Operating Lines of Credit
Most loans and credits work under a process that is known for everyone: you request one of them and if it is approved, you get the funds deposited on your account in a matter of days. However, these usual loans take time and several requirements, which is why operating lines of credit tend to be more popular. The reason behind this popularity lies in how easy they allow companies and particulars to have access to funds when certain expenses, investments, and projects are in their hands.
To understand this, think about real estate loans, either for residential or commercial properties. When you request one, you have to wait several days for a reply about it being approved or not and if it was, a few more days are needed before you finally get the money. As a result, you spend a lot of time in the process and it may not good and it is not only for real estate investments but also other expenses and needs you have to cover in no time.
With this in mind, how do operating lines of credit work? Just like regular loans but you access the money faster? Not quite. Speed is indeed one of the advantages of requesting and having one approved, but not the main one. Operating lines of credit are very similar to credit cards since they work under the same steps:
- Request the line of credit based on a specific sum of money you recurrently need or could use for different expenses.
- When approved, the lender will open a line you can access in no time with the funds. For example, if you requested $500,000, you can withdraw the money and use it, either partially or entirely.
- What does partially mean? That you can, for example, use $200,000 out of the total amount and you still have $300,000 remaining but the sum you withdraw is what you need to pay.
- When you use all the money available, repayment is needed for you to have it available based on your quotes and how much you are paying. This is why the system is just like credit cards: you use the money, you repay it as soon as possible to access it again.
The benefit of using operating lines of credit instead of regular loans is that you can access the money—initially—in a matter of hours or very few days and, later on, you can use it just like a card. This saves companies and particular a lot of time but it is only possible when they find the right lenders for these credits. At Commercial Real Estate Loan Pros of Jacksonville, we can offer them under very few requirements, and the interest rates we work with are always fixed and lower when compared with other lenders.
Also, you are welcome to request it regardless of the specific use you will give the funds as long as it is legal, but it can be for your company, personal use, or other expenses and needs. For application, you only need to send an email to our team at Commercial Real Estate Loan Pros of Jacksonville with all the requirements and basic documentation. Our personnel will evaluate the request and determine if it can be approved within 24 to 48 hours.
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.