Beretta Only: hard money loans

Showing posts with label hard money loans. Show all posts

Sunday, December 2, 2018

The Best Place to get loans for Airbnb businesses in Arizona?

Short-term vacation rentals are now a viable source of income thanks to platforms like Airbnb. You may want to take advantage of this opportunity, but what's the best source of loans for AirBnB businesses?
In the past, it was challenging to secure consistent short-term rental income.
Vacation rentals were advertised through newspapers and other forms of advertising with limited reach. How could Joe and Sally from Minnesota find out about a beachfront property available to rent on the coast of California? Well, they really couldn't. In the 21st century, things are different. Finding a regular stream Joe's and Sally's to lay do wn several thousand dollars a week to stay in a beachfront home is now possible thanks to platforms like Airbnb. Depending on your locale, owning a vacation rental property could pay for half or more of your outstanding mortgage.
However, you may not have the funds on hand to purchase a vacation property outright, and unfortunately, traditional bank bureaucracy hasn't quite come into the 21st century.
Getting an Arizona Airbnb loans can be difficult, bank regulations and FHA guidelines hamstring conventional lenders
A beachfront condo has just come onto the market. You know for a fact the best strategy here would be to rent it out on a short-term basis. So you go to your friendly neighborhood bank. It's all smiles until the loan officer asks " how do you intend to pay for the second mortgage?"
You explain that you intend to make money by renting out the property during tourist season. The loan officer reviews his checklist, " short-term rental hmmm, I’m sorry, we can account for that type of income."
Essentially brick-and-mortar lenders haven't caught up to the opportunity offered by platforms like Airbnb. Traditional lenders are for the most part unwilling to underwrite loans based on short-term rental income, which means the vacation property you intend to finance will be grossly undervalued. In most cases usually only the best borrowers can qualify.
Say you've found a dilapidated beachfront property, in a popular hip location. Prices in the area are prohibitive, and this busted up cabin is your only way to get in on the action. You know once the property is up to a livable standard, you could charge 500 bucks a night to rent it out. But, don’t even bother with a regular bank if a property is anything less than livable. Your deal will not close due to FHA guidelines.
If a distressed, but steeply discounted property, comes onto the market in an extremely lucrative area, conventional lenders, unable to resell your loan to Fannie and Freddie, are going to reject your application out of hand.
Private money can be the help you need to get an Arizona Airbnb loan.
In such situations, a private money provider is your best bet. This type of lender can consider the short-term income potential of the property you want to finance because private lenders set their own rules when it comes to underwriting. Private lenders are also not beholden to FHA guidelines.
With a private lender on board, that condo is yours, even if you have an outstanding mortgage or less than perfect credit. With a private lender, you can transform that run down cabin into a gem. Airbnb will then be sending you a stream of Joe’s and Sallies who will pay you thousands of dollars a week for the privilege of staying in your refurbished vacation home.
So when it comes to vacation rentals, skip the bank and approach a private 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.

Sunday, November 25, 2018

How to Get Approved: Why Arizona Hard Money Loans Can Help You Get Funded

Arizona Hard Money Loans can build your credit score and get you back on your feet.
Welcome to—The Information Age—an era where the IRS, government, and banking system—even Facebook and Google—are keen at storing away personal data. Your credit score, social security number, and private information, as well as your most frequented websites and purchases, are all categorized within a vast array of databases.
Like it or not, due to this, you are being judged based upon your data, and when it comes to getting a loan, most likely, you are being judged upon your credit history: good, bad, or ugly. While credit history may not concern an individual with flawless credit, it tends to concern individuals currently building, rebuilding, or acquiring it.
Frequently, people in need of loans want to form or bolster their own security. Despite this, a low credit score or a troublesome credit history may create stress because credit directly influences a person’s ability to build security in the form of a home, business, education, or transportation. If currently you experience credit woes, you are not alone. This is a challenge that concerns many people. Though life is difficult, though you may consider yourself an upstanding person, perhaps like many, you’ve run into some unforeseeable pitfalls:
Missing a few payments during a financial drought
Going bankrupt
Being foreclosed upon
Facing unexpected medical misfortune and debt
Closing a business due to turbulent market difficulties
If you have been rejected by lenders for any of these reasons, considering Arizona Hard Money Loans may help you out of the rut by establishing the financial security and progress you need.
How Do Arizona Hard Money Loans Work?
Arizona Hard Money Loans are collateral-based loans that mitigate a lender’s risk. For this reason, they are beneficial for individuals unable to obtain conventional lending with credit history alone. Other benefits include: the ease of receiving a loan, the speed of getting funded, and the reduction of paperwork. Before funding a loan, Arizona Hard Money Lenders will appraise collateral to determine the loan-to-value LTV amount and interest rate as well as lending stipulations.
Arizona Hard Money Loans may help you establishing the financial security you need.
If this is the type of lending for you or if you would like additional details, Level 4 Funding is here to help you receive the funding you need. Get in touch today!

Saturday, November 10, 2018

Can Arizona hard money loans Give a Helping Hand when Facing Foreclosure?

