If you are not eligible for a prime loan, or simply are looking for a loan application process which features faster and easier qualification criteria, a hard money loan in Phoenix might be a fit for your needs.
You can qualify for a hard money loan based on collateral rather than on your credit score.
The fact that qualifications are simplified and streamlined for hard money loans means that you can get through the application process much more quickly than you could if you were applying for a comparable prime loan.
Hard money loans typically do not include penalties for prepayment.
Here are a number of situations where you might find a hard money loan is exactly what you need to achieve your real estate goals in Phoenix.
If you simply are not eligible for a prime loan, a hard money loan can open doors to real estate ownership which would otherwise be closed to you.
A hard money loan is also a way you can improve your credit score while you wait to apply for a conventional loan. The key to getting the boost you are looking for is simply to make timely payments in full.
If you want to purchase short-term financing for a real estate purchase without worrying about prepayment penalties, a hard money loan is one of your best options.
Because they have no prepayment penalties, and because they are fast and easy to process, hard money loans are ideal for those who are fixing and flipping real estate.
A broad range of commercial ventures in real estate may benefit from hard money loans instead of traditional prime loans. When you need to move on property fast, wasting time on the traditional lending application process may mean missing out on a key business opportunity.
For buy and hold real estate investments, a hard money loan is an excellent option when taking advantage of foreclosure prices.
If you are purchasing one property while selling another, a hard money bridge loan can offer you the fast, convenient and flexible financing you need for success with both transactions.
Whatever your situation, and whatever your reason to apply for a hard money loan, we will discuss your goals in detail during your consultation so that we can connect you with the lending product which will help you to achieve them quickly and affordably. If you are ready to apply or have more questions, please give us a call today at (480) 470-1080.
Barrett Financial Group LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.