Beretta Only: Tactics to Increase Eligibility with Arizona Hard Money Lenders

Monday, November 5, 2018

Tactics to Increase Eligibility with Arizona Hard Money Lenders

If you intend to rehab single-family homes, you may be wondering what type of financing is right for you. Consider the benefits of Arizona hard money lenders and learn some tips on how to qualify for this type of loan.
The great recession is a far distant memory. Home prices are on the rise, and this presents a significant opportunity for those who are in the flipping business. Zillow estimates that nationwide home prices will appreciate by 6.4 percent by the end of this year.
However ordinary banks are inconvenient, and the bank application process is certainly not going to keep pace with the overheated housing market.
To be sure conventional banks are lending again but only to the strongest of borrowers. At the very least, anyone who seeks financing from a brick-and-mortar bank should expect to have a credit score of 600. Furthermore, to get the best deal from a conventional lender you need to have a credit score within the range of 700+. So if your credit isn’ t in that range, going to conventional lender is essentially a waste of time.
If you aim to flip homes, even if you have stellar credit, the condition of the property you want to invest in will bar any chance that your loan application will be approved.
So where do you go for financing? Hard money providers.
Why are Arizona Hard Money Lenders the best lenders for House flips?
With hard money, there are no "boxes to check," when it comes to the condition of the property being financed. In the case of hard money its the potential of the opportunity that counts. The application process typically comes down to an appraisal of the property in which you aim to invest. But above all your eligibility and the terms of your loan will come down to your ability to demonstrate the upside of your flipping project.
With hard money, to get the best deal, you need to do whatever is in your power to demonstrate the potential of your project.
You can increase your eligibility with Arizona hard money lenders with the following tactics
Have a sense of the numbers: Before approaching any hard money provider, you should have a clear financial plan when it comes to your specific project. These lenders give loans as a fixed percentage of the property’s value after repairs. Know the purchase price of your property, and have a clear budget for the particular renovations you want to make. These numbers will show you how much financing you need and how much profit your project will earn after resale. These numbers give your hard money provider concrete assurance that there is a real opportunity in your flipping project.
Cite relevant statistics: Be able to talk about the specifics of your deal by pointing to relevant data concerning the local market. Refer to similar investment properties, and know how much they re-sold for; use this knowledge and demonstrate your wherewithal to a potential lender and increase your chances of qualifying.
Using these strategies will help you prove the potential of your project to your prospective lender.
To truly take advantage of the overheated housing market, you need to avoid conventional banks. If you are in the flipping business, even if your credit score in the stratosphere, a conventional lender is unlikely to give your project a fair hearing because of the properties condition. Avoid all this hassle and see a hard money provider first.

Dennis Dahlber Broker Ri CEO Level 4 Funding LLC 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@level4funding.com
Dennis Dahlberg Broker/RI/CEO

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.