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6 Types of commercial hard money lenders


paperfree Aditi Bansal

Updated on Thursday, May 18, 2017

Hard money lenders offer capital to businesses and individuals either to finance for business development projects or buying of real estate. Hard money loans are mostly used for real estate transactions, for instance, commercial development or reintegration projects.

tags  #Mortgage broker  #Commercial hard moneylender #

 

Hard money lenders offer capital to businesses and individuals either to finance for business development projects or buying of real estate. Hard money loans are mostly used for real estate transactions, for instance, commercial development or reintegration projects. 

There are several types of commercial hard money lenders that you can consider when you need a hard money loan. Here are the different types of commercial hard money lenders.

Commercial Banks

Commercial banks are a type of commercial hard money lenders that you may choose. They offer a variety of lending programs for your use. You can get any loan that you will need to expand your business.

Mortgage Banks

You may consider looking at the mortgage banks if you want to buy a mortgage. These commercial hard money lenders provide you with money that you will require purchasing a property. Mortgage bankers risk their capital to fund your mortgage loan. Therefore they do not have to disclose the price at which they sell their mortgage to another company. The terms of the loan are very short, and you will be required to come up with payment at the end of the mortgage.

Mortgage Brokers

You may also consider a mortgage broker as commercial hard money lenders. There is a significant difference between mortgage banks and mortgage brokers. A mortgage broker is simply the middleman between the borrower or the homeowner and the mortgage lender. They have different lending sources that can make your deal possible. Mortgage brokers will help you secure the loan that you need to buy a property.

Finance Firms

There are a variety of financial companies that provide hard money loans to businesses. These are one of the traditional commercial hard money lenders that many businesses prefer. The hard money loans that are obtained through finance companies are secured.

Credit Unions

Other commercial hard money lenders that you might consider are credit unions. They are associated with several advantages. For instance the fact that they are a non-profit organization and can offer you with the cheapest rates because there is no tax charged. It may be hard to find a credit union depending on where you live. This is because some of them are limited to certain businesses and organizations.

Online Borrowing Companies

This is one of the best alternatives for you if you are looking for commercial hard money lenders. Many commercial hard money lenders do their businesses online. The availability of a search engine has made it easy to find commercial hard money lenders. If you have skills working with online commercial hard money lenders, you will be able to secure a hard money loan to conduct your business from the luxury of your home.

When looking for commercial hard money lenders, make sure that they do business in your geographical area. This is because; many of them are licensed to operate in certain areas only. Don’t risk starting a process the borrowing process until you are sure.



This page with a focus on Mortgage broker, Commercial hard moneylender was shared by Aditi Bansal.

 
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