You’ve come across a distressed property in Arizona that would make a great investment. Problem is, if you’re going to buy it then you need to move fast. Securing a traditional loan won’t work, because the property will be gone before a traditional lender even approves the loan.
So what’s the solution? You need to apply for hard money in Arizona.
If working with Arizona hard money lenders is new to you, then you’ll want to read this quick overview so you have an idea of what to expect…
Step 1: Choose Your Property
Do your due diligences on the property before you even think of starting the process of applying for hard money in Arizona. You’ll need to make sure that you’re buying a good investment, as this is something your Arizona lender will be looking at as well.
Generally, lenders in Arizona require that your purchases are single family homes, small multi-family homes (less than five units), condominiums or town homes. These investments shouldn’t be in blighted or high-crime areas, otherwise you risk your Arizona hard money lender denying your application.
Step 2: Start the Arizona Hard Money Loans Application Process
Your next step is to being your application process online at http://www.activefundinggroup.com/AZ/content/view/6/Index.html. You’ll need to be sure that you have all your paperwork at your fingertips before you apply. This includes financial statements for the properties, your bank account details, and your contact information and so on.
Do note that providing inaccurate information on the application, or failing to complete your Arizona hard money loans application will delay the process. As such, double check your loan application for accuracy and completeness before you submit it.
Step 3: Prepare to Provide Additional Information to Your Arizona Hard Money Lender
Generally, lenders in Arizona are able to approve your funding request quickly – often in as little as one business day. However, usually lenders in Arizona will need to inspect the property before funding your loan. As such, you need to be prepared to give them access to the property and/or provide any additional information that your lender requests.
Step 4: Purchase the Property
Once your application is approved, then you can move forward to purchase the property. Generally, you’ll need to have anywhere from a 20% to 40% cash down payment, depending on the condition of the property and its value.
Step 5: Save Your Receipts
If part of your loan request included a repair and improvement draw, then you’ll need to save your receipts for the improvements and repairs. You’ll also need to make sure you complete the improvements in a timely manner.
As you can see, the process of applying for Arizona hard money isn’t complicated. In fact, you can get started right now by going to Active Funding Group to start the online application.
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Brad is a guest blogger interested in writing finance and loans related articles. He writes many articles in finance categories to help people who searching for the better financial solutions.