Commercial real estate developers and investors are always looking for secure, flexible, and easy-to-qualify financing solutions. But they’re often held back by poor credit or low cash flows. Credit score and history can have a considerable impact on one’s financial borrowing abilities.
When it comes to CRE investments, finding a site at the desired location isn’t hard, but securing financial capital to fund its development can be quite challenging. After finding a property, investors need to find credible lenders that can offer them flexible financing assistance without stringent credit score criteria.
But, for the growing number of CRE investors with low scores, finding a moneylender who will endow a quick loan can be a challenge. Thanks to hard money lenders like GCP Funds, people in Tacoma, VA, can easily qualify for hard money loans even if they have less-than-stellar credit.
So let’s get right into knowing the challenging money application process.
How to Get a Commercial Real Estate Hard Money Loan in Tacoma, VA
CRE hard money loans are typically used to finance property development, renovation, improvement, or purchase. Lenders require a pre-occupied property to issue loans, meaning that a CRE developer must own the property’s 51% or higher share.
Depending on the type of your commercial real estate project, several lending options can help you accelerate your profits and reduce costs:
- Bridge Financing
- Acquisition Financing
- Construction Financing
- Permanent Financing
- Private Lending
- Mezzanine Financing
- Structured Point Venture Financing
Choose a Reliable Lender
Mortgage businesses and dealers and private creditors specializing in real estate also offer hard money loans for residential and commercial projects. And they don’t require borrowers to have high credit scores. Beginners and seasoned CRE investors can both stand to benefit from acquiring a loan from hard money lenders.
Though you might still have to go through a credit and income check, hard money lenders study the project and potentially succeed and often provide a leeway even for risky CRE ventures such as property flipping.
Pro Tip: Some lenders who promise to work with CRE investors who have low credit can be more expensive to boot. So before applying for a hard money loan or signing an agreement, CRE investors must ensure their lender’s credibility. Moreover, they must read the terms and conditions to avoid getting scammed with an additional fee.
Prepare Well for the Application Process
In general, a hard money lender doesn’t require extensive documentation about personal finances. They concentrate on the property’s current and projected worth with fewer requests for other financial disclosures. They’re more concerned about a project’s characteristics and project’s success potential.
Apply for CRE Hard Money Loans at GCP Funds in Tacoma, VA
Applying for CRE loans in the US has never been easier. Thanks to GCP Funds, you can qualify for secure, fast, and convenient financing solutions without having to show a stellar credit history.
Whether you intend to buy, renovate, or expand your commercial property, contact us to learn your options.