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   COMMERCIAL HARD MONEY LENDERS

Benefits of commercial hard money loans


paperfree Aditi Bansal 29:14
Published on Thursday, April 27, 2017

Commercial businesses that fail to access traditional financing can now access a wide range of financial services from hard money lenders to grow their businesses.

tags  #Hard Money Loans  #Commercial hard money lender #Faster Processing

 

The advent of the banking crisis, the immediate economic collapse thereafter and subsequent over regulation in the financial and banking sector increased the hurdles small and medium business owners face when looking for loans in traditional banking systems. Many businesses have a harder time trying to access conventional loans. The availability of alternative financing methods or hard money lending in Los Angeles and other California counties makes it easier for businesses to meet their financial and capital improvement needs.

Real Estate as Collateral

Many businesses in California use real estate as collateral when applying for loans through alternative financing options. This means that lenders do not rely on your FICO credit score or tax returns when assessing your loan eligibility. In the current economy, a lot of business owners suffer from low credit scores, mainly because of turmoil economic times. Unlike traditional loans, where you must present an excellent credit score, hard money lenders assess your eligibility against your real estate property. Once you present your estate, they can calculate a proportionate amount and provide the money you need for your business’ growth.

Faster Processing

In traditional lending institutions and systems, the loan application process can take months before you get an approval. However, hard money lenders offer a quick turnaround, with some extending you credit within 10 days after the initial inquiry. Hard money lenders are more empathetic to businesses; they understand that you need money to inject into your business fast, which is why most loan approvals take less than two weeks. This also saves you time and energy you should invest in your business’ success.

Accepts a Wide Range of Real Estate Assets

Relying on traditional lending systems is quite often difficult; once you present your real estate as collateral, the hard money lender will assess the type and condition of the property before they consider your loan application. Hard money lenders, on the other hand, extend loans against apartment buildings, mobile home parks, retail stores, investment residential properties, office spaces and entitled land. This means that loans are more accessible to business owners who own non-tradition properties; you can confidently present any type of real estate for consideration.

Conclusion

In the field of commercial hard money lending, you can easily access capital or growth funding for your business without having to present a proof of income or your credit score. Regardless of the global or national economic climate, you can make your application confidently and access a loan in the shortest time possible. The growth in the hard money lending sector means that you no longer have to rely on traditional loans to succeed in business.



This page with a focus on Hard Money Loans, Commercial hard money lender was shared by Aditi Bansal.

 
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