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Most people get scared when they hear the term Hard Money Commercial Loans. 15 years ago, they were not as common and very hard to get, but in the modern age, they are much more common. However before you get a loan like this, there are certain dynamics you must be made aware of before you go on the net and offline searching for your angel investor or lender.
Why Would Someone Want Hard Money Commercial Loans?
The main reasons are that these types [link widoczny dla zalogowanych] of money financing solutions are so honored is the pliability. I've [link widoczny dla zalogowanych] heard of companies proposing this type of business loan collectively unsecured, with zero collateral. But these loans are under 500k. Business Cash Loans of 500k to One Billion are most often backed by Real Estate.
People tend to use these Hard Money Commercial Loans as Procurement or "Bridge Loans". They [link widoczny dla zalogowanych] want to close the hole meaning they will tend to use this commercial finance loan while they wait for their traditional financing kicks [link widoczny dla zalogowanych] in. The issue with these loans is that they start at rates of 11-16%. This is approximately 5 points higher than a conventional loan.
What Types of Hard Money Loans are out there?
You can acquire a loan like this for commercial property. This can be anything from a Strip Mall to a Grocery Store to a small office suite. You can also use them for a residential investment such as a tract home development. I've heard of loans $100,000,000 and more just for one loan of this type. The Industrial Hard Money Commercial Loan is also very popular.
Hard Money Commercial Loans cover everything from [link widoczny dla zalogowanych] Office Land to Technology Parks. Technology parks are becoming more popular in urban and suburban areas. These are basically warehouses and factories. If [link widoczny dla zalogowanych] you've ever been in an area where you'll see a computer warehouse, next to it a warehouse selling motorcycle parts, then next [link widoczny dla zalogowanych] to that a carpet warehouse, that's a technology park.
Hard Money Commercial Loans also go by special factors such as a Favorable Credit Score, Preferable Proceeds and other determinants. This obviously affects rates as well. The higher your score, the higher your LTV. LTV stands for Loan to Value Ratio which is the combination of the value of the property the bank is assenting to loan on. When applying for a exorbitant loan of this type your Credit Score and tangible history isn't weighted as much as how long you've been in business. Is your organization is victorious, massively victorious or failing?
The reason the rates on Hard Money Commercial Loans are so heavy is because they have to entertain the possibility of the borrower going into default. These financial loans don't shield the Investor or the Banks from the large failure rates on behalf of the borrower.
But it's important to note that these types of loans are closed everyday. Business moves on and the world moves on accordingly. When attempting to find a lender that will help you acquire money financing of this type, make sure you at least setup an conference. This doesn't have to be an in person interview, since many lenders are nationwide now. A telephone interview should be adequate in most cases.
Before you make the [link widoczny dla zalogowanych] final decision, there are [link widoczny dla zalogowanych] a couple more [link widoczny dla zalogowanych] things you need to consider. Number one before you contact your first lender, work the profit numbers on paper first. If they [link widoczny dla zalogowanych] are adequate for you, then contact a lender that will help you get what you want and that will help you get the best rates. An over the phone interview should be adequate since many [link widoczny dla zalogowanych] lenders these days are nationwide.
Whether you're looking for Hard Money Loans or Money Financing there is definitely a viable solution for you.
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