PHOENIX, Oct. 24, 2018 /PRNewswire/ -- In Arizona, and many other states, hard-money loans are a means of financing a real estate purchase or development without many of the procedural hurdles associated with bank loans. Private businesses and investors offer hard-money loans on a shorter period, but with higher interest rates and other expenses. Unlike banks, which focus on a borrower's ability to repay a loan, hard-money lenders usually look at the value of the collateral when deciding to make a loan. This is where Barrett Financial Group actively works with their clientele investing in Arizona real estate, they fund millions in hard money loans for investors every month in Arizona and California. Barrett Financial Group provides the highest level of service in every facet of real estate investing, trust deed/mortgage investments, and investor education. They are driven by service, not sales, and are committed to providing real estate professionals with the tools needed to succeed.
The Arizona hard money loan mortgage market has greatly expanded since the 2009 mortgage crisis with the passing of the Dodd-Frank Act. Dodd-Frank has created new obligations for hard-money lenders who loan money for residential properties in some circumstances. It has also potentially made this type of loan more appealing for commercial real estate. The reason for this expansion is primarily due to the strict regulation put on banks and lenders in the mortgage qualification process. The Dodd-Frank and Truth in Lending Act set forth Federal guidelines requiring mortgage originators, lenders, and mortgage brokers to evaluate the borrower's ability to repay the loan on primary residences or face huge fines for noncompliance.
Because the primary basis for making a hard money loan is the liquidation value of the collateral backing the note, hard money lenders will always want to determine the LTV (loan to value) prior to making any extension of financing. A hard money lender determines the value of the property through a BPO (broker price opinion) or an independent appraisal done by a licensed appraiser in the state in which the property is located.
Barrett Financial Group's loan programs are designed for Arizona real estate investment professionals and to help make the process of investment funding fast and easy. Their simple loan process enables clients to close purchases in as little as 3 business days. They work with investors buying REOs, short sales, real estate auctions, trustee sales, trustee sale refinances, private party, and even residential construction projects. Their programs focus on single-family residential properties (1-4 unit) all throughout the state of Arizona and California.
Barrett Financial Group are private funders experienced in all aspects of real estate lending, ranging from refinancing, to fix and flip loans, to bridge loans. You as the customer will be quickly and efficiently provided with the financing you need from safe and trustworthy lenders. Barrett Financial Group's goal is and always has been to help people thrive with their real estate projects. Barrett Financial has several extremely-reputable investment partners but is always willing to open the door to more.
SOURCE Barrett Financial Group