If traditional lenders have turned down your request for a loan, it can be difficult when you have no other options. If you have bad credit, no credit, or no regular source of income, you may want to consider borrowing from commercial hard money lenders. They will secure your loan quickly, so you won't have to wait if you need funds fast.
There are a few reasons why you might need a commercial hard money loan; you may need to supplement a business venture, or require an investment in real estate. As long as you are aware of the risks involved with this kind of loan, it may be your only source of funds for the short term until you can make other arrangements, and so will prove to be of benefit to you in the long run.
These lenders are private lenders who are able to offer loans that are unconventional, also called high-risk loans, and so can be more flexible about who they offer them to. The loan is based on the value of your assets, so it won't matter what your credit rating is, or other eligibility criteria that conventional lenders would take into consideration. One thing to keep in mind, however, is that the interest on these loans is a lot higher.
If you need funds straight away, then this type of borrowing is a good option if you can secure money elsewhere later on. This option can solve your current financial dilemma; just remember to keep in mind the risks involved if you decide to go ahead with it. In particular, be sure to select your lender carefully so that you don't end up with a bad one.
The loan offered by a commercial hard money lender is usually based on the value of your real estate assets, and can be up to 80% of its value. They will not care about the details of your income, credit rating, or how you are going to make repayments. The turnaround time after processing your request is usually very fast - within a day or two at most - so that you can have access to funds almost immediately.
A good lender will not ask you to make a payment up front for any reason, even though some do so. Another point that will help save you money is not to go through a broker, who require commissions to be paid. Always check the terms and conditions of your loan carefully, and make sure that you understand the whole process, including all costs, and repayment terms.
Your best option is to find a good lender who is able to work with you and your financial situation, and offer you a loan as fast as possible, so that you can get the funds you need. So no matter what your business goals are, speak to a commercial hard money lender today and find out how they can help you.
There are a few reasons why you might need a commercial hard money loan; you may need to supplement a business venture, or require an investment in real estate. As long as you are aware of the risks involved with this kind of loan, it may be your only source of funds for the short term until you can make other arrangements, and so will prove to be of benefit to you in the long run.
These lenders are private lenders who are able to offer loans that are unconventional, also called high-risk loans, and so can be more flexible about who they offer them to. The loan is based on the value of your assets, so it won't matter what your credit rating is, or other eligibility criteria that conventional lenders would take into consideration. One thing to keep in mind, however, is that the interest on these loans is a lot higher.
If you need funds straight away, then this type of borrowing is a good option if you can secure money elsewhere later on. This option can solve your current financial dilemma; just remember to keep in mind the risks involved if you decide to go ahead with it. In particular, be sure to select your lender carefully so that you don't end up with a bad one.
The loan offered by a commercial hard money lender is usually based on the value of your real estate assets, and can be up to 80% of its value. They will not care about the details of your income, credit rating, or how you are going to make repayments. The turnaround time after processing your request is usually very fast - within a day or two at most - so that you can have access to funds almost immediately.
A good lender will not ask you to make a payment up front for any reason, even though some do so. Another point that will help save you money is not to go through a broker, who require commissions to be paid. Always check the terms and conditions of your loan carefully, and make sure that you understand the whole process, including all costs, and repayment terms.
Your best option is to find a good lender who is able to work with you and your financial situation, and offer you a loan as fast as possible, so that you can get the funds you need. So no matter what your business goals are, speak to a commercial hard money lender today and find out how they can help you.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Atlanta Hard Money Financing Brokers in GeorgiaHe suggests you check out the website iFund International.
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