Foreclosure is never an easy situation for any firm. Imagine all the hard work you’ve put into building your firm just to lose all of it because you couldn’t pay back the loan.

It’s estimated that foreclosure rates in Atlanta will be low in the coming months, but you need to be always prepared for the worst possible financial situation. Here’s how you can effectively prevent foreclosure.

Remove Additional Expenses And Costs

If you’re having difficulty paying back your loans, It’s time to cut back on the additional expenses and costs your firm incurs. You must sit with your financial advisors and analyze where you can save costs. Even the smallest savings in every department can accumulate and help you manage your repayment to avoid foreclosure.

Communicate With Your Lender

If you’ve taken a loan from a private lender and you’re facing a foreclosure situation, then we’ve some good news for you. The biggest benefit of taking a loan from a private lender is you can always renegotiate your loan terms if you’re having difficulty in repayment. With banks, you don’t have this facility, and you need to be on time for every payment; otherwise, the bank is liable to seize your collateral.

Get A Workout Loan

A workout loan can help you restructure your debt. Experienced private money lenders can spread your loan payments to a larger period to make repayment easier. In a loan workout, lenders can decrease interest rates to assist you in paying back the loan amount. The lender will want to work out the loan agreement to ensure you don’t get bankrupted and they get some part of the loan back. The changes in the loan agreement can vary from lender to lender; you must hire a reputed private hard money lender to ensure they offer maximum assistance.

Receive Workout Loans In Atlanta

A workout loan can save you from a foreclosure situation. If you’re looking for an outstanding workout loan deal, don’t forget to visit Commercial Private Equity today. Our team of experts can analyze your situation and offer the best loan deal to ensure you’re out of your financial turmoil.

We’ve been in the private money lending industry for over seventy-five years, and we’ve ensured our clients make profits. Our three-level loan program can help you choose loan requirements according to your liking. We also provide four other specialized hard money loans, including bridge loans, commercial loans, construction loans, and raw land loans.

Contact us today for more information.

Banks have always been the first stop for every firm when looking for financing options. However, in recent times banks have made it challenging to acquire loans, which is why many firms reach out to private lenders for money.

The private money lending process is different from conventional banking procedures. However, before reaching out to hard money loans from private lenders, you must be aware of its processes.

Continue reading to find out everything about the hard money loan underwriting process.

What Does the Underwriting Process Involve?

Unlike in the banks, the underwriting process in the private money lending industry is straightforward. While banks ask for your business credit scores, firm’s income, and a zillion other things, private lenders only need to check a few financial factors; these include:

1. Loan-To-Value Ratio: The LTV ratio is the ratio between the loan amount and the value of the asset. It’s used by lenders to determine the risk in the loan deal. Private lenders prefer the LTV ratio to be between 50-80%.
2. FICO Score:The FICO score is a three-digit number that signifies how likely is the borrower of repaying the loan on time. FICO scores are generally known as a summary of your firm’s credit report and can help private lenders make a quick decision. Private hard money lenders usually prefer a FICO score between 650-700, while some lenders have loan programs that do not need a FICO score at all.
3. PITI Reserve:The PITI reserve is the amount of cash you need to fulfill the down payment. Private lenders usually require 6–12-month PITI reserve, and if you’ve got excellent collateral, they won’t even require PITI reserve.

How Long Does The Underwriting Process Take?

If you’re searching for quick financing options, you can’t waste your time on time-consuming bank applications. Understandably, you’ll opt for hard money loans from private money lenders to finance your commercial projects.

Reputed private lenders usually take up to 48 hours to pre-approve your loan application and can take a few days to complete the underwriting process.

Get Hard Money Loans In Atlanta Today

Commercial Private Equity is a private money lender that offers hard money loans in Atlanta. Our simple and streamlined underwriting process helps our clients strike excellent loan deals.

Contact us today for more details.

Capital is the driving force behind the success of every firm. Without sufficient capital, your firm can’t reach new heights. However, acquiring capital can be challenging. You won’t always have an angel investor by your side who’ll be your lifeline. Sometimes you’ll have to apply for a loan application to get capital.

It’s important for you to first decide the purpose of obtaining capital. Once that’s decided, you can opt for a suitable loan. Here are some of the hard money loans we think are best for your firm.

Bridge Loans

Competition is good for the market, but you need to always stay ahead of the competition to ensure your survival. You don’t want to miss out on getting ahead of your competitor by not getting your hands on a hot commercial property due to a lack of funds. If you’re looking to buy a property but are short on funds, you can opt for a hard money bridge loan.

A commercial bridge loan allows you to buy a new property without selling your existing one. You can use your property as collateral to buy the new one and then pay off the loan once you sell off the old property.

Raw Land Loans

If you’re looking to expand your business to a new area or even a new city, congratulations. You can start building your firm from scratch at the new place, but first, you’ll need to buy raw land. Banks are wary of giving out loans for raw lands as they’re difficult to get rid of, so you must opt for private lenders who offer raw land loans.

Construction Loans

Construction is inevitable if you want your firm to develop. However, constructing a new office space or a new factory doesn’t come cheap. To finance your next construction project, you must take a hard money construction loan to ensure your project continues smoothly.

Acquire Hard Money Loans From Private Lender In Atlanta

Private lenders have become the focal point for acquiring loans. If you’re looking to get hard money loans without any hassle, visit Commercial Private Equity today. They want to help their clients meet financial objectives through their specialized hard money loans. They’re known to offer excellent deals for different types of loans, including construction loans, bridge loans, raw land loans, and workout loans.

Get in touch with them today for more information.

What is a construction loan?

It’s a short-term loan that provides funding for building a home, office, or other projects.

Construction loans are short-term, high-interest loans that are used to cover the cost of construction or rehabilitation.

These loans are based upon the estimated projected value of the property upon the completion of the project.