Commercial Hard Money Loans
Commercial hard money loans is asset based lending, provides a unique niche service to restaurant owners and other retail business owners.
Call now: 718-512-8587
What Are Commercial Hard Money Loans
You are probably wondering what is hard money. Hard money can be used for commercial and residential properties for one, not just commercial buildings. They are small business hard money loans or real estate hard money loans that are secured by real property.
They are asset based loans and not credit driven.
These private money loans are collateralized by real estate, and the underwriting or those whom approve the loan make their decision based primarily on the equity of the property.
If the numbers work out as they say, or rather if they feel can get their money back if the borrower defaults on the loan, they will do the loan.
Banks cannot provide quick access to funds for those borrowers who need access to quick funding, where hard money lenders can close quick on loans from 3-14 days on large amounts of cash.
Call now: 718-512-8587
When Do Borrowers Need Hard Money
Commercial hard money loans are needed when a borrower and or a property fall outside the underwriting guidelines of conventional sources such as banks, life insurance companies, etccc
The main thing these commercial hard money lenders use to make their decision is based on the value and property rental income, unlike other traditional lenders that base it on the borrowers credit and income.
Therefore, a loan may be a very prudent transaction from a lending perspective, but is classified as subprime, thereby, requiring private money.
17 Other Reasons Why You May Need A Hard Money Loan
- Quick funding for time sensitive loans
- Traditional loans are not an option maybe due to declines or excessive demands and conditions to make the deal come through.
- Borrowers decision not to deal or avoid the long process and headaches banks will put them through and rather not deal with this and pay a fee to avoid this hassle.
- Need short term bridge loans ( 90 days to 1 year )
- New construction
- Property purchased with big percent of down payment in the form of seller back financing
- Borrower has an opportunity to make an investment using the equity in his / he real estate. Crossed collateral/both properties.
- Borrower has issues that make it hard to get a bank loan, such as; complex financing structures, credit problems, tax liens, foreclosure, bankruptcy (old or new), other liens, judgement, homeowner’s association,property taxes, etcc)
- Property held in probate, trusts, family, limited partnerships, corporations, etccc
- Divorce, medical emergency, unemployed
- Property has bad characteristics ( property improvements, partially rehabed, high vacancy, etc)
- Non-profits ( Churches, foundations, etcc )
- Loans secured by deed of trusts
- To quickly jump on other great discounted commercial investment property deals
- Hard money real estate loan
- Hard money debt consolidation
- Real estate investor loans
Call now: 718-512-8587
NOTE: We do not rent or sell any information to any 3rd party. All information acquired on this application is used only for the purpose of getting you commercial hard money loans and approving your restaurant loan business financing application.