Survival Tactic - Commercial Hard Money
Commercial hard money should only be thought of as an option after you have exhausted all other sources and have come to the conclusion that you just won't qualify for a conventional loan. The choice, though hard for many borrowers, is normally simple. Either lose your business or building or accept the terms offered by the hard money lender.
It's a survival tactic. You're giving yourself something very valuable in exchange for the expense of the loan - time. Time to repair, time to restore whatever the issues are. Whether it's getting the business back to profitability, paying down debt, time to continue leasing out the property, restore personal credit, etc. We see so many borrowers let the egos get in the way and end up turning this into something it's not.
What it really is is an act of courage that you are facing the problems head on and doing everything you can to solve it. And no matter how bad it is, you can still have some pride in that. Many people simple hide and let the problems overwhelm them.
Remember the old sales saying of comparing apples to apples. You just cannot compare a hard money loan to a bank loan you may have been eligible for 3 years ago. You have to be realistic and compare it to your current alternatives. And here's what they are 1. Take on a partner 2. Lose the business 3. lose the building.
Say you have a building worth $2,000,000 and owe $500,000. You have $1,500,000 of equity you stand to lose vs. paying for an expensive loan. Or say you take on the wrong partner because you are pressed for time and need cash. Now you stand to lose whatever equity you have in the business, building and have additional legal issues by having to get rid of the partner. And even if it works out with the partner you will likely have to give up much more to the partner than pay in fees to the lender.
Most hard money lenders charge 6% on the front of the loan, which is obviously very expensive. Say, using the numbers above you wanted an additional $500,000 to bring the total loan balance to $1,000,000. You would pay $60,000 in fees... Versus losing $1,500,000. It's hard, but simple. Don't let your ego get in the way of this one. Face the problem head on, and fix it.
About the Author
Jeff Rauth is President of Commercial Finance Advisors, Inc out of Birmingham, Michigan a national commercial mortgage brokerage firm. He also has a STORE for commercial loan brokers. Contracts, spreadsheets, books, etc. Products starting at $5. Check it out commercial real estate loans or commercial hard money loans or commercial loan rates
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No similar questions found LOL Uh huh.
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'they call this a sport, I tell ya it's survival of the fittest'
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Commercial Hard
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Hard Money Lenders - Friend or Foe? by Scott Bowens
Many people call hard money lenders legal thieves, loan sharks, people who deal out of the back of an alleyway and other unsavory terms. Anyone who thinks like this most likely has never dealt with one.
Hard money lenders can be the life saver you've been searching for if you're facing foreclosure or bankruptcy. Yes, their interest rates range between 17 and 25 percent, sometimes greater if the risk is extremely high. In addition to high interest, 2 to 10 origination points are typically added into the loan amount. Pre-payment or exit fees may be applied to the loan in some situations. The saving grace is hard money loans are short term 2 months to 3 years and can close in a very short time.
One of the best things about most hard money lenders is most don't care so much about your personal credit history, your income, or business references. Loans are made upon the as is value of the collateral or value of your property. Try to find a traditional bank or financial institution that doesn't put your entire life under a microscope, practically demanding to talk to everyone from your parents to your fourth cousin, twice removed.
A commercial hard money lender typically lends on income producing properties such as apartments, office, retail, self storage facilities and mobile home parks, anywhere between 60 to 75 percent of the value of the property. Written offers occur within one to three days after reviewing your proposal. Traditional banks can take up to two months to approve your loan and for some, that's too little, too late.
Hard money lenders are private lenders who either lend you their own money or get it from places such as private equity groups, hedge funds, mortgage pools, or deep pocketed individuals. Common since underwriting techniques are present and naturally the higher the risk means higher rates for you.
Locating hard money lenders can be challenging however, here is a suggestion or two: To find a lender you can check you favorite search engine under "direct money lenders" If you would like further define your search you might want to try to include the specific type of property you are looking to finance.
About the Author
Are you looking for the best deals and rates on Money Lenders ? Visit http://directmoneylenders.com/ today for more information!