Private Hard Money for Owner Occupied Borrowers in Phoenix

Welcome we offer Private Hard Money Owner Occupied Loans in Phoenix up to 80% LTV.

Our Phoenix owner occupied hard money loans program makes it easy for you to get the new home you need despite not having credit, having bad credit, or even if you’re not from the United States.  Owner occupied loans have easier requirements than investor loans and can even benefit from our cross collateral 100% LTV loan option.

Owner occupied hard money loans are also considered Principle Residence Loans, alternative financing, and private money loans.

We continuously stay up to date on all regulation required to offer owner occupied hard money loans.

Poor Credit, BK, Foreclosure, TIN Numbers, Self Employed YES we can!

No Up-Front Fees and No Cost to Apply.

Quick and simple to Apply for a Owner Occupied Private Hard Money Loan

Reasons Why Borrowers Use Owner Occupied Loans using Private Money

Bad credit

Hard to prove income

Dealing with a problem property

Cannot qualify for conventional or FHA/VA financing

Common Uses Of Owner Occupied Private Hard Money Loans Phoenix

Buying first or second home

Refinance an existing loan

Cash out for repairs or remodeling

Cash out for debt consolidation

Hard Money Owner Occupied Loan Program Options

100% FINANCING AVAILABLE if the borrower has another property that is free and clear or has a small mortgage in relation to value (substantial equity) to pledge as additional collateral.

We are a Private Hard Money Lender in Phoenix, making real estate loans to both Investors & Owner Occupants in Phoenix.

NO PRE-PAYMENT PENALTY

We have no pre-payment penalties on our loans.

PURCHASE - REFINANCE

Down payment: 20-30%

Can accept co signers

Allow seller carry back for the Down Payment

Up to 70% or 80% of appraised value

Up to 100% financing with a 2nd free and clear property.

Interest Rates from 9.5% for Owner Occupied Private Hard Money in .Phoenix

Requirements for Private Hard Money Owner Occupied Loans

Income verified – 3 months banks statements or tax return.

BK, Foreclosure, INN, Self Employed YES we can!

Apply for an Owner Occupied Hard Money Loan

If you are interested to see if you qualify for an owner occupied hard money loan in Phoenix, give Jamie a call today at 623-582-4444 or fill out our loan application to get started.

What is an Owner Occupied Private Hard Money Loan?

These types of loans are considered consumer loans. This means that they are for the individual home owner not an investor or corporation. These loans are for borrowers who will live in the home as their primary residence home. These are loans where the borrow will use the funds for consumer purposes, such as paying down debt, buying a boat, debt consolidation or paying a tax lien. The funds are going to be used to help the consumer. When you are applying for a consumer Private Hard Money home loan there are a lot of requirements that the lender must do to make sure that the borrower fits the loan. These are recent requirements, but the main requirement is that the Private Hard Money Lender Lending for an Owner Occupied Homes needs to make sure that the borrower can make the payments. They call this verifying the ability to pay the loan. Since this a Private Loan, these requirements are easier and more relaxed that the traditional lender. Additionally, Phoenix Private Hard Money for Owner Occupied Loans usually have a lower credit requirement. Another requirement is that the loans must be ‘fully amortized over 30 years’ and cannot have a balloon payment. The advantages of a Private Hard Money Lender are that the loan is completed quickly, and the borrower can move fast. Typically, the lender is private individual that will look at the property and make a quick decision. Rates on the loan are higher that a traditional loan, but usually range from 6-12%.

A few other reasons for a Phoenix Private Hard Money Owner Occupied Consumer Loan:

Self-employed

Trouble documenting income

Inconsistent income history

Credit issues due to a recent loan modification, short sale or foreclosure

Bankruptcy

Client already owns the home and needs to refinance, the purpose is consumer in nature, and there’s no purchase component.

Can you use a residential hard money lender for construction financing?

Real estate, in general, can be a very expensive business to involve yourself in. If you work as an agent most likely you will have to pay for your tests and license. If you are in the business to fix and flip a property you will spend money on the home, as well as, local advertising. Maybe you are just a regular person that wants to buy a new home. Either way, you need money. Sometimes you may need help paying for some of your expenses.

For most people, this extra cash will come from the bank, however, if you are in a time crunch a residential hard money lender will work for you. A loan from a hard money lender would work great for contractors, as well. Think of all the instances where something went awry during the construction process. When building stops you lose time and potentially thousands of dollars.

On average, it costs about $125 per square foot under normal construction. This means if you were to begin building a 3,000-square-foot home it would cost about $325,000. Most likely this is before all the additional after-market enhancements you may want to add. This is where loans will most likely come in. If you choose the hard money route, most likely you will have to do a combination loan package.

Usually, contractors will apply for a construction loan that will likely last the duration of construction. The second loan is a permanent loan that is used to pay off the first loan. When shopping for two loans you must also remember to look for more than one lender. Some bank will not allow you to take out multiple loans at the same time. If this happens to you a residential hard money lender should be able to give you the money you need fairly quickly.

Be mindful of the hard money loans that you borrow.

