Creating a new business is tiresome yet extremely rewarding. When it comes time to purchase a building to host your business, you’ll want to consider hard money loans. Hard money loans are perfect for commercial real estate for many reasons; keep reading to get in the know.
Buyer Leverage
You might find the perfect location for your business, but other companies might be highly interested in it too. In a competitive environment like this, hard money lenders can give you the upper hand with your bid. Sellers of commercial real estate will prefer your offer over others because you’ll have a reduced risk of loan denial and faster escrow and closing times.
Attractive and Flexible
If you go the traditional loan route, you will be met with stringent guidelines and demands that are hard to meet. Hard money lenders in Tulsa offer loans that are less likely to fall through and look more appealing to the property seller. Hard money offers you more flexible opportunities to increase the odds of your transaction’s completion.
Forget Credit History
If you are new to the crowd of business owners and have yet to build good credit, going the hard money route will help better your chances of approval. A hard money loan can help you navigate the obstacles you typically see for traditional loans. The loan you make with Hard Money Partner is not contingent on your credit score but on the value of the property that you want to purchase with the loan.
Quick Turn Around
The last reason why hard money loans are perfect for commercial real estate is that they offer a quick turnaround time. This may be the most beneficial aspect of choosing this type of loan because it streamlines the entire process, allowing you to purchase real estate more quickly. Going the traditional route may require your loan to be approved before moving forward in the buying process, but a hard money loan skips this step and puts you in the race to purchase real estate almost immediately.
The differences between traditional and hard money loans are very clear. Choosing any route other than a hard money loan would be ill-advised and cause you to jump through more legal hoops. If you want your business to be up and running in no time, contact us at Hard Money Partner to help you purchase the perfect commercial real estate.
