Hard Money Loans With No Money Down

Have you been looking for “hard money lender with no money down” within the Scottsdale or Phoenix, Arizona area? If you have, then Brad Loans can help you.

We happen to have 100% loans without a down payment that will use cross collateral.

A Hard money loan that has no down payment or no money down are available to you by being able to use cross collateral. You may be asking What cross collateral is? Simply put Cross collateral when you, who is the hard money borrower will use collateral to be a security form for a lender. For instance, say that you are wanting to buy a $100,000 property. Normally you have to have a 30% down payment for an investor or 20% for owner occupied. But let’s just say that you do not have the cash that is needed for down payments or you are wanting to use the loan for new renovations or more. Instead of having to use a down payment, try to use your equity as a form of cross collateral.

How It Works

"To get a hard money loan with no down payment hard money lenders typically seek cross collateral which will cover the traditional down payment.  This is a second property that is free and clear where you own it outright. This makes it possible to get the loan you need for a new property without having to save up the down payment." [1]

A Down Payment is not needed For A Hard Money Loan that has Equity

When you have equity such as collateral, property or money is going to be the only option to avoid a down payment on any hard money loan. Take for instance, if you already own a property that is worth $90,000 and you own it completely, then you have $90,000 in equity. For this particular case, Brad Loans can give you a loan of 100% of the purchase price of the property without a down payment or money down. Brad Loans uses the property that you already own which is positive equity, and the property that you are buying as collateral. You’re basically putting your equity up as security for the loan provider instead of using a cash down payment.

Any Additional Fees for using equity instead of down payments?

Brad Loans will charge an additional fee of $975 for a hard money borrower who chooses to use equity instead of a cash down payment. If you happen to have bad credit, will you need to have a down payment? No. Just as long as you are able to provide enough collateral to cover the full value of the loan, then you can get a hard money loan with no money down.

Would you like the chance to see if you are able to qualify for a hard money loan without any cash down? Have you ever had a foreclosure in the past? Are you not a U.S. citizen? Do you have discharged bankruptcies? Have you had a Short sale? Do you happen to have a bad credit score? Then that is not a problem. We are a no credit to bad credit lender for hard money mortgages.

How to qualify for a hard money loan without a down payment

Loans for owner occupants:

If you are needing a hard money loan for a home that you plan to live in, Brad Loans can help. Below are the minimum requirements that are needed for an owner-occupied loan:

• Equal collateral or 20% down payment of cash.
• Cash for prepaids, closing costs, and loan fees
• Refinance is 35% or more of equity is needed
• Income proof that shows that you have less than 45% of your untaxed income is used towards car payments, student loan payment, credit card payments or Brad Loans payments
• Statements from your banking institution stating that you have funds available for loan fees, third party closing costs, down payments, etc. As well as a copy of your IRA or 401(k) statements.
• Paystubs for the last 30-days, Tax returns, W2’s/1099s from the last 2 years, or Bank statements for the last 2 years as a replacement for tax returns.
• Must have a 45% or less debt to income ratio.
• Valid U.S. ID or foreign ID
• Copy of the purchase contract for the property you are purchasing
•  Appraisal and title report which is ordered by Brad Loans
• How long will it take before the hard money loan is received? It takes 7 to 10 days after the original application date.

Regardless of any credit issue, you may qualify for a hard money loan from Brad Loans if you are able to provide plenty of income and have a down payment.

It is really that simple.

Loans for an Investor:

• Investor loans will require a 30% or more down payment for a purchase up to 70% of the purchase price or after repair.
• Cash fees for prepaids, closing costs, and loan fees.
• Refinance is 35% or more of equity
• Show proof that you have working capital funds
• Up to 100% loan to value of the purchase price whenever a 2^nd free and clear property for additional collateral.
• Statements from your banking institution stating that you have funds available for loan fees, third party closing costs, down payments, etc. As well as a copy of your IRA or 401(k) statements.
• A copy of the lease if applicable
• Copy of the purchase contract for the property that you are purchasing
• Valid U.S. ID or foreign ID
• Title and appraisal report from eMortgage Inc.
• Appraisal and title report from Brad Loans
• How long will it take before I receive the hard money loan? It takes 3 to 5 days after the date of the original application.

Filling out our Hard Money Loan Applications

Review: "Brad Loans are the best way to go. They are Friendly, Easy and Fast. I have taken out two home loans with them and both experiences were great. Thank you Amber and Brad!" – Desert Wide Properties. 

In order to see if you happen to qualify for a hard money loan without a down payment in Scottsdale or Phoenix, call us today at (602) 999-9499 or simply fill out our online loan application which only takes 5 minutes to get approved for a Brad Loan today!

“How To: Get A Hard Money Loan With Nothing Down.” Guide To Real Estate Loans & Investing, 1 Dec. 2017, guidetorealesateloans.wordpress.com/2017/12/01/how-to-get-a-hard-money-loan-with-nothing-down/.