There is a wide range of choices for Phoenix hard money lenders because this city is the capital of the state of Arizona. It is also the biggest city in Arizona and has a population of about 1.5 million. It also serves as the administrative center for the county of Maricopa and it has a diversified economy despite it original dependence on citrus and cotton agriculture at the time when it was founded. Large companies, including seven of the Fortune 1000 companies are based in this city.
It is important to note that Phoenix hard money is a non-standard form of financing that is available for companies that may have difficulties in having their loan applications approved by banks and other conventional lenders. Aside from offering faster approval times, hard money lenders in Phoenix are much more flexible than conventional financing institutions. Often, they ignore the poor credit ratings of the borrowers and focus on the actual market value of the real estate property that is being offered as security.
Phoenix, AZ hard money lenders can also release the funds in a matter of days, unlike banks that may take a month before they approve the loan and give the money to the borrowing company. This is significant because there are times when a business has to close a deal as fast as possible when purchasing a particular property. The reason is that the commercial hard money will permit the buying company to complete the acquisition before other businesses that may also be interested in the real estate property.
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