A hard money loan is just a shorter-term business loan where you borrow against the value of your assets to pull together some funds quickly.
A hard money loan is beneficial if you need an influx of cash fast or don’t have sufficient collateral to take a loan from a bank.
Here are some of the benefits of hard money loans.
One of the most significant benefits of hard money loans is how fast you can access the funds. A regular loan from the bank could take weeks or even months sometimes before they give you any money at all, and then it’s only what you asked for in principle.
With a hard money loan, no time-consuming processes make getting your funds a long, drawn-out process.
Proven Track Record
One of the most significant benefits of hard money loans is that they come from a proven source. There are plenty of lenders out there that can provide you with cash, but it’s not always easy to tell what their track record is or if they have a history of getting people into financial trouble.
Hard money loans eliminate this risk because you can see who they’re and how well they do business. After all, the lender is willing to put his or her name out there.
A good thing about hard money loans is that you don’t necessarily have to put up all of your assets for collateral. Hard money lenders will look at the equity in your help to determine how much you can borrow so you don’t necessarily have to come up with a lot of cash right away.
This means that, for example, if you have a piece of property worth $50,000, then you may only need $5,000-$10,000 down as collateral, and the rest will be considered equity.
They’re More Flexible
Many hard money lenders will work with you to assure that you can pay off your hard money loan over time instead of the standard structured payments that banks ask for. This is a benefit because it means that you don’t have to come up with vast amounts of cash right away, just like you wouldn’t have to come up with the entire principal amount when applying for a regular bank loan.
So, if you need hard money loans in Arlington, then GCP Fund may be precisely what you’re looking for. They’re a trusted name in financing solutions. Contact them here to find out more about their services.
Their solutions also include land acquisition funds lending, asset-based lending, private loans in areas including, but not limited to, Seattle WA, Norfolk VA, and Baltimore, MD.