What Are The Common Types Of Hard Money Loans?
The recent economic repercussions due to the pandemic have left people unemployed and with low income. These factors have damaged the credit scores of the majority of the population and have made bank loan acquisition almost impossible. People are looking towards private money lenders for financing as they provide hard money loans.
A hard money loan is asset-based financing. Private money lenders analyze the value of your commercial property and use that as financial security to give you loans. Opting for the correct type of hard money loan can do wonders for your company.
Here are some of the common hard money loans which you can opt for.
Commercial Hard Money Loans
If you’re looking to expand your business by buying new commercial properties, a commercial hard money loan is the perfect option for you. A private lender would use your firm’s properties as collateral to give you a loan. Firms prefer commercial hard money loans to bank loans as they don’t use credit or income history.
Hard Money Bridge Loans
It would be a shame if you had a hot commercial property in your sight but couldn’t buy it due to lack of capital. A hard money bridge loan can let you buy a property before selling off your existing one. It’s a short-term loan in which a private money lender uses your equity from your existing property to give you a loan for the new one.
Hard Money Construction Loans
Construction projects are the signs of growth in a firm. If you’re looking to boost your firm’s growth by constructing new offices and warehouses, you’ll need capital to do that. Hard money construction loans can provide you with a way to gather funds for your projects and make your firm reach new heights.
A foreclosure isn’t an ideal situation for you to be in. If you’re ever stuck in foreclosure, a workout loan can help you get out of it. A workout loan is used to restructure your debt and help you repay debts with an immediate deadline. A private money lender will determine why you weren’t able to pay the loan in the first place and analyze your existing commercial properties to give you a loan workout.
Get Hard Money Loans In Atlanta, GA Today
Hard money loans are an outstanding alternative to traditional financing. If you’re looking for hard money loans in Atlanta, visit Commercial Private Equity today. We have a wide variety of specialized hard money loans, including commercial hard money loans, bridge loans, constructions loans, workout loans, and raw land loans. We have successfully made the loan application simple and streamlined to ensure that the process is hassle-free.
You can reach out to us here for more details.