Hard money moves into Phoenix housing market

Dusting themselves off from the Mortgages Ltd. debacle several years ago, hard-money lenders seem to be making a comeback in the local real estate market. This time around, instead of remaining true to the tradition of sticking primarily to commercial lending, they’re shifting to a new playing field on the residential side. Local experts say unregulated private lenders are becoming the go-to source for investors looking to fix and flip distressed homes for a one-time profit, or to buy and hold for long-term rental income. With the number of foreclosures and short sales in the Valley drying up, competition for ...

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