Tucson, AZ Hard Money Lender
Hard money lending can be a valuable tool for real estate investors looking to take advantage of time-cognizant opportunities or projects that require a quick infusion of capital. CoreVest helps fund rehab projects for real estate investors with its fix and flip credit line product. The Tucson, AZ market is booming right now and many fix and flip investors have successfully leveraged their capital with CoreVest. Whether it’s a complete fixer upper, or you need funds for a quick rehab to get the property purchased, CoreVest can help you leverage a competitive hard money loan today. Our approach to efficient underwriting and appraisal service relationships allows us to close deals quicker than our competition.
CoreVest has many years of experience working with fix and flip investors throughout the state of Arizona. CoreVest is hard money lender in the state of Tucson, AZ with over $20 billion in loans closed since the companies existence. As a leading Tucson, AZ hard money lender, CoreVest’s non-shared rental homes products will immediately help free up your finances to invest in more fix and flip projects.
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Factors to Consider When Choosing a Hard Money Lender in Tucson, AZ
When choosing a hard money lender in Tucson, AZ, there are several factors to consider. Some of the most important ones are:
– Reputation and experience of the lender: Look for a lender with a history of successful transactions and satisfied clients. This can be a strong indicator of their reliability and expertise.
– Interest rates and fees: Hard money loans generally have higher interest rates and fees than traditional loans, so it’s important to consider the cost of the loan.
– Loan terms and repayment schedule: Make sure you understand the loan terms and repayment schedule before agreeing to a loan. Some lenders may offer more flexible terms than others.
– Lending criteria and eligibility: Hard money loans are asset-based, meaning that the quality of the collateral is the most important factor. Make sure you meet the lender’s lending criteria and eligibility requirements.
Reasons to Invest with Hard Money Loans in Tucson, AZ
Growing Rental Demand: Tucson, AZ, experiences a rising demand for rental properties due to its growing population, job opportunities, and attractive lifestyle, providing investors with a potentially steady and lucrative rental income.
Affordable Real Estate: Compared to other cities in Arizona, Tucson offers relatively affordable real estate prices, allowing investors to acquire rental properties at a lower cost and potentially enjoy higher returns on investment.
University Influence: With the presence of the University of Arizona, Tucson benefits from a consistent influx of students and faculty, creating a stable pool of potential tenants for investors targeting the student rental market.
Hard Money Loan Availability: Tucson’s robust real estate market and investor-friendly environment make it an ideal location for securing hard money loans easily and efficiently, enabling investors to fund their rental property purchases with flexible financing options.
Common Use Cases for Hard Money Loans in Tucson, AZ
Hard money loans can be used for a variety of purposes in Tucson, AZ. Some of the most common use cases include:
– House flipping projects: Hard money loans can provide financing for real estate investors who want to purchase and renovate a property for resale.
– Real estate investments: Hard money loans can be used to purchase investment properties, such as rental properties or commercial real estate.
– Property rehabilitation and renovation: Hard money loans can provide financing for property owners who want to renovate or rehabilitate a property.
– Bridge financing: Hard money loans can be used as bridge financing to cover the gap between the purchase of a new property and the sale of an existing property.
Case Studies: Real-Life Example of Hard Money Loans in Tucson, AZ
Case study 1: Flipping a residential property
If you plan to rehab a residential property and sell it within a short period of time, a fix and flip loan is what you need
Here is an example of how a hard money loan can be used to flip a property in Tucson, AZ:
– A real estate investor in Tucson, AZ found a property that needed renovations and was listed for $200,000.
– The investor estimated that the renovations would cost $50,000, bringing the total project cost to $250,000.
– The investor applied for a fix and flip loan from Asset Based Lending, LLC, which approved the loan in 24 hours and provided funding in 10 days.
– The loan covered 85% of the total project cost, or $212,500, leaving the investor to come up with the remaining $37,500.
– The investor completed the renovations and sold the property for $325,000, making a profit of $75,000
Hard money loans for fix and flip projects are short-term loans that cover the purchase and renovation of a property that will be resold on the market shortly after repairs are complete. These loans are typically provided by private investors and hard money lenders, and they don’t rely on verified income or other standard loan factors, so they are more available to people entering the house-flipping market
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CoreVest continues to grow with our borrowers and remain active participants in the industry