Private money lenders are also known as hard money lenders. They provide short-term financing to commercial clients. It’s an effective financing tool for clients looking to refinance a loan, finance purchases, investment rehab, etc. These collateralized loans are backed by commercial real estate. However, it’s important to choose the right private money lender to help out your business.
Here are some tips on choosing the right private money lender for your business:
Look for a private lending firm that specializes in hard money loans
While there are many private lenders out there, not all specialize in hard money loans. Always opt for a private lending firm whose main financing solution is hard money lending. Such lenders provide better services and have experience with real estate, which can benefit you as a borrower.
Choose a company that looks beyond the credit score
Hard money loans are designed to help commercial clients that would otherwise not qualify for traditional loans. Credit score plays a critical role in the approval of traditional loan applications. Hence businesses with a poor credit score can opt for hard money loans. Private lenders Like Global Capital Partners Fund have helped many organizations with their hard money lending, particularly for time-sensitive payments to prevent foreclosure, meet expenses, and help the company stay afloat.
While hard money loans should be widely approved, most private lenders on the market don’t approve loans for clients with a poor credit score. Make sure you do your research on the private lending company you choose as a declined loan application can further impact your credit score.
Quick approval on loan requests
The purpose of hard money loans is to provide funds immediately. These funds can help companies trying to close on a lucrative project or property, refinance loans, and meet other important payment deadlines. Unlike other private lenders, GCP Fund is quick to approve hard money loan applications, and the loan applications are fairly straight forward too.
Global Capital Partners Fund is a leading private lender based in NYC with over 3 decades of experience in the industry. The company provides a variety of commercial financing solutions that range from hard money loans in Dallas, TX, to asset based lending in Denver, CO, and even bridge financing. Their private loans, also known as hard money loans, are effective short-term financing solutions secured by commercial real estate. These loans are used for refinancing, purchases, investment rehab, lines of credit, and purchases. Get in touch with their representatives at +1-800-514-7350 or firstname.lastname@example.org.