Owner Occupied Hard Money Lenders

You may be surprised to find out that owner-occupied hard money lenders offer loans for primary residences. Find out the specific situations where you can benefit from these types of loans.

Are you in a circumstance where you are being denied a residential mortgage?  There are many circumstances when a borrower is denied this type of mortgage from both credit unions and banks.  When the person seeking a loan has little or no alternatives, they will often turn to a residential hard money lender to obtain a mortgage on the borrower’s primary residence.  Some of the reasons a borrower may turn to this type of lender are:

• The borrower has bad or poor credit

• If the borrower has had a recent loan modification, foreclosure, short sale or bankruptcy

• If the borrower has two years or less of current employment

• If the borrower is self-employed

• A bridge loan is needed by the borrower for a primary residence

In some instances, a borrower goes through the approval process with a conventional residential mortgage lender, and the lender is not able to perform while in escrow. The borrower then searches for a private owner-occupied hard money lender to secure financing through. The lender is able to provide fast approval and funding which will help prevent the borrower from losing the property they have a contract on. Once the escrow closes, the property is secured, and the borrower can refinance with a conventional mortgage company.

Why Arizona Owner-Occupied Hard Money Lenders are Few and Far Between

Most owner-occupied hard money lenders will not consider lending for your primary residences because:

• Additional documentation is required

• The lender is required to obtain additional licensing

• Regulators will exert firmer regulations

• The time to fund the loan increases since there are mandatory recession periods

• Investment loans have far greater lender risks than owner occupied mortgages

Arizona Owner-occupied hard money lenders are subject to Federal regulations.  Some of these regulations consider Dodd-Frank.  The Dodd-Frank act requires the lender to verify the borrower’s income and expenses.  Paystubs, tax returns and W2’s are ways the borrower can verify their income. Debt to income (DTI) must be kept under certain levels by the borrowers.  Car payments, other mortgages, credit card payments and other debts will be considered. Also included in this ratio will be the new mortgage obligations, (taxes, mortgage payment and insurance).

The owner-occupied Arizona hard money loans are intended for short term use, generally three to five years.  Most lenders will require the borrower to have a plan in place to obtain long term financing.

A hard money loan can offer borrowers with credit issues time to repair their credit report—and not lose their chosen property. Others may be postponing obtaining a conventional loan until the mandatory waiting period for negative credit events has passed. These events may include short sale, bankruptcy, loan modification or foreclosure. If the borrower’s property has enough equity and there currently is a first (1st) mortgage and the borrower does not qualify for a conventional second (2nd) mortgage, then the borrower can consider a hard money lender.  This may be a prudent decision if the proceeds of the second mortgage is used to pay off high interest rate credit cards or pay down other high interest debt.

 

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

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.

© 2016 Level 4 Funding LLC. All Rights Reserved.
Copyright | Privacy Policy | *Terms & Conditions

How to Discover the Perfect Owner Occupied Hard Money Lenders

If you are in desperate need of a loan, turning to Arizona Owner occupied hard money lenders may be the best solution for you. Choose the best lender for your needs and learn more about how using Arizona Owner occupied hard money lenders can help your business grow.

If you are searching for a loan and are hoping to get one quickly for your business or company, a hard money loan might be the perfect solution. Arizona hard money loans deal directly with loan financing based on assets. This takes the form of property. Arizona Owner occupied hard money lenders deal with property that currently has existing inhabitants instead of property that is vacant. Since this more of a complicated process, it is important to find the best lender possible for your needs and the needs of your business or company.

Finding the right owner occupied hard money loan or private money lender can be easy when you follow these helpful tips:

• Know your financial limitations. In most cases, Arizona hard money loans can be the perfect solution if you suffer from poor credit or have a low credit score. The majority of private money lenders pay more attention to the present deal that is available rather than worrying about your past credit history. Start with smaller Arizona hard money loans before working your way up to a larger-sized loan or more risky opportunities.

• A private money lender is different than a typical loan officer. A traditional loan officer that works at a bank must look at factors like credit and other details in order to determine if a person is eligible for a loan. In contrast, private money lenders can create much more personal relationships and agreement with the individuals they lend assets to. Building a relationship with a hard money lender is a process that takes time. Finding the perfect lender will be worth it in the long run and can help you grow your business substantially.

• Expand your network. Private lending opportunities will be best found if you have an expansive network of people to reach out to. Reach out to more lenders and actively search for the best lenders available in your area.

How Do I Know if I Found the Right Hard Money Lender?

Arizona hard money loans can be a great way to expand your business and achieve your goals. Choosing the right lender to help you achieve these goals is also an important part of deciding on the best hard money loan situation for your needs.

Owner occupied Arizona hard money loans are a complicated endeavor, so it is important to find the perfect lender to guide you through the process.

Only certain banks and lenders will be Arizona owner occupied hard money lenders. Help your business to grow by choosing an appropriate lender for your needs. Becoming a certified lender of hard money requires numerous requirements and various means of verification. It is important that you follow the legality of a hard money loan and choose a lender that will help guide you through the process appropriately.

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

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.

© 2016 Level 4 Funding LLC. All Rights Reserved.
Copyright | Privacy Policy | *Terms & Conditions