than pushing a camel through the eye of a needle. But what if you could greatly increase the odds that your loan request will not only get a favorable look from almost all hard money lenders but also increase your overall odds of getting an approval?
It’s simple – show some good character, be honest and forthright and you’ll do splendidly.
Hey, I Love Lucy fans, did you catch that pun? Well, in the more serious, tedious and doldrums of work life, you really, seriously need to be able to explain your position to a multitude of people. Your little pet project, where you want to turn a former prison into a preschool (same difference, no?) won’t be approved by the major banks or mortgage companies. At least, it’s not likely. So yes, you’ll have to consider Arizona hard money, but while it seems a little more straight forward, you need to be as clear as glass.
Always be clear with your information as most lenders will require an executive summary of some sort before you even begin. What’s included in this summary depends on you and the situation, but usually it’ll be cost estimates, due dates, time frames and what you expect to pay for monthly payments.
All of which means that you’re going to have to do some amount of explaining as to why you or your client deserves such and such a loan and how the loan structure will provide a win-win scenario for borrower and hard money lender Arizona. Not providing information that’s clear and concise can be an absolute deal breaker, especially when the deal is more complicated, as many commercial scenarios are.
If you feel your project is really worth going through with, simply make your plans as clear as possible. This will make any ship sail that much more smoothly.
Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
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 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.