When you attempt to get financing through the traditional methods but cannot wait for the lengthy process that is associated with a loan, you can get in touch with a commercial hard money lender. They can give you a loan that is for investors that wish to refinance or purchase a commercial income producing property which would not typically qualify for a conventional loan. If you currently own commercial property and are losing money and have a poor credit score a bank typically will not help you, but a commercial loan by a hard money lender can help you. A person who can seek a commercial loan may also be having issues with low occupancy and or want to make improvements on a commercial building. A commercial hard money loan can help you by typically offering you a loan that can range from $100K to $5M.
A Good Alternative to Traditional Bank Financing
When you are considering refinancing or getting a loan for commercial property real estate, it is not always easy to get traditional financing through a bank, plus you have to take into account how long that may take. A hard money commercial loan relies on the commercial real estate as an asset, which is usually used as the collateral. Hard money lenders will frequently lend money for riskier commercial loans where as a bank will not touch it. Commercial hard money lenders in Houston can be beneficial to you in several circumstances such as:
1. You Do Not Qualify for Traditional Financing
2. Your Current Commercial Property Has Unpaid Bills or Liens
3. You Are Attempting to Avoid Foreclosure
4. You Have Complex Loan Needs
5. You Can’t Wait Three to Six Months for a Traditional Bank Loan
6. Your Credit Is Less Than Perfect
Don’t Let Lack of Money Stop You
A lack of money should not stand in the way of your ability to take that step in pursuing your dream of owning your own business or even refinancing the business you currently own. A traditional loan from a bank relies on a borrower’s credit, tax returns, and income. Commercial hard money lenders can help you with your commercial real estate property desires. They will work with you to help you qualify for a loan even if you have a less than perfect credit history.
When you need commercial hard money lenders in Houston, it is a good idea to contact Noble Mortgage and Investments, LLC. You can visit their user friendly website and contact them for all your commercial lending needs.
