Asset Based Hard Money Loans: Two Fold Advantage
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Fast and Less Restrictive
Asset based hard money loans are lightning quick from request to funding. Unlike conventional lending that pre-approves quickly only to have you provide never ending documentation, 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. There is just no time to wait on a deal or a dormant asset.
It’s far less of a headache to deal with a hard money lender who lends his own money. They are able to be looser on restrictions and operate on a more personal basis given that you are dealing with a singular decision maker. As a result of having less moving parts and channels for documents to pass through, less requirements need 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.
Asset based 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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