It’s no secret that banks reject loan applications based on low business credit scores. It is estimated that banks only accept 27.9 percent of loan requests from small businesses. However, these shouldn’t stop you from looking for financial alternatives. One such alternative is a commercial hard money loan provided by private money lenders.
What Are Commercial Hard Money Loans?
Commercial hard money loans are for firms that want quick financing and don’t have the time to improve their business credit. Unlike banks that use income and credit score as a determinant for loans, a hard money lender uses your firm’s assets as collateral.
Types of Properties You Can Use to Acquire a Hard Money Loan
The unique thing about a hard money loan is that it only uses your property as collateral. The types of properties a lender might accept for a commercial hard money loan can differ. Some common types of properties include retail centers, raw land, warehouses, industrial buildings, and offices. The greater the value of your property, the better the loan terms you will get.
Uses of Commercial Hard Money Loans
Investing in commercial spaces can be beneficial for your company. Acquiring the best real estate in town can get you an edge over your competitors. Commercial properties can offer high long-term returns as their asset value gradually increases. If you get a property now, you can loan it out in the future for more financing.
If you have just opened a business and your firm doesn’t have a good credit history, commercial hard money loans can be your shortcut to financing. Furthermore, these loans don’t have strict loan requirements, making them easy to refinance. You can also use commercial hard money for bridge loans. These loans can act as a bridge for you to refinance your existing properties.
Obtain Commercial Hard Money Loans Now
Commercial hard money loans can solve your financial issues. Get commercial hard money loans from Commercial Private Equity now. Our team of experts can help you meet commercial financial objectives through effective hard money loan consultation.
Apart from commercial hard money loans, we also cater to residential hard money loans, construction loans, raw land loans, and workout loans. We have started a loan program with three levels, and each level has different term conditions to cater to as many clients as we can.
Contact us now for more information.