However, to qualify for this loan, a hard money lender for real estate in Phoenix will typically require borrowers to provide a minimum of 30% to 40% down payment or equity in the property. The larger the down payment or equity, the better your chances of getting approved by the hard money lender.
A hard money lender from Phoenix will also require borrowers to be financially strong, with enough cash reserves to make monthly payments and cover any other holding costs. At times, the lender may increase the loan amount and hold back your funds to cover taxes, loan payments, and additional costs if you lack cash reserves.
Finally, the
hard money loan lender will want to make sure that you have an exit strategy or have sufficient commercial real estate experience. A solid exit strategy becomes even more vital if you lack experience. You will also need to share detailed information about your property and project.
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