When it comes to hard money loans, borrowing during construction can be very risky. Having the extra money can be helpful if you are in a tough bind. Usually, a residential hard money lender will let a client borrow a short-term loan that lasts from about six months to a year. In that time—if you plan to sell the property—you want to find a buyer fairly quickly. Depending on the progress of the project your timeframe can be pushed off. In some cases, construction can halt for a year or more.

If you are lucky you could possibly be able to have your interest rate lock for a specific amount of time. This is contingent on the lender being lenient and is based on the figures you have already given them. If something goes wrong, they could deny your request.

Do you need a hard money loan for construction?

Maybe you do need extra for the renovations that you want to do on your new rehab. Before you take on more expenses and bills make sure the property that you are working on will bring in revenue. You do not want to be stuck with a loan after all the work is done.

 

Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
 
About the Author:  Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.









          

Technorati Tags: residental hard money lenders,residential hard money lender

Trumps Economy Is Going To Take Off! Get Ready Now!

Thing are going to happen..

Something is going on out there. Recently I've opened a new checking account at BofA for a small business venture, but I had one major problem to overcome. Something that I would have never expected. When I got to the bank they said "you will have to stand in line to open an account. " I asked my personal banker 'what's going on'? She said " did not understand what was happening, but since this morning there has been a steady stream of new customers coming into the bank and opening business checking accounts. I have never seen this much activity before".

Based on a recent Bloomberg report, Optimism among America’s small businesses soared in December by the most since 1980 as expectations about the economy’s prospects improved dramatically in the aftermath of the presidential election.

Being in business for 40 Plus years I hear this from my personal business associates. The consensus is that their feeling is '2017 is going to be a good year'. The share of business owners who say now is a good time to expand is three times the average of the current expansion, according to the NFIB’s data. More companies also said they plan to increase investment and keep hiring, which reflects optimism surrounding President-elect Donald Trump’s plans of spurring the economy through deregulation, tax reform and infrastructure spending.

Fifty percent of respondents, the biggest share since March 2002, said they expect better business conditions in the next six months. That was 38 percentage points higher than in November. The net share of firms projecting higher sales jumped by 20 points to 31 percent. Some 29 percent say they will boost capital outlays within six months.

The National Federation of Independent Business’s index jumped 7.4 points last month to 105.8, the highest since the end of 2004, from 98.4. While seven of the 10 components increased in December, 73 percent of the monthly advance was due to more upbeat views about the outlook for sales and the economy, the Washington-based group said. “

 

Rising confidence adds to the economy’s upward momentum,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York, said in a note. At the same time, the “NFIB membership appears to be disproportionately Republican, so it is possible that the data will start overstating strength, opposite the pattern during the Obama administration.”

The NFIB report was based on a survey of 619 small-business owners through Dec. 28. Small companies represent more than 99 percent of all U.S employers, according to the U.S. Small Business Administration. A small business is defined as an independent enterprise with no more than 500 employees.

“We haven’t seen numbers like this in a long time,” Juanita Duggan, president and chief executive of the NFIB, said in a statement. “Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.”

So now what do you do? What is your plan for the next 1-2 years? Should you invest in the stock market, hold cash, purchase real estate? Personally, I'm jumping back into the real estate rental market. But I'm being very cautious on what and where I purchase. I'm still licking my wounds from 2008.

Dodd-Frank will be changed. Only 3 new banks have been started since the 2008 crash. I remember when it would have been hundreds! Lending has been stagnant as local and regional banks are handcuffed to lend. What we have is constipation of the money pipeline due in large part to Dodd-Frank. 

 

 

 

 

 

 

Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.comhttp://www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701



About Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

          

Deed of Trust Definition - What is a Deed of Trust

What is a Deed of Trust?  Deed of Trust Definition

Definition of A Deed of Trust (also know as trust deed) is a deed (piece of paper usually recorded at the county) that gives legal title to real estate to a trustee. It secures the note (Mortgage).

There are three parties to this type of title. They are:

1. The Trustor (Borrower),
2. Beneficiary (Lender) and a
3. Neutral 3rd part called the Trustee.

They are written so that the lender gives money to the borrower to purchase a real property (home) and the borrower signs a deed of trust giving the power of sale for property to the natural 3rd party trustee to be held in trust for the lender. (I like to think the trustee takes the Deed of Trust and puts it in the top drawer of their desk and waits.) The borrower owns the property, but the title is held by the trustee.

This is noted in the Deed of Trust and is called the ‘power of sale clause’.

 

Deeds of Trust Definition

Equity – our long-term Mortgage program is brokered at 60% of the after repaired value (ARV or LTV) where the goal is to have a fixed and rented home that more than covers the monthly payment..

Money Down – All of our professional real estate investors will have either personal funds or a spread of equity in the transaction serving as their personal guarantee and commitment that the Deeds of Trust payment is a priority

1st Deeds of Trust Only – Our investors are the only holder of the note and in first position

No Pooling of Funds – The Level 4 Funding does not pool funds (also called fractionalized Deeds of Trust). This gives the Deeds of Trust investor more control over the investment

Non-Owner Occupied Properties Only – The Level 4 Funding only brokers Mortgages for non-owner occupied, single family homes and units (1-4) to a very unique client, the professional Arizona real estate investor.

