People in the commercial real estate sector know full well how demanding the prospect of loans can get. Of course, there’s the bank option, but people and businesses alike have long grown wary of banks, and would rather try other measures of securing a loan to help with their commercial real estate project.
And that’s exactly where private loans (or hard money loans as they are otherwise known) enter the equation.
What are Hard Money Loans?
While the traditional lenders are more interested in things like your gross income and your credit score, hard money loan lenders are far more reliable.
Traditional lending is slow and requires solid proof on your part as a credible debtor who has a history of returning loans. At times, even credit scores and a promising income aren’t enough to get you that loan you need. Lastly, it’s a long process and builders don’t always have a lot of time.
In order to be able to get a hard money loan, all you need to prove is that you have the ability to pay it all back. For insurance purposes, there’s collateral involved. Additionally, the estimated value of your construction project after completion also matters.
How Can You Get a Hard Money Loan?
Since hard money lenders aren’t as picky about who they loan to, obtaining a private loan—be it in New York or elsewhere—is fairly easier. You just need to find the right lending agency and make sure that it’s a reliable company with a history of successful deals in the past.
With a private loan on your side, you can expect no unnecessary delays, which is almost always the case with banks. You can begin your project right away once you’ve got your loan approved by the agency. Agencies like Global Capital Partners Fund, LLC carry out their own analysis to make a judgment. This makes them capable of providing the required funding even on short notice.
Additionally, there’s not a lot of documentation that’s required (only proof of your hard assets). In short, private or hard money loans are all about your needs—the builder’s needs. They’re designed to give you more agency and a steady financial grounding so that you can make that money and repay as soon as the project closes.
It’s a win-win situation.
Reaching out to a Private Lending Agency
You can reach out to Global Capital Partners Fund, LLC online or by calling them at +1-800-514-7350. They provide a number of loans in addition to private lending, such as asset-based financing and bridge loans. You can find the loan application here.