True or False? Unlocking Hard Money Loan Myths
Financing has become a challenge for companies in the US. But why is that? We’re glad you asked! US banks have decreased lending, which has made commercial financing a headache. Your company can opt for hard money loans from private lenders in such circumstances.
However, companies are skeptical about hard money loan deals because of their myths and misconceptions. Let’s debunk some hard money loan myths and get your commercial projects back on track.
Myth 1: Hard Money Loans Can Become A Burden On Your Company’s Budget
Even though hard money loans have a higher interest rate than conventional loans, that doesn’t mean they can become a burden on your company. Private lenders have developed flexible loan programs that make it easier to find an asset-based loan deal with minimal interest rates and adaptable debt repayment plans. We suggest you extensively research the private lending industry to find a company that offers low-interest rates and customized loan deals.
Myth 2: Hard Money Loans Are Scams
Every industry has scams, but we can’t hold to a bad picture of that industry because of a few rotten eggs. Renowned private lenders have billion-dollar clients, and they can’t afford to lose them by damaging their reputation in the market. Private lenders will ensure every client gets the hard money loan deal as per their requirement to build trust in the industry. You should select an experienced private lender to prevent hard money loan scams.
Myth 3: Hard Money Loans Take An Eternity To Approve
Since private lenders don’t have a specific loan process, companies believe that the loan procedure can take a lifetime. Luckily, that’s not the case!
Unlike banks, private lenders don’t need a long list of requirements to complete your loan process. Private lending companies offer hard money loans that only require property documents as collateral.
Reputable private lenders have an in-house underwriting team that evaluates your financial paperwork and pre-approve hard money loan deals within twenty-four hours. Private lenders understand the importance of quick financing, and this is why we aim to make the hard money loan process as smooth as possible.
Exceptional Hard Money Loan Deals Available
Looking to get hard money loans to kickstart your commercial projects? You’re making the right decision! The team at Commercial Private Equity can assist you in finding an asset-based loan deal that meets your company’s financial requirements.
We’ve been working in the private lending industry for over seventy-five years, and our experienced underwriting team can pre-approve your loan application within twenty-four hours. We’ve also created a three-level loan program to make loan acquisition smoother for our clients.
You can contact our representatives for more details about our private lending services.