Your Arizona Hard Money Loan Questions - Answered

If you invest in distressed properties or other real estate

, then you are probably already looking at using Arizona hard money loans to finance your next venture. However, if you are unfamiliar with Arizona hard money loans, then you probably also have questions. Here are the answers to the most frequently asked questions about hard money loans in Arizona.

How do I Qualify for Hard Money Loans in Arizona? You need to be a professional real estate investor who is purchasing investment property.

Can I use hard money loans in Arizona for home improvement products? Generally, no. Most hard money lenders in Arizona require that you purchase a single family home, townhouse, condo or similar investment property. Usually, you cannot secure hard money loans in Arizona for:

Home improvement and reconditioning projects (although in some cases a part of your hard money loans in Arizona may be used for that purpose check with your lender).

1) Mobile homes.

2) Multifamily homes over six units.

3) Vacant lots.

4) Construction properties.

Be sure to check with your Arizona hard money lenders policies, especially if you want to secure funding for the above type of properties.

Can I use Arizona hard money loans to finance out-of-state properties? This depends on whether your hard money lender in Arizona has an office in the state where the property is located. For example, the Active Funding Group finances properties in California, Arizona and Nevada.

What is the Typical Down Payment? This varies depending on what type of property you are purchasing, but generally it ranges from 20% to 40%. Most real estate professionals who seek out hard money loans in Arizona will likely put down a 25% down payment.

What is the Typical LTV? The LTV, or loan-to-value ratio, is how much of the propertys value will be financed by the hard money loan. Generally, you can expect a 60% LTV ratio, meaning Arizona hard money lenders will finance 60% of the value of the property.

Can I get a jumbo loan? Yes, most Arizona hard money lenders will finance loans over $250,000. If you do apply for a jumbo loan, however, be prepared to apply a bigger down payment.

Where can I find reputable Arizona hard money lenders? The best way to get hard money in Arizona is by applying for loan through Active Funding Group, which is the largest hard money lender in Arizona and the Southwestern United States.

by: Jesenia Crista

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