Finding Quick Commercial Real Estate Financing Solutions
Oct 05, 2016
If you have been searching for a traditional real estate loan for your current purchase or refinancing needs, you may understandably be feeling stressed and frustrated. The unfortunate reality is that most commercial lenders want all of their loans to fit into a neat box and to conform to specific and often stringent parameters and requirements. While some loan requests do indeed fit neatly into their lending parameters, other loan requests do not. There may be one or several factors that are causing traditional commercial lenders to pass over your loan request. The good news is that private hard money commercial lenders may be able to help you, and you can find commercial hard money loans with ease to obtain the financing you need.
How Hard Money Loans Are Different
Private hard money commercial lenders have far more flexibility to lend on unique or challenging loan requests that traditional lenders will not look at. These may be loan requests that are challenged by low historical operating numbers, low occupancy rates, deferred maintenance issues or other issues, but they also may have upside potential. When you find commercial hard money loans, you will see that each lender also has a specific set of requirements for loan requests to meet. However, the requirements are broader in scope and more flexible. Hard money lenders are able to look at compensating factors that may make a loan request stronger or more attractive.
A Fast Solution
When you find a commercial hard money loan, you may be surprised at how quickly your loan request can be approved. The traditional commercial lending process may take two to three months or longer in some cases. It is not unheard of for a commercial loan to take six months or longer to close in some cases. With a hard money commercial loan, you may be able to close on your loan request within a matter of weeks. You may have big plans for your property once you get your financing lined up, and you do not have to walk through a lengthy loan process when you apply for a commercial hard money loan.
How To Find Commercial Hard Money Loans
Each hard money lender has unique lending parameters for loan requests. For example, commercial hard money lenders have specific guidelines for property types, LTVs and loan amounts. Most lenders will want to speak with you or to review a loan package that highlights the strengths and weaknesses of the loan request. Therefore, you may need to submit paperwork and photos of the property to a lender in order to get a preliminary sign of interest.
Looking For An Experienced Commercial Hard Money Lender?
If traditional commercial financing is not suitable for your current needs, you can find hard money loans that may give you the funds needed. Try Riverdale Funding! We are an experienced private hard money commercial lender and we provide our commercial real estate loans throughout 30 states in the US. Call us today at (888)368-4983 to apply or submit your free hard money lending application.