Hard Money Loans
Applying for a loan takes a lot of time and effort. In addition, when you have the loan approved, you still have to wait several days or even weeks until you access the funds. This is why hard money loans are more popular than regular ones: because you get the money in 24 hours or very few days.
For people and companies that are not in a hurry and can afford to wait in order to buy a real estate property or invest in new projects, this is not a problem. But for those trying to purchase a property that will be off the market quite soon or are at the limit with their expenses and projects, time is gold.
This is why most real estate investors and people overall prefer to use their savings and money if possible since they do not have to wait nor meet several requirements that sometimes are just impossible. However, if you are part of a group that is unable to finance any additional expense and even less a new property be it commercial or residential, it is not impossible to access enough funds in no time.
Hard money loans are completely different from regular ones since your credit score is not the most important part of having the funds approved. Instead, it is the collateral that matters. Thanks to this, the time for the approval is reduced as well as how long it takes to have the funds in your bank account. Also, banks and regular lending institutions will not be the sources to rely on when requesting them but rather private companies and lenders, which are always faster and more accessible for any type of credit you want to request.
Where to access these loans
Since private companies and lenders are the only ones that offer them, you can reduce your search to the ones in your city or area. Some of them are available throughout the state, which can be the best option when it comes to making sure they are reliable, have a good reputation, are truly ever to provide the funds you need, and great lenders overall.
At Commercial Real Estate Loan Pros of Jacksonville, we can offer you hard money loans that are completely accessible depending on the collateral you can include in the deal. It can be either an asset or the property you might be planning to purchase or renovate with the funds. We do request credit scores, financial records, and other requirements, but if we put them over the collateral, then it would not be for the loan you are trying to request.
Just keep in mind that these loans are riskier compared to regular ones where your creditworthiness is as important or even more than the rest of the requirements and factors, and this applies to us as well as to any other lender you consider. However, we can guarantee that interest rates, the term of the loan, LTV ratio, and the regular conditions will be much better compared to other private companies and lenders in the area. Therefore, when considering hard money loans make sure to contact us at Commercial Real Estate Loan Pros of Jacksonville and have our team evaluating your application.
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.