Hard Money Lenders in Phoenix, Arizona
ARIZONA HARD MONEY LENDERS LOAN PROGRAMS & RELATED COSTS
NO PRE-PAYMENT PENALTY
Down payment: 30% with exceptions down to 20% for owner occupants (up to 100% financing with a 2nd free and clear property as additional collateral).
- 10 Year Fully Amortized – Principal and interest payments fully pay off your Hard Money Lenders Arizona loan over 10 years, just like a car loan.
Choose your rate:12.99%
Origination Fee*: the greater of $4,000 or 8 points, monthly principal & interest payments of $14.93 per $1000 borrowed plus 1/12 taxes and insurance plus $30 account servicing fee to loan servicing agent.14.99%
Origination Fee*: the greater of $3,000 or 6 points, monthly principal & interest payments of $16.13 per $1000 borrowed plus 1/12 taxes and insurance plus $30 account servicing fee to loan servicing agent.16.99%
Origination Fee* the greater of $2,000 or 4 points, monthly principal & interest payments of $17.37 per $1000 borrowed plus 1/12 taxes and insurance plus $30 account servicing fee to loan servicing agent.*Other loan costs in addition to the Hard Money Lenders AZ Origination Fees above, you will need to pay $1720 in eMortgage administrative fees (underwriting, loan document preparation, processing, Hard Money Lenders Phoenix application fee, etc.)
- 20% DOWN EXCEPTION Down payments of less than 30% will be considered, down to 20% for OWNER OCCUPIED purchases. Fee: greater of $1000 or 2 points to be added to selected loan program loan fees OR an increase of 1% in interest rate.
*You will also need additional money to pay your title fees, escrow fees, pre-paids for 1st year insurance and initial deposit in to impound account for future taxes & insurance, account servicing set up fee, prorated interest, appraisal & other typical closing costs. (these typical closing costs usually add up to about $3500 or so).
Click here to calculate Total Cash Needed to Close
- LOWEST MONTHLY PAYMENT PROGRAM – 7 YEAR BALLOON – 12.99% interest rate monthly principal and interest payment calculated at $11.71 per month per $1,000 borrowed plus 1/12 taxes and insurance plus $30 account servicing fee to loan servicing agent, based on a 20 year amortization at 12.99% interest rate. Payments are lower because less principal is required to be re-paid each month. This loan has a 7 year Balloon Payment, meaning the unpaid principal balance still owing will be all due and payable 7 years from the origination of the loan, unlike fully amortized loans that fully pay themselves off like a car loan.
Origination Fee*: the greater of $5,000 or 10 points, plus $1720 in eMortgage administrative fees, and remember, you also need additional money to pay your typical closing costs & prepaids typically adding up to $3500 or so).
- FIX & FLIP One Year Interest Only Loan - 14.99% interest rate, monthly interest payments of $12.49 per $1000 borrowed plus 1/12 taxes and insurance plus $30 account servicing fee to loan servicing agent.
Cost: the greater of $2,000 or 4 points, plus $1720 in eMortgage administrative fees, and remember, you also need additional money to pay your typical closing costs & prepaids typically adding up to $3500 or so).
RENOVATIONS INCLUDED Loan Program. Up to 70% of renovation costs can be rolled into your loan on any of the Hard Money Lender Arizona loan programs above. Cost: $575. Roll RENOVATION COSTS into your PURCHASE LOAN based on renovation cost and ARV (After Repair Value) appraisal. These loans are done on a case by case basis. Below is an example to give you an idea of how it works.
- We fund up to 70% of total of purchase price and estimated renovation costs
- We release up to 70% of purchase price at Close of Escrow
- We release remaining loan proceeds to finance renovations at completion of renovations (to ensure Lender they get completed)
Example:
$70,000 purchase price + $30,000 estimated renovation cost = $100,000 total acquisition cost.
70% of $100,000 = loan amount of $70,000
Details of the above example:
$30,000 down ($30% of $100,000)
+ $2,800 cash needed for origination fee
+1,720 in eMortgage adminitstrtive fees
+ $3,500 estimated 3rd party closing costs & prepaids
$38,020 Total Cash out of pocket from Borrower to COE in this example.
$70,000 BRAD LOAN is fully funded to title at close of escrow.
$49,000 70% of purchase price released at close of escrow
$21,000 remaining loan proceeds HOLD-BACK in escrow and RELEASED to borrower
upon COMPLETION of renovations.
CALCULATE TOTAL CASH NEEDED to complete your purchase including closing costs:
- cash for Down Payment - typically 20% - 30% of purchase price
- cash for Origination Fee (depends on the Loan Program selected)
- cash for Loan administrative fees to eMortgage Inc. - $1720
- cash for title fees, pre-paids, appraisal & other typical closing costs (estimate of $3000 to $3500 depending on loan size, cost of insurance, amount of taxes, etc.)
1 + 2 + 3 + 4 above = $ TOTAL AMOUNT out of pocket cash needed at closing
Fill out our 5 minute ONLINE APPLICATION I will get back to you usually within 24 to 48 hours (often sooner) to discuss your BRADLOAN application.
SPECIAL FINANCING on SUPER HOMES!
See our Properties page for special lower interest rate loans, reduced down payment requirements, as well as extended terms on BRAD LOANS secured by our inventory of specially renovated Brad Homes. We, the best hard money lenders in Phoenix, have some excellent properties that have lower interest rate Seller Carry-back financing with no loan fees. Many of these homes are total upscale renovations and MOVE IN READY.
Rates, terms and fees stated herein are for Real Estate and Mortgage Professional use only. As an example, an $80,000 loan at 12.99% amortized over 10 years has an APR of 16.29%. APR cannot be determined until loan costs, determined by the specific and various terms of a particular loan, are calculated in to the equation. All fees quoted herein for the numerous loan programs are typical estimated fees to demonstrate an example of various loan scenarios we may create for a borrower's special needs. Actual fees may vary due to specific circumstances. Rates, terms and fees listed herein are subject to change at any time without notice.
Call today to discuss your specific loan options with Brad and his team -- hard money lenders Arizona can trust!
