Phoenix, AZ (PRWEB) February 20, 2013
It's not a surprise to anyone that it is becoming more and more difficult to be approved for a traditional bank loan. This leaves many borrowers lost and frenzied, not knowing what their options are (or that they have options at all). Level 4 Funding, a hard money lending institution in Phoenix, AZ, is now offering alternative solutions to funding home and commercial real estate purchases.
In an article posted on the NYTimes website in August 2012, "When Banks Won't Lend, There are Alternatives, Though Often Expensive," Kenneth Walsleban, a professor at Syracuse University is quoted saying "The days of yesteryear when you could go to your corner bank are over."
Unfortunately, this is all too true. The good old days are over and nearly all Americans have been left in some sort of financial lurch.
On February 4, 2013, Joshua Zumbrun posted an article on Bloomberg.com, indicating that banks are expected to be lending more in 2013 because of the recovering economy. Some of the standards on small businesses have eased up a bit, making it easier for them to get a loan.
However, this is not true for everyone. Individuals may not find it any easier to be approved for a home loan than they did one year ago. There are literally hundreds of hoops to jump through, stacks of paperwork to provide, and approval after approval to be made.
Hard money loans are different. This year, Level 4 Funding will be lending money to individuals looking to purchase a home or property more than ever before. Their numbers have increased as it has become tougher to qualify for a bank loan.
This is great news for the borrower wondering where to turn for a loan. Hard money lenders will provide their clients with a loan of up to 80% of the home value, though this number usually averages around 65%. They base the loan on equity, so personal financial information isn't as important as the value of the purchase you are making.
With a recovering economy, now is the time to purchase a home with a hard money loan. Visit Level4funding.com to see how a hard money loan could help.