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Answer You - Commercial Hard Money Loan Scenarios
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Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.
COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly
Traditional comm
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There are three financing options for most commercial real estate scenarios: traditional banks, intermediate lenders and hard money lenders. The primary rationale for a small business considering a commercial hard money loan is that traditional or intermediate commercial financing options are not viable.
In those situations where traditional banks and intermediate lenders both say "NO", it then makes good business sense to explore under what terms a hard money commercial loan might be available. Many viable small business projects can be funded ONLY via a hard money lender. Before accepting "NO" from the traditional banks and intermediate lenders as the "FINAL ANSWER", a prudent small business borrower should determine if a hard money lender will say "YES".
Commercial hard money loans are typically completed more quickly than a traditional commercial loan. Compared to traditional bank business loans, commercial hard money loans will generally involve a higher interest rate (prevailing range of prime rate plus 4-8% for typical scenarios), higher fees and shorter-term financing (one to three years). However, because many hard money loans offer interest only terms, the payments can be lower than a fully-amortized loan with a lower interest rate.
Three common commercial financing scenarios using hard money loans are described below.
COMMERCIAL HARD MONEY LOAN SCENARIO # 1: Low Credit Scores
Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.
COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly
Traditional comm
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In those situations where traditional banks and intermediate lenders both say "NO", it then makes good business sense to explore under what terms a hard money commercial loan might be available. Many viable small business projects can be funded ONLY via a hard money lender. Before accepting "NO" from the traditional banks and intermediate lenders as the "FINAL ANSWER", a prudent small business borrower should determine if a hard money lender will say "YES".
Commercial hard money loans are typically completed more quickly than a traditional commercial loan. Compared to traditional bank business loans, commercial hard money loans will generally involve a higher interest rate (prevailing range of prime rate plus 4-8% for typical scenarios), higher fees and shorter-term financing (one to three years). However, because many hard money loans offer interest only terms, the payments can be lower than a fully-amortized loan with a lower interest rate.
Three common commercial financing scenarios using hard money loans are described below.
COMMERCIAL HARD MONEY LOAN SCENARIO # 1: Low Credit Scores
Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.
COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly
Traditional comm
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Commercial hard money loans are typically completed more quickly than a traditional commercial loan. Compared to traditional bank business loans, commercial hard money loans will generally involve a higher interest rate (prevailing range of prime rate plus 4-8% for typical scenarios), higher fees and shorter-term financing (one to three years). However, because many hard money loans offer interest only terms, the payments can be lower than a fully-amortized loan with a lower interest rate.
Three common commercial financing scenarios using hard money loans are described below.
COMMERCIAL HARD MONEY LOAN SCENARIO # 1: Low Credit Scores
Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.
COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly
Traditional comm
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Three common commercial financing scenarios using hard money loans are described below.
COMMERCIAL HARD MONEY LOAN SCENARIO # 1: Low Credit Scores
Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.
COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly
Traditional comm
Copyright 2004 Steve ShawI recently received an interesting question from a visitor to one of my web sites: "If there is any advice that you wish you would have gotten before you started a business online, what would it be?". Rather than write an extensive email on this subject, I figured my answer would be of use to many people out there about to embark on what for many could be a life-changing experience.========
Most traditional commercial loans have very strict standards for acceptable credit scores by the guarantors for a commercial real estate loan. Hard money loans are much more flexible and low credit scores are acceptable.
COMMERCIAL HARD MONEY LOAN SCENARIO # 2: Need to Obtain Commercial Financing Quickly
Traditional commercial loans will normally require several months to complete. Hard money loans can be obtained within a few days in some situations. This difference will be critical if commercial financing is required within a short time frame.
COMMERCIAL HARD MONEY LOAN SCENARIO # 3: Special Small Business Situations Not Easily Understood by Traditional Banks and Intermediate Lenders
- Foreclosure
- Bankruptcy
- Special Purpose Properties
- Tax Liens
- Losses
- Negative Net Worth
- Less than one year in business
- Environmental Requirements
For each of the three scenarios described above, a commercial hard money loan will involve shorter-term financing, higher fees and higher interest rates than a commercial loan from a traditional bank or an intermediate lender. However, the critical point which must not be overlooked is that for most situations covered by the three scenarios, commercial financing would be declined by either traditional banks or intermediate lenders. It is under these circumstances that a commercial hard money loan becomes a practical and viable solution for many small business owners.
Copyright 2005-2006 AEX Commercial Financing Group, LLC. All Rights Reserved.
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