Do you need cash quickly and a traditional loan from a banking institution is just taking too long? A hard money loan in Phoenix, Arizona might be the financial reprieve you are looking for. This is a short-term loan for that important project, like a real estate investment, construction, commercial projects, land transactions, and more.
How Is Hard Money Lending Different From A Traditional Bank Loan?
When you apply for a loan from your bank in Phoenix, Arizona, many lenders will focus on your debt-to-income ratio, credit score, and employment history. They want to guarantee as best they can that you are going to repay the loan. With hard money lending in Phoenix, the value of the collateral in which you use will be the basis for securing the loan. The lender will use your collateral to recuperate any losses. Hard money loans are also different in that they tend to be short-term loans, have higher than average interest rates, but they require less paperwork and fewer hoops to jump through.