Hard Money Loans
When you run a business at a small or large level, you need funds to purchase property, equipment, etc. Sometimes you need funds immediately without any prior notice. To tackle this situation, hard money loans come into the picture.
If you need this type of loan and are searching for a trustworthy lender then, you are in the right place. At Commercial Real Estate Loan Pros of Key West, we help businesses find a suitable lender that fulfills all the fencing needs. So, call us not to book our services and read along to know more.
What are hard money loans?
These loans are short-term loans. Traditional institutions do not offer this kind of funding, but private lenders lend their money to customers to run business smoothly. It is secured funding and guaranteed by the property that you want to purchase. Hard money lenders are not bound by any regulations, unlike traditional banks. So, they are free to make their own rules about credit scores, and they lend their money even to customers with a low credit score.
What should hard money funding be used for?
Hard money loans are the best-suited way to run a business smoothly without facing any barriers. Real estate investors use this type of funding. Private lenders lend hard money when traditional institutes are not offering the loans and when individuals need to secure loans quickly. Uses of Hard money funds:
- If a borrower wants to purchase a property immediately and requires funding, hard money loans are suitable for paying the amount.
- When you need funds immediately for your projects, you can use this funding.
- If an individual or any businessman has less credit score, these loans can help.
What are the pros of Using Hard Money?
Financers offer hard money loans to the borrower with a low credit score. Some other benefits of hard money loans are given below:
- Fast closing and quick approval: Private lenders require less documentation as compared to traditional banks. As a result, you can get your funding in a short period. Hard money lenders spend very little time configuring loans and profitability of the property based on which customer wants funds.
- Low credit score: Hard money lenders give you funding based on the profitability of the space that you buy or renovate. When you have a low credit score but still need funding then, a hard money lender provides you loans.
- Funding fix and flip properties: Hard money lenders recognize the importance of property like profit margin to lend money to their customers.
- No prepayment penalty: When small business owners complete their project before the time limit and want to pay off the loan earlier, there are no extra charges. In this way, you can save interest value and can start another project as early as possible. However, this is not true for all lenders.
If you are in Key West, Florida (FL), or anywhere in Monroe County, you can reach out to Commercial Real Estate Loan Pros of Key West. We will provide you with a suitable private lender at affordable interest values. Call us now to avail of a loan that meets you and your business’s needs.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.