If you’ve got a commercial real estate investment on your radar and the banks have turned you down, you’ve probably thought about a Hard Money Loan in Arizona. You’re probably full of questions about this type of financing. Luckily, we’re full of answers.
Thinking about going the hard money route to finance a commercial real estate project? If so, don’t worry — you’re not alone. Plenty of people have started where you are and they’ve been incredibly successful. But it starts with the basics, so let’s go over some of the most common questions we get from prospective borrowers.
- How fast is the process? It’s really fast, especially when compared to a bank loan. Approval can happen in a matter of days and funding can come through within 72 hours of getting the green light from the title company.
- What about the interest rates? Interest rates for commercial Hard Money Loan in Arizona are higher than through the bank. How much higher? That depends on the lender you choose. Most often, the rates will vary from 10 percent to 18 percent.
- How long are the terms of the loan? Since they’re typically used as a bridge until you get long-term financing, most Hard Money Loan in Arizona s fall in the 3-month to 12-month range, although there are some that can be as long as 3 years. Generally, the longer the terms, the higher the rates and costs.
- Does my credit make a difference? Perhaps. Most Hard Money Lenders in Arizona will do a credit check, but it won’t weigh as heavily as it does in a bank loan. The lender will spend more time examining the property that’s being used as collateral.
Other Common Questions About Commercial Hard Money Loans in Arizona
There are some other questions that borrowers frequently ask about commercial Hard Money Loans in Arizona.
● Can I defer Interest until the end of the loan? While most loans will have you pay interest monthly, there may be some cases where you can.
● What are the costs? Costs can include points of anywhere from 2 to 10, plus appraisal, title policy, and insurance.
Applying for a Commercial Hard Money Loan in Arizona
We’re sure you’ll have more questions about getting a commercial Hard Money Loan in Arizona to finance your real estate dreams. And we’re always here to answer them. Give us a call, send us an email, or chat with us today and we’ll give you the answers you need.
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
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.