Apple Wood Private Hard Money Lender

Have you been turned down by banks because you don’t have perfect credit? Do you have collateral? Do you need a loan to invest in property? Many people are not familiar with the term, “spec loan.” A Spec loan is a term used for a loan on a speculative property; meaning it the end game is unpredictable. A speculative property is one that the developer has not sold. And, because the sale has not been finalized, the loan itself is only speculative. Financing a spec home is a process, and it’s a little different than a conventional home loan. Traditional banks are not quick to approve financing for an Arizona spec home . It is a risk for a lender because it is essentially a loan for a construction project without a committed buyer; and that flags risk to the banks. You’ll work with a mortgage lender when building an Arizona spec home . However, the builder will need the financing from mortgage lenders to purchase the needed materials and pay the construction crews. To prove to the lenders ...