People who are facing foreclosure often look for creative ways to save their homes. Arizona hard money loans can help in these situations, but you must know how to evaluate which options are best.
If you’ve found yourself in hot water with your mortgage company, the first decision to make is whether you genuinely believe you can catch up your payments or if the best solution is to give up your home. If your plan is to save your home, you will need to work out a budget and plan for repayment of the past due balances. If you believe you cannot get caught back up, then the best course of action is generally to identify which options will help you move on without sinking your credit.
Ideally, your first point of contact should be to your existing mortgage company. If you already know how much you can afford to pay back each month, they may be able to give you an alternate payment plan that will help you avoid foreclosure to begin with. Sometimes, banks will also agree to a “deed in lieu of foreclosure,” meaning you’ll sign the home over to the bank, or they may agree to a “short sale,” which refers to selling the home for a price that’s short of what is owed. This option is generally only viable if the bank is considering auction and you’ve got a reasonable offer. It can help minimize the impact on your credit, but it can still drop your score 100-150 points. Considering that bankruptcy can reduce a score by 150-240 points and still may not help you save your home, a short sale may be the preferable option. Conversely, speaking to your mortgage company about having someone assume the mortgage, or take it over, could also work, though most contracts specifically exclude this option.
Lastly, Arizona hard money loans can be a viable option to help you bridge the gap, regardless of whether you plan to keep your home or not. Depending on the terms offered, you may be able to qualify for as much as 90% of your home’s value. The funds can then be used to pay off your existing mortgage, buying you some time to sell the home for maximum value, in which case your credit score won’t take the same hit as it would with a short sale or bankruptcy. Or, you may take advantage of reduced/ interest-only payments for some time until you’re able to qualify for a traditional mortgage again.
If You Can Work Out a Strategy, You Can Save Your Home
Whether you’re going with Arizona hard money loans or any of the other options mentioned, having a strategy is paramount. You will need to know what your end goal is and have worked out your financials in advance; do not move forward unless you know you will have the funds to meet obligations. Granted, this is common sense, but the possibility of losing one’s home can cause some to make emotional decisions, such as moving forward with the hope they’ll be able to pay, rather than the knowledge they will.
Set realistic expectations before settling on a plan of action.
When you’re facing difficulties, such as a potential foreclosure, there are no magic bullets. Explore your options carefully and learn the benefits as well as drawbacks of each. If Arizona hard money loans seem like the best possible option for your needs, talk to a seasoned broker to get the best terms possible.

Tuesday, November 6, 2018

ARE THERE LENDERS THAT WILL APPROVE A LOAN WITH ONLY 10% DOWN

What type of down payment do I need for a hard money loan? Is a down payment required?
The answer is, no a down payment is not always required. However, there is a difference between needing your own money for a down payment and being prepared to use some of your own money towards your potential property. Certain lenders will require a certain percentage as a down payment— that percentage can be calculated from your credit score and/or your real estate investing experience. Don’t get nervous; Arizona hard money lenders are not as concerned about your credit as they are your hard assets. You DO NOT have to have perfect credit to be approved for a loan. Most Arizona hard money lenders will work with you if you have a FICO score of at least 550. However, depending on the lender, you may have to put a little more of your own money down. Lenders that require a down payment usually will ask for between 10%-20% down with decent credit and around 25%-30% for bad credit—remember this is SOME lenders.
The good news is there ARE lenders who will only require a 10% down payment (and you may find one that doesn’t require one at all—although, that may be prove to be a little more difficult). With only 10% down, you are looking at a lender that will fund your investment at 90%.
All lenders use a different underwriting process. Underwriting uses the criteria they gather from you to assess the lender’s risk. That criteria will determine if there is a down payment; or determine the total down payment. Regardless, of the process they use it will be a much more lenient process than a traditional bank loan.
Can I find an Arizona hard money lender that will fund 90% of my investment?
Absolutely! However, you will have to research for those lenders and find out their requirements. Arizona hard money lenders that ask for a down payment are doing so to lower their risk. Also, borrowers that have something to lose put extra effort into the project.
A lender may fund you 90%, leaving you with only 10% of the cash flow to produce. Keep in mind that many times a borrower may not have to put much money as a down payment, but will have a money gap. If there is a money gap you will need gap funding. Gap funding is the money needed to fund an endeavor that is not currently being provided by debt, cash or equity. Essentially, it’s a second mortgage on a fix-and-flip or rehab loan. You can get gap funding from a Arizona hard money lender, as well. Make sure when you meet with your lender you ask them about money gaps.
You can get into real estate investing with little or no money of your own.
It is possible to get a hard money loan with only 10% down. However, you must fully comprehend your circumstances and what tools will be necessary to make that happen. Find a lender that you feel comfortable with, set up a meeting, bring all your information and, most importantly, ask questions!

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.

Beretta Only

Sunday, December 2, 2018

The Best Place to get loans for Airbnb businesses in Arizona?

Short-term vacation rentals are now a viable source of income thanks to platforms like Airbnb. You may want to take advantage of this opportunity, but what's the best source of loans for AirBnB businesses?

Getting an Arizona Airbnb loans can be difficult, bank regulations and FHA guidelines hamstring conventional lenders

Private money can be the help you need to get an Arizona Airbnb loan.

Sunday, November 25, 2018

How to Get Approved: Why Arizona Hard Money Loans Can Help You Get Funded

Arizona Hard Money Loans can build your credit score and get you back on your feet.

How Do Arizona Hard Money Loans Work?

Arizona Hard Money Loans may help you establishing the financial security you need.

Saturday, November 10, 2018

Can Arizona hard money loans Give a Helping Hand when Facing Foreclosure?

People who are facing foreclosure often look for creative ways to save their homes. Arizona hard money loans can help in these situations, but you must know how to evaluate which options are best.

If You Can Work Out a Strategy, You Can Save Your Home

Set realistic expectations before settling on a plan of action.

Tuesday, November 6, 2018

ARE THERE LENDERS THAT WILL APPROVE A LOAN WITH ONLY 10% DOWN

What type of down payment do I need for a hard money loan? Is a down payment required?

Can I find an Arizona hard money lender that will fund 90% of my investment?

You can get into real estate investing with little or no money of your own.

Monday, November 5, 2018

Tactics to Increase Eligibility with Arizona Hard Money Lenders

Why are Arizona Hard Money Lenders the best lenders for House flips?

You can increase your eligibility with Arizona hard money lenders with the following tactics

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