Tag Archives: bridge mortgage arizona

How to Evaluate Hard Money Lenders

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Selecting hard money lenders is very much like finding any other service provider to work with. The success of your loan and business relationship relies on your due diligence.

It can be very easy to get nervous when you are looking for a lender of any type. After all, you are going to ask this person or institution for money and that just makes most people uncomfortable and nervous. But the key to a successful search for conventional lenders or hard money lenders is remembering that you are their customer and that they are in business to offer you a service. Even if you are seeking a private lender because you have been rejected by a traditional bank, do not rush to accept the first loan offer that you get.

Start your search in the same manner that most of the world uses to find anything, the Internet. Does the lender have a legitimate website? Some websites are simply portals which are gathering information and then sending it off to potential lenders. This is not what you are looking for. A legitimate private lender will have a professional site which will provide you with contact information, general information about the lender, information about the type and size of the loans that they offer and their criteria for lending.

Once you have compiled a list of hard money lenders that you would like to speak to, take an additional step and check them out further. Search to see if they have any litigation pending against them or if there are issues pending with any investors which they might have. In some cases you can also learn what other borrowers have said by doing a google search of each lender. There are numerous sites where consumers report poor service or poor business practices by just about any service provider that you can think of.

As long as you have not uncovered any red flags, then contact each lender to set up an appointment to speak in person or a call if they are not local. At this time it is a good idea to have prepared a list of questions to ask each lender. These answers will allow you to compare each lender on the same criteria. You might ask what type of loans they most often fund or what dollar amount is their average loan. You will also want to inquire about their time frame for funding the request and their criteria for approval of the loan request.

Once you have gathered all of your information, you will want to calculate the total cost of each loan offer. Be sure to consider loan origination or processing fees and any other fees such as an early repayment penalty. This total cost should be your main criteria for selecting any hard money lenders. If you have two lenders who’s offers are the same then you can use more personal characteristics in your decision making process such as who you think will be the easiest to work with or who is located closer for more easy access. But be mindful of cost and the fact that you are going to be the customer.

Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
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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.

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3 Ways an Arizona Bridge Loan Can Lend a Helping Hand

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If you find yourself in a situation where there is a gap between expected income and current expenses, an Arizona bridge loan  can help. Designed to be a short term loan, there are many ways that bridge loans can lend a helping hand when you find yourself in a financial bind. 


An Arizona bridge loan is a short term loan that is designed to “bridge” the gap between expected income and a current expense. Bridge loans are a little known loan type that can be very helpful in a variety of financial situations. Here are three ways that an Arizona bridge loan can help you.

1. You need a down payment. If you are selling a home while concurrently purchasing a new one, you are probably relying on the sale of your current home to finance your down payment. This makes it impossible to move before you home sells, even if you can qualify for both mortgages. You can use an Arizona bridge loan to borrow your down payment. You would use the equity in your current house (the one on the market) to secure you bridge loan. The loan would then be used as a down payment and paid back after your home sells. This allows you to move before your home sells.

2. You own a business and have an expense before expected income comes in. If you are waiting on a big check but have an immediate expense, a bridge loan can be a great short term option to pay debts you owe. Once your income materializes, you use it to pay back your bridge loan.

3. You are expecting a windfall but have expenses before it gets there. Whether it is an equity payment, lottery payment, or even an inheritance, a bridge loan can help you pay what you need to while you wait for it to come in. Once it does, you use the funds to repay the loan.

If you find yourself in a situation where you would benefit from an Arizona bridge loan, call a mortgage broker today!

We can help you with all of your bridge financing needs. Call our experienced loan officers to get started today!

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:      (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701    





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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 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

How to Evaluate the Risks and Benefits of an Arizona Bridge Loan

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An Arizona bridge loan is gaining in popularity as a short term loan
option. Like any loan, there are certain inherent risks and benefits. Knowing
how to analyze your loan will help you decide if it is a good option for you.


iStock_000004881875_Large.jpg
A bridge loan can be the
missing piece of your home
buying puzzle.

Arizona bridge loans are short term loans used when a borrower who has not sold his
current home wants to purchase a new home. These loans work to bridge the gap
when the borrower plans to use proceeds from the original home as the down payment
on his new home. The bridge loan is secured to the original home, the one
that’s on the market. The funds from that loan are used as the down payment for
the mortgage on the new home. 







There are no strict guidelines when it comes to an Arizona bridge loan so credit score
and debt to income ratio are not usually factors that will automatically
disqualify you. This is good news for borrowers with less than stellar credit
or who may have a high debt to income ratio once they purchase their new home.
Instead, bridge loans are based on a few different factors, including how
likely it is that you will sell your current home quickly, and whether or not
you can make both mortgage payments for a short time if it becomes necessary.
If you default on a bridge loan, the lender has recourse to get their money
back using the property you have on the market because it is the one that
secured the loan.






