How Do Commercial Hard Money Loans Work

Hard money loans are short-term loans you can use to buy investment properties even if you don't have great credit. But their high interest rates and short repayment periods make them risky.
By: Winston Rowe and Associates
 
TAMPA, Fla. - Nov. 27, 2023 - PRLog -- A hard money loan is a type of secured loan that's used to buy hard assets—usually real estate. Instead of relying on the creditworthiness of a borrower, hard money lenders instead weigh the merits of the investment that a borrower is looking to fund and use that investment as collateral.

You won't find these loans from traditional lenders such as banks. Instead, they come from individual investors, investing groups and financing companies.

Individuals and companies may take out hard money loans to purchase property as part of an investment.

They might be amateur or professional home flippers who want to quickly buy, repair, upgrade and then sell a home. Or they might be looking to buy and repair a rental property, build a new property or purchase a commercial property for their business.

Hard money loans are more often used to buy investment properties, rather than paying for a place to live.

As with other types of loans, the requirements and terms can vary depending on the lender and deal.

Winston Rowe and Associates is a national consulting firm that assists their clients with commercial real estate financing. They can be contacted at 248-246-2243 or visit them online at https://www.winstonrowe.com

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Tags:Hard Money Loan
Industry:Real Estate
Location:Tampa - Florida - United States
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