Appraisal – An estimated value placed on a property at a particular point in time. Also known as appraised value.

Beneficiary – The beneficiary is the lender that can be an individual or a legal entity. Also known in a Deeds of Trust investment as a private money lender.

Deed of Trust – A document signed by the borrower that, once recorded, acts as proof that a Mortgage has been made on a property.

First Deeds of Trust – The first in line of Deeds of Trust recorded on a property.

Hard Money Mortgages – given at a higher interest to reflect perceived risk and added convenience of speed.

Interest Only – No payments being made on a Mortgage are being applied to principal. The balance due stays the same.

Simple Interest – Its calculated using the following:  (Balance Amount * Interest Rate) divided by 12.  This gives you the monthly payment for interest only payments.

Mortgage to Value (LTV) – Is a ration is used to determine risk and equity position in a property. If the property us currently valued as it stands now at $100,0000 a Mortgage of $70,000 gives a LTV of 70%   ($70,000 divided by $100,000). This should not be confused with ARV – After Repair Value.

Points – A percentage fee charged for origination of a Mortgage. One point is equal to one percent.

Promissory Note – The Promissory Note is signed by the borrower and shows the terms of the Mortgage.

Trustee – An individual or organization authorized to hold a trustee sale.

Trustor – The trustor is the borrower.

 

Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com
http://www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701

About Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.

Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.

Does Our Government Really Hate US? Really?

What's wrong with our economy?

One of the technical terms used when evaluating a healthy economy is a term called velocity of capital.  What this means is how fast  money is moving around from one person to another,  or defined as "The velocity of money is the rate at which money is exchanged from one transaction to another and how much a unit of currency is used in a given period of time. Velocity of money is usually measured as a ratio of GNP to a country's total supply of money.”

 

As you can see from the above graph the Velocity is on a steady decline.  So what causes the drop? My opinion is that there are two main reasons:

1. People (consumers) have stopped spending money.   They are sitting on a boat load of cash and they are in a wait and see mode. 
2. The second reason why there is a decline is that the government has put up road blocks to keep spending money.  One of the biggest road blocks enacted are the Dodd-Frank Regulations  that are making it extremely difficult for individuals to purchase homes. 

When someone purchases a home it's not just the seller and buyer who are happy.  There are those downstream of this  closing  that are going to be happy when the home closes.  Typically the listing and selling agents are happy, but there are others who also benefit from this happiness and make a living off of the sale.  Sure the buyer is happy, they have their dream home they always wanted, and the seller is happy since the can move to their next home,  or maybe get rid of the current home.  It's going to be a Happy, Happy, Happy fest.  The agents who listed/sold the home can't wait till they receive the final HUD 1 is completed and the title company sends out the checks to the brokers.  Most agents keep a list of the transactions in their pipeline and like most agents, their spouse is quizzing them on the transactions.  My wife usually says, 'got anything closing this week'?  She says this specially during the holiday season.  I'm happy to say that yes!.  This is going to be a good Christmas.  However there are many others who will benefit from this transaction and will have a happy Christmas.

• Title company and the title agent are getting something from this transaction, like title insurance & escrow fees.
• The loan company, Loan Officers, Loan Brokers, Underwriters, support staff, company sales rep also benefit.
• Home Inspectors, and termite inspectors are getting some of the money.
• Handyman who will fix the conditional items from the homeb inspection also get a piece of the deal, and don't forget all the hardware stores will get a piece of this pie when the handyman  buys a new faucet or  other item to be fixed.
• Tax payers benefit when home taxes are being paid in full with collections of future taxes.
• Insurance companies are writing a new policy.
• HOA's are going to receive a transfer fee and maybe impact fees.
• Neighbors are going to be happy to see a new neighbor.
• Disabled Vets are going to receive all of the  stuff the new home owners are going to give away before they move.
• Utility companies are going to get a change notice and if the account is past due, they are going to get paid.
• Appraisal companies will get their piece of the pie also.

It is amazing when you think of all the people who will touch this transaction to complete the deal at all.  BUT what's really startling is how many people will be able to keep their job, put food on the table and survive. 

With all of this occurring, we should sell homes all the time, but I'm shocked by the road blocks our government has put in place to stop this from occurring.  In an effort to fix the last collapse of the housing industry, the administration has generated a mountain of mind numbing regulations to stop consumers from purchasing a home.  It's like passing through  gates of hell to get a loan.  We have gone too far in the wrong direction to fix the problem.  The incoming administration has indicated that they are aware of this problem and is promising to fix the regulations ASAP.  Let's get money flowing again!

Dennis Dahlberg Broker/RI/CEO/MLO
Level 4 Funding LLC  Private Hard Money Lender
Arizona Tel:  (623) 582-4444
Texas Tel:      (512) 516-1177
Dennis@level4funding.com
http://www.Level4Funding.com
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701



About Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.


Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.