Hard Money Loans
Contact Us
One of the main problems with traditional lenders is that even when your loan is approved, it takes time to process the fund and you wait for days before getting access to it. This is why hard money loans are used the most by both real estate investors, regular borrowers, and companies nowadays.
Hard money loans do not come from banks and similar lenders. Instead, individuals or private companies dedicated to offering the option are the ones who will become your lenders, which is the biggest benefit. You do not need to meet several requirements as usual with usual credits, and you are 99% guaranteed to have it approved after applying for one since the key takeaway from these loans is to use the property you are going to purchase as collateral.
This makes it possible to ignore the usual requirements that banks, pension funds, or even insurances ask for:
- High or excellent credit score.
- Provide every financial history about your business or personal revenue.
- High interest rates are not fixed either.
However, keep in mind that hard money loans are short-term credits. You cannot expect it to last for over 2 years at most and since the property is the only guarantee for the lender that you will repay the loan, a lower LTV ratio is normal.
Finally, you cannot request one from just anyone. Some private companies or individuals have their own terms and you can find variations where the property might not be the only request from them as collateral. Other assets and guarantees could be needed.
Where to access hard money loans?
First, take your time to think about needing or not this type of credit. If you are a real estate investor that is trying to purchase a new property, renovate it, and resell it later on within the term of the loan, you will find hard money to be quite suitable since the whole idea of this loan is for the transaction to take place quite quickly. However, if you are a company or individual trying to purchase a residential or commercial property for your own use, you should rely more on commercial and residential mortgage loans or similar ones.
That being said, private companies are where you will find the best deals for hard money and we at Commercial Real Estate Loan Pros of Tampa can make sure you finally get that property or renovate it. As previously mentioned, we care about the property as the collateral, which means you do not have to think about your creditworthiness too much nor meet several requirements. Also, we work with longer loan terms. Instead of a year—which is the usual term lenders work with for this credit—, we go up to 2 depending on the situation.
And as for the interest rate and LTV ratio, we adjust to lower rates that do not go up from 10% most of the time, and the ratio can go over 70% for certain acquisitions from the borrower. Therefore, if you are trying to access funds for real estate as fast as possible yet still be safe and under fair conditions, you can rest assured that at Commercial Real Estate Loan Pros of Tampa, we will be the best lenders for you.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.