(Hard Money Loans)
The primary reason for a company, taking into account commercial hard money loans is that traditional commercial financing options are not viable. There are three options for most of the commercial real estate financing scenarios: traditional banks, lenders and medium-sized hard money lender. In situations where traditional banks and say lenders between two "No", then it makes economic sense, under what conditions a hard money commercial loans would be available to explore.
Many profitable business models, projects can be financed only by a hard money lender. Before accepting "NO" from the traditional banks and intermediate lenders as the "final answer", a wise small business borrower should determine whether a hard money lender to say "YES".
Compared to traditional bank business loans, commercial hard money loans are typically include a higher interest rate (prevailing range of prime rate plus 4-8% for typical scenarios), credit card watch higher fees and short-term financing (one to three years). However, since many hard money loans offer interest only terms, payments may be lower than a fully amortized loan with a lower interest rate Commercial hard money loans are typically completed faster than a conventional commercial loan.
Several common commercial financing scenarios using hard money loans are described below.
COMMERCIAL HARD money loan SCENARIO 1:
Do you get commercial financing quickly
Traditional business loans are typically take several months. Hard money loans can be obtained in some situations within a few days. This distinction is critical if commercial financing is required within a very short time.
COMMERCIAL HARD money loan SCENARIO 2:
Small Business Special Situations not so easily understood by traditional banks
• Foreclosure
• Bankruptcy
• Special Features
• Tax Liens
• Losses
• Negative Net Worth
• Less than one years in business
• Environmental
COMMERCIAL HARD money loan SCENARIO 3:
Low Credit Scores
Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loans. Hard money loans are more flexible and low credit scores are acceptable.
As already mentioned, there are several common business situations in which a commercial hard money loans as a viable commercial funding option should be taken into consideration.
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