Commercial Hard Money Lenders
Are you tired of wrestling with banks to get a loan? Do you need to close the deal now and can’t wait for the bank to accept or deny your loan? Commercial hard money lenders are there to get your commercial deals funded now. Commercial hard money loans provide borrowers/ investors the competitive advantage of acquiring quick funding for their commercial ventures at competitive rates. Hard money loans serve to bridge the gap between short and long term financing for commercial properties. Investors using hard money loans know how valuable time is when closing a deal so commercial hard money loans gives them the advantage to outperform the rest.
Commercial hard money terms
So what are some of the terms of “hard money lenders”? Obviously it varies from lender to lender. It used to be that hard money lenders would lend solely based upon the deal or property at hand. They would only lend up to a certain percentage of the fair market value of the property, that way in the event of default, the hard money lender would profit handsomely if they had to foreclose or sell to an end buyer. Now, you will find that many hard money lenders, if they want to stay in business, require more than just equity to qualify. This is because the laws now are favorable for consumers. Consumer protection laws, time consuming and expensive court procedures, and so on have forced some hard money lenders to become even harsher when applying for a loan. Typically, commercial hard money loan lenders will lend up to 50-70% depending on the property and charge interest rates between 8-14%. In many cases the rates vary depending on credit information and experience.
Contact the commercial hard money lenders at HML Investments today for more information about alternative financing for commercial properties.