Business and Management

Who Should Borrow Commercial Hard Money?

Not everyone would benefit from a hard cash loan. This includes those who are in one of these situations:

Expedited Financing – This is for real estate investors who need to close quickly and sell their property. The approval process is much faster than traditional avenues and is usually completed within a week. 

Because the hard money lender funds the loan from her own pockets, you don't have to provide all the documentation or wait for a month before your application is approved.

For commercial hard money service, you can look for South Floridas #1 hard money lender for private money lending.

How to Get a Hard Money Loan Approval: 12 Steps (with Pictures)

Image Source: Google

Small Business Owner – Traditional lending institutions and banks are less willing to take on risks. Therefore, these institutions force struggling start-ups to go through difficult processes to determine if they are eligible. Most start-ups that are appealing are rejected. 

A commercial hard money loan may be an option for small-business owners who find themselves in this situation. You hope your business succeeds, because the investor may use your business property to repay you if it fails.

Investor with low credit scores – If traditional lenders refuse to lend to you because you have poor credit history or a low credit score, a commercial hard money lender may be a better option. 

Although the requirements for hard money loans are more stringent than traditional loans, the repayments will be much higher. There is a greater risk. Talk to them. Find out if you and they are compatible. Before you sign any forms, consult an attorney.