You’re not alone if the pandemic damaged your credit score. It’s estimated that one in two people have lost income globally. Decreasing income coupled with unemployment has increased the debt on the majority of the population. These circumstances make it very challenging for you to get loans from a bank. However, this shouldn’t stop you from financing your business, as you can choose hard money loans as an alternative.
Here’s everything you need to know about it.
What Is A Hard Money Loan?
Hard money loans are asset-based loans that use your commercial properties as financial security. A hard money loan is an excellent option for firms that have a bad credit history but own commercial properties. Private money lenders provide hard money loans by analyzing the value of the property and your equity on that property.
Hard money loans can take many forms. Here are some of its common types:
- Commercial Hard Money: If you’re looking to purchase a commercial hot property to grow your business, commercial hard moneyis an excellent option for you to acquire short-term funds.
- Hard Money Bridge Loans: Buying a new commercial property without selling off your existing one is possible through bridge loans. It uses your existing property as collateral to provide finances for your new property. Bridge loansallow you to pounce on any hot commercial property in the market by providing funds within a few days.
- Construction Hard Money Loans:If you’re looking to expand your business by constructing a new office, you’ll need funds for it. You can get capital for your new project through construction hard money loans.
Benefits Of A Hard Money Loan
The main reason why so many people are switching from traditional financing to hard money loans is its massive benefits. Private lenders don’t require credit scores, income history, or other details that banks need. A private hard money lender would only need your property details, which saves a lot of time. Hard money loan deals can be negotiated and are flexible as it depends upon the value of the commercial property you use as collateral. Moreover, hard money repayment options can be flexible, making it easier for you to pay back the loan.
Acquire Hard Money Loans Today
If you’re looking for alternatives to traditional financing, visit Commercial Private Equity now to obtain hard money loans. Our team of financial experts can provide you with consultation and guide you towards the perfect loan deal. We offer various specialized hard money loans, including commercial hard money, construction loans, bridge loans, workout loans, raw land loans. We have been serving our clients in the private lending industry for over seventy-five years and have assisted many clients in getting business capital at competitive rates.
Get in touch with us now for more information.