Tuesday, October 7, 2014

Commercial Hard Money Lenders Offer Loans Quickly Regardless Of Credit Score

By Tom G. Honeycutt


If traditional lenders have turned down your request for a loan, it can be difficult when you have no other options. If you have bad credit, no credit, or no regular source of income, you may want to consider borrowing from commercial hard money lenders. They will secure your loan quickly, so you won't have to wait if you need funds fast.

You can take out a commercial hard money loan for various reasons, such as for a business or real estate investment. You do need to be aware of the risks involved if opting for this type of loan, though sometimes it may represent the only option you have and so the benefit will outweigh the risks.

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.

As a temporary solution, these loans can help a person get out of financial trouble fast. They should only be considered if there are no other alternatives available, and should only be relied on for the short term. It is important to recognize that there are just as many good lenders as there are bad ones, so it pays to check them out thoroughly beforehand and avoid ending up worse off.

The value of a borrower's real estate assets is used to calculate how much a lender will borrow them. This can be as much as 80% of their property value. Since credit scores and other financial information is not taken into account, the borrower can have access to a loan quickly - sometimes within two days or even less.

A good lender will not ask you to make a payment up front for any reason, even though some do so. Another point that will help save you money is not to go through a broker, who require commissions to be paid. Always check the terms and conditions of your loan carefully, and make sure that you understand the whole process, including all costs, and repayment terms.

Your best option is to find a good lender who is able to work with you and your financial situation, and offer you a loan as fast as possible, so that you can get the funds you need. So no matter what your business goals are, speak to a commercial hard money lender today and find out how they can help you.




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