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.
As a temporary solution, these loans can help a person get out of financial trouble fast. They should only be considered if there are no other alternatives available, and should only be relied on for the short term. It is important to recognize that there are just as many good lenders as there are bad ones, so it pays to check them out thoroughly beforehand and avoid ending up worse off.
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.
Remember that a good lender will not ask for any up front payment, and it pays to avoid going through a broker so you won't have to pay commissions. Before you commit yourself to any agreements in writing, make sure you have understood all terms and conditions, costs involved, when and how you will need to repay the loan, and what happens if you don't.
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.
As a temporary solution, these loans can help a person get out of financial trouble fast. They should only be considered if there are no other alternatives available, and should only be relied on for the short term. It is important to recognize that there are just as many good lenders as there are bad ones, so it pays to check them out thoroughly beforehand and avoid ending up worse off.
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.
Remember that a good lender will not ask for any up front payment, and it pays to avoid going through a broker so you won't have to pay commissions. Before you commit yourself to any agreements in writing, make sure you have understood all terms and conditions, costs involved, when and how you will need to repay the loan, and what happens if you don't.
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 Lending Investors, Georgia He suggests you check out the website iFund International.
Tidak ada komentar:
Posting Komentar