One of the fastest ways to help your commercial real estate business grow is through a hard money loan. If you already own some commercial property, you may be eligible for a hard money loan from a direct lender. Since this type of loan does not go through a traditional bank, you don’t have to pass any really strict eligibility requirements, and you don’t need to have perfect credit history. Because your commercial real estate property serves as collateral in this transaction, you can be approved for a hard money loan much faster than you could any kind of conventional loan.
Successful strategy for all commercial real estate professionals
As veteran commercial real estate pros know, hard money loans can work very well whether you’ve been in business for just one year, or if you’ve already logged 30 years in the business. Regardless of your situation, if you have commercial real estate which has real value on the open market, you can probably obtain a hard money loan to finance your next business objective. If your commercial property generates income, that’s even better for you, because it will have greater value to a direct lender who may be interested in financing your transaction.
Collateral as good as credit
For those companies which have excellent credit, there is an increased likelihood of obtaining a conventional bank loan, simply because they are deemed to be a low-risk client. For companies which lack that excellent credit rating however, having collateral in the form of commercial real estate can be just as good. You can use that same piece of commercial real estate in a number of hard money loan transactions, assuming that you pay off each loan before opening the next one. Turn your property into collateral, and make use of the funding you receive from a hard money loan.
Does your business need a hard money loan?
If a hard money loan would help your business become more profitable and more stable, we may be able to provide the funding you need. Contact us at Safe Harbor Commercial Capital, so we can explore some ways that a hard money loan might work well for your business.