The Risks and Benefits of an Arizona Bridge Loan






There are several risks that are associated with bridge
loans. Like any loan, they are not entirely safe and can lead to some negative
consequences if you don’t fully evaluate their terms, conditions, and rates.
First and foremost, an Arizona bridge loan had fees associated with it. Generally there is an administration fee of
about $750, an appraisal feel (for your current home) of about $350. Once
notary fees, wire fees, origination fees, and any other lender fees are added
in, a bridge loan will end up costing the borrower about $2,000 to obtain. This
may seem like a lot, but if is the difference between buying your dream home or
losing out, many borrowers find that the fees are more than worth it.
Especially since it is much easier to come up with two grand for a bridge loan
than it is to find $20,000 for a down payment if your current home has not
sold.



Another risk to an Arizona bridge loan is high interest rates. Most short term loans are inherently
more risky for the lender. You will pay extra for that risk meaning you will
have a higher interest rate. Interest rates fluctuate based on the prime rate
and how much you need to borrow, but typically speaking the interest rate on
bridge loans is usually higher than a traditional home mortgage. You can avoid
paying high interest rates by selling your home quickly and paying back the
loan as soon as possible.




iStock_000009434134_Full.jpgAlong with the risks, there are also several benefits to an Arizona bridge loan. Many loans offer
terms that allow you to skip the first few months of payments. If you can sell
your home during this time, you can avoid paying any interest at all on the
loan. In addition, you can use extra proceeds from the loan to do remodel work
on your new home and put your own personal stamp on it.




Also, bridge loans allow you to put your current home on
the market quickly and without restrictions. Potential buyers will not need to
schedule showings because the home will be vacant. A vacant home is easier to
show and usually sells more quickly due to ease of access. You can also look
into staging your home to give you an extra advantage. And without your family
living there, it will be easier for new buyers to picture themselves living in
the home.




Bridge loans are also usually fairly easy to qualify for
and have flexible underwriting guidelines. This makes them an ideal loan for
someone who needs cash for their new home fast.




Call an Arizona
mortgage broker or private lender to get started on a bridge loan today.






Once you are settled in your new home, you will be happy
that you chose to use an Arizona bridge
loan to help you get cash fast and with little hassle.

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:      (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701    





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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 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

With A Bridge Mortgage, Arizona Buyers Can Move Before They Sell!

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Selling a home while you still live there is less than ideal and often leads to frustration and accepting a low ball offer just to get it over with. There is a better way. With a bridge mortgage, Arizona sellers can buy a new home before their current home sells. 


Moving is stressful. Between packing up all of your belongings, deciding on a new neighborhood, finding a new school for your kids, and finding your next dream home, you have a lot on your plate. Add in needing to sell your current home and many sellers find themselves completely overwhelmed. This can lead many to accept a lower offer for their home out of frustration or the need to move quickly. Rather than losing money, with a bridge mortgage, Arizona buyers and sellers can purchase a new home before their current home sells. 
A bridge loan can help you make a down payment on your new home by giving you a short term loan for your down payment amount. A bridge mortgage Arizona is similar to a home equity loan in that it capitalizes on the equity built up in the home that you are selling. Unlike a home equity loan, you can take out a bridge loan on a home that you actively have on the market. 

How A Bridge Mortgage Arizona Works

If a bridge mortgage sounds like a good option for you, it is important to understand how it works. If you are selling your home and still owe $200,000 on your mortgage but your home is worth $250,000 you can use a bridge loan to borrow against the equity in your home. This will allow you to make a down payment on a new home before you sell your current home. Once your home sells, you use the proceeds from the sale to pay off your bridge loan.

There are a few risks with a bridge mortgage Arizona borrowers need to be aware of. Since a bridge loan is a short term loan, you will pay a higher interest rate than you would on a home equity loan or traditional mortgage. You can minimize this risk by selling your home quickly and paying off your bridge loan before any interest comes due. You can work with your lender to determine a grace period that would be long enough to avoid accumulating interest.

A second consideration with a bridge mortgage is that they are financed through a private lender. Most banks will not loan money on a home that is actively listed for sale so a private lender is a better option. There are many, many reputable private lenders but there are some that are not. Do your homework, check reviews, and ask family and friends for recommendations. Finally, make sure that your lender has a licensed mortgage broker because you know that he will play by the rules and keep your money safe.

Finally, keep in mind that while a bridge mortgage is a great way to finance your down payment, you still will need to get a mortgage on the property. Since you will own both properties for at least a short time, you will need to be able to qualify for two mortgages.

Stop waiting for your home to sell. With a bridge mortgage, Arizona sellers can buy their dream home today!

A bridge mortgage can be a great way to purchase the home of your dreams today! Learn more and apply for your bridge loan so you can stop living in limbo.

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:      (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701    

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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 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

Eager to Move? Here’s How an Arizona Bridge Loan Can Help

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If you need to move quickly but don’t have the cash for a down payment until your current home sells, an Arizona bridge loan may be just what you need to help make your dreams come true. Learn the risks and benefits of a bridge loan to decide if it is the right choice for you. 


