If you've got no credit rating, or a bad one, and can't show that you are able to satisfactorily repay a loan, then you're most likely going to be turned down by traditional lenders. If you are in this situation, it might be worthwhile considering what commercial hard money lenders can offer you. They will approve your loan fast, regardless of your credit history.
A commercial hard money loan can be useful for any type of business or property investment. It can sometimes represent the only option available to a borrower, but before they decide to get one they should have a full understanding of the kinds of risks associated with these loans. There should be an alternate source of funds waiting to become available in the meantime.
These lenders are private lenders who are able to offer loans that are unconventional, also called high-risk loans, and so can be more flexible about who they offer them to. The loan is based on the value of your assets, so it won't matter what your credit rating is, or other eligibility criteria that conventional lenders would take into consideration. One thing to keep in mind, however, is that the interest on these loans is a lot higher.
These types of loans are a good option if you need funds temporarily, while you wait for an alternative source of income. These loans can provide you with a good solution to your current money problems, as long as some precautions are followed. The most important advice when looking for a lender is to choose carefully, as there are good as well as bad ones.
A commercial hard money lender gives loans based on the value of your assets, usually real estate. The loan can be up to 80% of the property, and does not take into consideration your credit rating, income, or your ability to repay the loan. Loans can be processed very quickly and finalized in as little as one or two days.
Remember that a good lender will not ask for any up front payment, and it pays to avoid going through a broker so you won't have to pay commissions. Before you commit yourself to any agreements in writing, make sure you have understood all terms and conditions, costs involved, when and how you will need to repay the loan, and what happens if you don't.
If you require a loan fast, you may find the best solution is to speak to a commercial hard money lender, who can arrange to get you the funds that you need. Depending on your financial situation, this could be the best way for you to get your business back on track, without having to wait any longer.
A commercial hard money loan can be useful for any type of business or property investment. It can sometimes represent the only option available to a borrower, but before they decide to get one they should have a full understanding of the kinds of risks associated with these loans. There should be an alternate source of funds waiting to become available in the meantime.
These lenders are private lenders who are able to offer loans that are unconventional, also called high-risk loans, and so can be more flexible about who they offer them to. The loan is based on the value of your assets, so it won't matter what your credit rating is, or other eligibility criteria that conventional lenders would take into consideration. One thing to keep in mind, however, is that the interest on these loans is a lot higher.
These types of loans are a good option if you need funds temporarily, while you wait for an alternative source of income. These loans can provide you with a good solution to your current money problems, as long as some precautions are followed. The most important advice when looking for a lender is to choose carefully, as there are good as well as bad ones.
A commercial hard money lender gives loans based on the value of your assets, usually real estate. The loan can be up to 80% of the property, and does not take into consideration your credit rating, income, or your ability to repay the loan. Loans can be processed very quickly and finalized in as little as one or two days.
Remember that a good lender will not ask for any up front payment, and it pays to avoid going through a broker so you won't have to pay commissions. Before you commit yourself to any agreements in writing, make sure you have understood all terms and conditions, costs involved, when and how you will need to repay the loan, and what happens if you don't.
If you require a loan fast, you may find the best solution is to speak to a commercial hard money lender, who can arrange to get you the funds that you need. Depending on your financial situation, this could be the best way for you to get your business back on track, without having to wait any longer.
About the Author:
Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Atlanta Hard Money Lending Investors, Georgia He suggests you check out the website iFund International.
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