Tag Archives: hard money loans for owner occupied

Arizona Hard Money Lenders: A Helping Hand for those in Financial Turmoil


Happy senior business man making his notes at workIf you are a real-estate investor and have recently experienced bankruptcy or some other financial difficulty, you likely won’t be able to qualify for conventional financing. In spite of your current credit challenges, Arizona Hard money lenders can help you acquire new properties and continue investing in real-estate. Just don’t consider hard money the best way to clear up personal debts or think of it as a long term solution.

If you’re a real-estate investor and your last deal didn’t quite pan out the way you planned, you might find your credit in ruins and yourself unable to secure new financing. Even so, you still have options which can enable you to continue investing in real-estate, I.e., Hard money.

If your not aware a hard money deal is secured by the “hard asset,” being purchased, which means that your current or past financial difficulties aren’t at the forefront of a hard money providers mind. If there is enough potential in your real-estate investment, this type of lender may be willing to overlook your financial difficulties, including bankruptcy.

Arizona Hard money lenders might be able to overlook your financial difficulties, even if you’ve undergone a recent bankruptcy you might still be eligible.

Hard money providers consider the value of your investment, instead of your financial situation. However, this type of lenders willingness to overlook your financial difficulties will vary and will depend on their appetite for risk.

Nevertheless, credit is basically a non-factor in the case of hard money, and you may qualify even if you’ve undergone a recent bankruptcy.

Note however that under Chapter 13, you will have to negotiate any hard money deal with your previous lenders; so under Chapter 13, it might be impossible to secure hard money financing.

But even if you can qualify for hard money, is this the right financial solution for you?

To avoid the pitfalls that come hard money carefully evaluate your situation. Arizona Hard money loans are best used for real estate investments and you should not consider them a long-term solution to your current financial issues.

Hard money is probably not an ideal solution for general day to day financial issues. In most cases, hard money is meant exclusively for investment in real estate. That is because it’s the value of real estate secures most Hard money deals.

So, unless you are willing to pledge your primary residence to secure this type of loan (probably not a good idea if you can’t pay your current debts), don’t consider hard money as the best solution for personal financial issues.

Hard money is also not a long-term financial solution. This type of lender charges more in interest because of the risk they take in overlooking your credit score.  Most hard money deals are for the short-term and are usually paid off by the resale of the property being financed. In the case of hard money, your aim should be to pay the loan off as quickly as possible. Note however with hard money there is usually the option to refinance to a less expensive loan after your financial situation improves.

Basically, Hard money gives you options. Hard money providers can look past a recent bankruptcy because credit is not their primary consideration. Nevertheless, hard money is not the way to overcome personal financial difficulties, as this type of loan should be used to invest in real-estate.

In the case of hard money, always have a plan in place to pay the loan off as quickly as possible, either through the sale of your Arizona Investment Property or refinancing.

Still, hard money enables real-estate investors in the midst financial turmoil to continue making deals and purchasing new properties.

Dennis Dahlberg Mortgage Broker[3]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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Private Hard Money for Owner Occupied Borrowers in Phoenix

Welcome we offer Private Hard Money Owner Occupied Loans in Phoenix up to 80% LTV.

Our Phoenix owner occupied hard money loans program makes it easy for you to get the new home you need despite not having credit, having bad credit, or even if you’re not from the United States.  Owner occupied loans have easier requirements than investor loans and can even benefit from our cross collateral 100% LTV loan option.

Owner occupied hard money loans are also considered Principle Residence Loans, alternative financing, and private money loans.

We continuously stay up to date on all regulation required to offer owner occupied hard money loans.

Poor Credit, BK, Foreclosure, TIN Numbers, Self Employed YES we can!

No Up-Front Fees and No Cost to Apply.

Quick and simple to Apply for a Owner Occupied Private Hard Money Loan

Reasons Why Borrowers Use Owner Occupied Loans using Private Money

Bad credit

Hard to prove income

Dealing with a problem property

Cannot qualify for conventional or FHA/VA financing

Common Uses Of Owner Occupied Private Hard Money Loans Phoenix

Buying first or second home

Refinance an existing loan

Cash out for repairs or remodeling

Cash out for debt consolidation

Hard Money Owner Occupied Loan Program Options

100% FINANCING AVAILABLE if the borrower has another property that is free and clear or has a small mortgage in relation to value (substantial equity) to pledge as additional collateral.

We are a Private Hard Money Lender in Phoenix, making real estate loans to both Investors & Owner Occupants in Phoenix.

NO PRE-PAYMENT PENALTY

We have no pre-payment penalties on our loans.

PURCHASE – REFINANCE

Down payment: 20-30%

Can accept co signers

Allow seller carry back for the Down Payment

Up to 70% or 80% of appraised value

Up to 100% financing with a 2nd free and clear property.

Interest Rates from 9.5% for Owner Occupied Private Hard Money in .Phoenix

Requirements for Private Hard Money Owner Occupied Loans

Income verified – 3 months banks statements or tax return.

BK, Foreclosure, INN, Self Employed YES we can!

Apply for an Owner Occupied Hard Money Loan

If you are interested to see if you qualify for an owner occupied hard money loan in Phoenix, give Jamie a call today at 623-582-4444 or fill out our loan application to get started.

What is an Owner Occupied Private Hard Money Loan?

These types of loans are considered consumer loans. This means that they are for the individual home owner not an investor or corporation. These loans are for borrowers who will live in the home as their primary residence home. These are loans where the borrow will use the funds for consumer purposes, such as paying down debt, buying a boat, debt consolidation or paying a tax lien. The funds are going to be used to help the consumer. When you are applying for a consumer Private Hard Money home loan there are a lot of requirements that the lender must do to make sure that the borrower fits the loan. These are recent requirements, but the main requirement is that the Private Hard Money Lender Lending for an Owner Occupied Homes needs to make sure that the borrower can make the payments. They call this verifying the ability to pay the loan. Since this a Private Loan, these requirements are easier and more relaxed that the traditional lender. Additionally, Phoenix Private Hard Money for Owner Occupied Loans usually have a lower credit requirement. Another requirement is that the loans must be ‘fully amortized over 30 years’ and cannot have a balloon payment. The advantages of a Private Hard Money Lender are that the loan is completed quickly, and the borrower can move fast. Typically, the lender is private individual that will look at the property and make a quick decision. Rates on the loan are higher that a traditional loan, but usually range from 6-12%.

A few other reasons for a Phoenix Private Hard Money Owner Occupied Consumer Loan:

Self-employed

Trouble documenting income

Inconsistent income history

Credit issues due to a recent loan modification, short sale or foreclosure

Bankruptcy

Client already owns the home and needs to refinance, the purpose is consumer in nature, and there’s no purchase component.