If you are trying to sell your home, you know that it can take a while, especially if you are still living in it. Between picky buyers who can’t see around your furniture to trying to keep it clean for showings that are often erratic and unproductive, you may feel that you will never be able to sell your current home. Which may be fine, but it probably isn’t. Whether you need to move for work or simply to have more space, you may need to get out of your current home quickly.

You may be able to double qualify for two mortgages which would make it possible to move while your current home is still on the market. However, even borrowers who can qualify for two mortgages may find themselves short on their down payment for their new home. Even at only 5%, your down payment can be upwards of $20,000 and most people don’t just have that sitting in a savings account. You are most likely relying on the sale of your current home to finance your down payment into your new house.

This is where an Arizona bridge loan comes into play. An Arizona bridge loan is a short term loan
designed to bridge the gap between your current home selling and you needing to move into your new home. You use the bridge loan funds as a down payment on the new home, and when your current home sells you pay back the bridge loan with funds from the sale. This will allow you to move almost immediately and will make it easier to sell your current home.

What You NEED to Know About Your Arizona Bridge Loan

While an Arizona bridge loan is a great way to get cash for a down payment, it is important to be aware of all the terms and conditions of your loan. Typically, bridge loans have a higher interest rate than most long term financing options. However, you can often find grace periods that allow you to skip payments for a month or two. If your home sells during that time you may not even end up making a payment on the loan and will avoid all interest charges. You also have to be able to qualify for two mortgages so most bridge loan borrowers will need to have relatively high incomes and decent credit scores. 

Traditional banks don’t have access to Arizona bridge loan funds, so call a private lender today!

If you need to move, don’t wait. Contact our bridge loan specialists at Level 4 Funding to get started on the bridge loan process today!

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 
Texas Tel:      (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378
23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701    

You TubeFace Book

Active Rain
Linked In

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 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

Eager to Move? Here's How an Arizona Bridge Loan Can Help

arizona bridge loans, , , , ,

In the event you want to transfer shortly however haven’t got the money for a down fee till your present dwelling sells, an Arizona bridge loan could also be simply what you want to assist make your goals come true. Be taught the dangers and advantages of a bridge loan to determine if it’s the proper selection for you. 



If you’re attempting to promote your house, you realize that it may well take some time, particularly if you’re nonetheless residing in it. Between choosy patrons who cannot see round your furnishings to attempting to hold it clear for showings which are typically erratic and unproductive, chances are you’ll really feel that you’ll by no means have the option to promote your present dwelling. Which can be positive, however it in all probability is not. Whether or not you want to transfer for work or just to have extra space, chances are you’ll want to get out of your present dwelling shortly.

Chances are you’ll have the option to double qualify for 2 mortgages which might make it attainable to transfer whereas your present dwelling continues to be available on the market. Nevertheless, even debtors who can qualify for 2 mortgages could discover themselves quick on their down fee for his or her new dwelling. Even at solely 5%, your down fee could be upwards of $20,000 and most of the people do not simply have that sitting in a financial savings account. You’re most probably counting on the sale of your present dwelling to finance your down fee into your new home.

That is the place an Arizona bridge loan comes into play. An Arizona bridge loan is a brief time period loan

designed to bridge the hole between your present dwelling promoting and also you needing to transfer into your new dwelling. You utilize the bridge loan funds as a down fee on the brand new dwelling, and when your present dwelling sells you pay again the bridge loan with funds from the sale. This may permit you to transfer nearly instantly and can make it simpler to promote your present dwelling.

What You NEED to Know About Your Arizona Bridge Loan

Whereas an Arizona bridge loan is an effective way to get money for a down fee, it is vital to concentrate on all of the phrases and circumstances of your loan. Sometimes, bridge loans have a better rate of interest than most long run financing choices. Nevertheless, you’ll be able to typically discover grace durations that permit you to skip funds for a month or two. If your house sells throughout that point chances are you’ll not even find yourself making a fee on the loan and can keep away from all curiosity costs. You even have to have the option to qualify for 2 mortgages so most bridge loan debtors will want to have comparatively excessive incomes and respectable credit score scores.

Conventional banks haven’t got entry to Arizona bridge loan funds, so name a private lender in the present day!

In the event you want to transfer, do not wait. Contact our bridge loan specialists at Stage four Funding to get began on the bridge loan course of in the present day!

 

Dennis Dahlberg Dealer/RI/CEO/MLO

Stage four Funding LLC
Arizona Tel:  (623) 582-4444 
Arizona Tel:      (512) 516-1177 
dennis@level4funding.com
www.setabay.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378

22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Arizona | 78701    






 
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Linked In

In regards to the creator: Dennis has been working in the true property trade in some capability for the final 40 years. He bought his first property when he was simply 18 years previous. He shortly realized concerning the superb funding alternatives supplied by trust deed investing and hard money loans. His want to assist others make money in actual property investing led him to specialise in different funding for actual property traders who could have hassle getting a standard financial institution loan. Dennis is captivated with different funding sources and sharing his data with others to assist make their goals come true.
Dennis has been married to his fantastic spouse for 38 years. They’ve 2 stunning daughters four superb grandchildren. Dennis has been an Arizona resident for the previous 32 years.