It’s no secret that the pandemic has squeezed the majority of the population financially. The global debt has jumped by 12% to $289 trillion, and the increasing debt has led to deteriorating credit history for the majority of the American population. The increasing debt and low credit history levels make it challenging to acquire loans from banks to grow your firm. In these dire circumstances, commercial hard money loans can be your way out.
Here are the three benefits of taking a hard money loan.
Hard money loans are very straightforward. Private lenders analyze the value of the commercial property you put up as collateral and give you the loan worth a similar value. While banks can take a lifetime in accepting loan application and delivering it, private lenders take less time as they are known for simple and streamlined loan procedures.
If you’re looking to acquire last-minute financing, hard money loans through a private money lender are the perfect option for you.
There’s an endless list of requirements and formalities that have to be fulfilled for a bank loan application, and even then, loan approvals are never guaranteed. If you’re looking to avoid going through this hectic process, hard money loans are the easy way out for you. Commercial hard money loans are given based on the property you provide as financial security. A private lender should ask you for your equity on the property, your cash in hand, your basic details, and you’re good to go.
Moreover, suppose you’re getting hard money loans from a reputed private money lender. In that case, they can also provide you with financial consultation, and you can also negotiate the requirements for the loans. This negotiation isn’t possible with a bank and can only be conducted with private money lenders, making them an excellent option for you.
Great Alternative To Traditional Financing
Banks prefer to provide long term loans as it suits their business model. If you’re looking for short-term financing, traditional bank loans aren’t for you. It’s better to opt for commercial hard money loans if you’re looking to finance your short-term projects. Also, if you have a poor credit history, traditional financing won’t work for you. Unlike banks, private lenders only analyze your property value and don’t look at your credit history.
Get Commercial Hard Money Loans Today
Obtaining financing for your firm can be a challenging task if you go the traditional route. Visit Commercial Private Equity now, where we have streamlined the loan application procedure for you. We provide commercial hard money loans and other specialized loans, including bridge loans, construction loans, raw land loans, and workout loans. We also have a three-level loan program with different loan requirements to make loan acquisition easy for our clients.
Contact us now for more information.