Google’s #1 Reviewed and Rated Hard Money Lender
Source Capital offers direct private money or hard money loans for all types of commercial and residential real estate in Arizona and California. We work with investors, brokers, realtors and real estate developers. We offer loans with private capital and ensure that the process is professional, fast, easy and the hard money loan is obtained in an efficient manner. Source Capital offers loan for any type of property, be it commercial or residential. We offer all our resources and man-power including legal counsel and escrow agent, if you do not have your own, so that all legalities can be safely resolved. We work with you from start to finish and thus, you will be a part of the whole process. Feel free to call us today at 858.705.6144 to get more information about hard money lenders in Arizona.
Traditional money lenders like banks and other financial institutions take more time, from 30 to 90 days to approve your loan. They demand documents pertaining to every aspect of your finances, job, assets and more. Source Capital, on the other hand, are mostly concerned with the real estate that you will use as collateral. We ask you to submit some financial documents and even though, our decision is influenced by your life situation, it is largely based on the value of your collateral.
Source Capital offers loans for the purchase of residential buildings like Single family, Multi-Family, Owner-Occupied and commercial such as Office, Retail, Industrial, Mixed-Use, Apartments. We work closely with borrowers, investors and real estate brokers to give you the best deal available in your area. Whatever be your purpose, when you find your dream home or office you need funding to buy it. Hard money loans help you do that. We lend hard money to people in Wright’s Scottsdale, Phoenix, Tucson, Mesa, Chandler and Glendale. We help anyone looking for hard money loan.
The process is simple. First there is the inspection of the property. You can hire professionals yourself, preferably reputed ones, who will inspect your house from top to bottom. Typically the inspections conducted are pest (termite) inspection, swimming pool inspection, contractor inspection (includes electrical, plumbing, heating systems), roof inspection, foundation inspection and soil inspection. After the inspection is complete, you can move forward with your purchase. If there are some defects, you can ask the owner to rectify them or request funds to do it yourself after the escrow is closed. Source Capital requires inspection of roof and pests before agreeing on a loan.
After inspection you will need to get a preliminary report on the title of the real estate. The report should include information such as property description, information on the owner, existing tax liens, and other restrictions or issues. After the close of the escrow, a title insurance policy will be issued. The policy secures the buyer against any loss due to any defects in the title.
When you apply for a loan, you need to submit all the documents specified for processing. A processor goes through your documents and decides whether you are eligible for the loan. He then passes on his report to the underwriter who goes through the package meticulously and starts with the underwriting. After the underwriting is complete and the contract chalked out, the escrow agent delivers the contract to the buyer. After the buyer signs wherever needed, the escrow agent submits them to the seller. After both parties have signed, the escrow agent delivers the signed Deed of Trust to the County Recorder. The money lender must transfer the fund to a local bank before escrow is closed. As soon as the Deed is recorded, the funds are released and the escrow is closed. After the closing of the escrow, all the involved parties will receive a settlement statement with details of individual charges and credits.
Source Capital is a private hard money lender to help you buy your dream property. For further information, Contact Us now via email using our convenient online form or call us at 858.705.6144 now.