Do you need money fast?
A hard money loan can be approved in less than a week so you can act fast. Whether you need to manage unexpected expenses or strike on a great deal, a hard money loan is here for you.
Do you need money fast?
A hard money loan can be approved in less than a week so you can act fast. Whether you need to manage unexpected expenses or strike on a great deal, a hard money loan is here for you.
Loan Overview
When time isn’t a luxury you can afford, a hard money loan puts cash in your hands fast. Low credit score? Don’t worry; hard money loans are based on asset values, not your credit report.
A hard money loan works by using your company’s assets to secure funding. The assets can be real estate, equipment, interest, inventory, or a combination. The loan is based on what your assets are worth, rather than your credit history, when deciding if you qualify. Lenders use the resale value of the asset to determine how much you can borrow. Loans for new property or equipment are based on the market value of that item. If you’re using the loan to renovate real estate, the lender uses the ARV or after-repair value. Most hard money loans are used to buy real estate and are secured by the property being purchased. The higher the down payment you can provide, the better rate you’ll be able to get from lenders. Hard money loans have short terms, maturing from three years to just a few months. Because they’re fast and convenient, hard money loans can be more expensive than traditional loans, so be sure to weigh your options carefully. If you have the time to go through a longer application process, you may get a lower interest rate.
REAL ESTATE
If you need to beat the competition to your ideal real estate property, use a hard money loan to make a cash offer. You can get approved quickly and have cash ready in less than a week, sometimes in just a few hours. Or leverage the value of your real estate to get a quick loan for other needs.
EQUIPMENT
It’s never a good time for equipment to break down. Replace or upgrade your business equipment quickly with a hard money loan and minimize your downtime. Use the value of the equipment itself or other assets to secure the loan and avoid a lengthy credit check.
WORKING CAPITAL
Even the most successful businesses are thrown the occasional curveball. Be ready for the unexpected in your business with a hard money loan. One quick application can get you the money you need to take care of repairs, lawsuits, PR management, and more. Since assets are used to secure the loan, you don’t need good credit to qualify.
ADVANTAGES
CRE Loans make commercial property affordable.
They don’t rely on your credit.
Easier to get than traditional loans.
Require less documentation than traditional loans.
DIS-ADVANTAGES
Usually have higher interest rates.
Short terms mean they require fast repayment.
The lender can seize assets if the loan is not repaid.