Hard Money Loans: Two Fold Advantage
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Fast and Less Restrictive
Hard money loans are lightning quick from request to cash. Unlike conventional lending that pre-approves quickly only to have you provide never ending documentation in perpetual limbo. A hard money lender can have you approved and funded within days rather than months. This allows you to move forward with your business venture and take advantage of timing in the market. Anyone who has been in business for long will tell you that a good opportunity in the market will not wait on you. Sometimes there is just no time to wait on a deal or a dormant asset.
Hard money lending is an equity based, common sense practice. The ability to be loser on restrictions and operate on a more personal basis stems directly from the fast hard money loans are predominantly with a single entity or small group. As a result of having less moving parts and channels for documents and approvals to pass through, less requirements are to be met by the borrower. Hence the lender only requires three things: a sufficient collateral property (not owner occupied), a business/investment purpose to warrant the loan, and a reasonable exit strategy. Private hard money lenders have the freedom to structure repayment and collateral release terms in ways that are mutually beneficial to both borrower and lender.
Hard money loans are simply a better deal for small businesses to acquire liquidity when waiting is not an option.
My feelings on the subject,
Nathaniel S. Fulford
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