Hard Money Lender:
Companies and individuals who offer loans collateralized by real estate. These loans are
considered short term and may be called bridge loans. Hard money loans are based on the quick sale value of the property and not the borrower’s credit rating. Therefore, these loans usually come with higher interest rates. It is
advisable to understand what hard money loans are before you contact these lenders.
1. Hard Money Lenders do not generally pursue commercial
property transactions nationwide.
Determine if the lend in your state by visiting their web sites before contacting them for information.
2. If your real estate transaction can't be funded with the Hard Money Lenders in your geographic area then it is probably a tough deal. However, if you believe you have a viable deal, be persistent because there are other lenders.
3. Review information from other sources including Financing Consultants to see if they know lenders willing to accept the parameters of your deal.
4. When you are turned down always ask if they know other hard money lenders they can refer the deal to.
5. Don’t hesitate to pay a Financing Consultant a commission if money that will assist your business, and make it more profitable, can be brought to the table.
Article: Learn more about hard money loans by
reading the following article - Commercial Hard Money Loans
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