What are the Best Fix and Flip Loans?

p4_img5b

 

If you’re new to fixer uppers, it’s enough to just be in-the-know through all the latest HGTV shows—an investment will be important for the property, but also your time, energy and resources. This includes your mortgage lender, loan process, and who to go to for successful fix and flip loan.

When it comes to fixer uppers, you have to have some extra cash. It’s not always difficult to find a property with potential on the market, but you also need to invest in possibly modernizing the home, fixing problem areas, and making it valuable to potential buyers.

If you don’t have extra money lying in the bank or a generous relative who can invest in you and your project, you are probably considering mortgage lenders to help fund your project. But what makes a successful mortgage lender who is worth your time and efforts?

What Is Hard Money—and Who Offers It?

Mortgage lenders can be public or private. When most people think of loans, they probably think of traditional money lenders, like banks and credit unions. These options are here for you, but with a catch. They have high expectations of their borrowers and the requirements for acquiring a loan can be strict. Simply, not everyone may qualify. Fortunately, there are other options if you don’t qualify with a traditional lender. Something else you may not know is that private, alternative loan lenders may be better for renovation projects anyways.

If you do not obtain a loan from a public loan lender, you may be interested in speaking with a private hard money lender. A private hard money lender is an untraditional loan option by private individuals or companies. Because private hard money lenders are not backed by large, public companies, they can work on an individualized basis. Just because you don’t qualify with a public lender, does not mean you will not qualify for fix and flip loans with a Private Money lender.

Private lenders and mortgage brokers offer something called hard money. Once approved, hard money can usually be obtained within the week so you are able to begin working on your renovation project, or bidding on the competitive housing market, right away. Because private hard money lenders are speedy and flexible, they come with higher interest rates. Borrowers may still choose to work with private hard money lenders for their fix and flip loans because of the time line.

Hard money is meant to be paid back fast—within the year—and a successful renovation project smooth updating and a quick sale makes repaying the loan in such a timeline possible. Borrowers may also be interested in speed because of the increased ability to obtain a house with potential. Being able to obtain it makes the project possible, and not all homes are great contenders as fixer uppers.

Hard money lenders in Arizona

If you are seeking a qualified mortgage broker in Arizona, look no further than the professionals at Level 4 Funding. We offer a free initial consultation with no upfront fees, so we can determine what the best fix and flip loans are for you. Give us a call today!                                      

                                                                                                                                         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

NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About:  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.
© 2019 Level 4 Funding LLC. All Rights Reserved.

Copyright | Privacy Policy | *Terms & Conditions

Comments

Post a Comment

Popular posts from this blog

What is a Deed of Trust in ArizonaTrust

Image
So, you have decided to buy a home in the great state of Arizona. Expect to sign your John Hancock to several documents. The is one you may not be too familiar with. In this article, you will learn all about what a deed of trust is used for. Buying a home is one of the biggest decisions you will ever make. Information will be thrown at you right and left, and there are numerous documents you will need to sign. In many states, homeowners will use a mortgage for their property loan, but in other states, deeds of trust are more common. In Arizona, you will most likely use a deed of trust. Although mortgages and deeds of trust serve the same purpose, there are significant differences that all prospective buyers should be aware of before buying their home. The deed of trust and mortgage are both executed and recorded in the county the property is located. They are both the same as in the property is used as collateral for the loan. Also, any future buyer will need to pay off the loan whet...
Read more

All About Deeds of Trust and Trust Deed Investing

Image
All About Deeds of Trust You’ve just made the decision to purchase a home! First things first. Find the perfect property for you, make an offer that will be accepted by the seller, and finally secure financing. When it comes to financing buyers will use either a mortgage or a deed of trust . These are the names of the document’s buyers will use to secure financing. Both works similarly, but not the same. Certain states require buyers to use only one and other states, such as Arizona allow either. The biggest distinction between the two is the number of parties involved. A deed of trust has three parties and a mortgage has only two. The three parties in a deed of trust are the borrower, the lender, and the trustee. The borrower is also referred to as the trustor and is the person purchasing the property and in need of a loan. The lender is either a legal entity or an individual who provides the loan. The trustee is a neutral third-party who holds the deed to the house and is ultimatel...
Read more

Inveseting in Foreclosure Properties–How To Do It

Image
How To Invest in Foreclosures You’ve seen the TV programs where attractive young couples buy foreclosed homes , renovate them, and flip them for huge profits. They make it look easy. While of course, the process of purchasing, renovating, and flipping foreclosed properties is a bit more complicated than it appears on TV, it is doable and you can make a profit from it. Here’s what you need to know before spending one dime on a foreclosed property. Drive-By the Property When the sales list comes out, peruse the list, and identify potential properties for purchase. You’ll want to visit them prior to the sale. Of course, you will want to get an idea of the condition of the property, but you also want to inspect the neighborhood. First, research the property online. You will be able to determine how old it is, how many bedrooms and bathrooms it has, how many owners it had, how long the previous owner had it, what the property taxes are, and in many cases, whether permits were pulled to p...
Read more