Bank Lending Freeze for Commercial Construction Loans and Why Hard Money Lenders are Here to Help

In today’s world, loans are very necessary. Businesses and assets would be abandoned if we lived in a world where people were unable to go beyond their financial limits.

Due to the coronavirus outbreak, many banks stopped issuing loans making real estate project owners look for ways to finance their projects. Some banks which still offer loans avoid lending to those deemed unsuitable, not everyone is authorized for a real-estate loan, but hard money financing can help you with the finance you need.

If you are looking for ways to finance your project, Hard Money Mobile is here for you. Hard Money Mobile provides short term asset loans for real estate projects. Our loan process is quick and less rigorous. Hard Money Mobile offers fast processing in closing loans, suitable loans, and minimal interest rates. Doing business with us comes with many benefits, which include:

•  Our loans are very beneficial to both new and experienced investors who might otherwise be unable to get a conventional loan. Hard money loans are underwritten explicitly depending on the property and the borrower’s expertise or know-how. Traditional bank loans frequently need verification of income, an assessment of current assets and obligations, a strong credit score, and a minimal debt ratio, and the application process is lengthy.
•  Banks often examine a 360-view of your financial health, including your income, work status, history, current assets and liabilities, and credit ratings, so traditional banks loans may take weeks or even months to finalize. A hard money loan may be closed in as little as a week and as little as a day in some instances.
•  Lenders, for example, spend less time going through a loan application and confirming income, and checking financial paperwork. Hard Money lenders demand less paperwork than standard lenders and finance based on the property’s worth rather than the borrower’s credit history.
•  If the borrower fails, hard loan investors may have a better value and possibility to sell the property themselves; thus, they are less worried about collecting payback.
•  Hard money construction loans are viable for construction business owners who want financing to begin a new building project but do not qualify for a conventional loan. They may also be an excellent choice to explore if your new construction project has a set deadline you need to beat.
•  Hard money loans are often seasoned lenders who understand that projects do not always go according to plan. Hard money loans will often finance if there is a financing gap and the loan and accompanying documents make sense.
•  They are more flexible than traditional lenders. They choose what Loan-to-Values (LTVs) they will accept depending on their affinity for the project, cross-collateralize, potential equity involvement, and other factors. If the loan-to-value ratio is too high, traditional lenders will reject the deal right away.

Who is this loan for? If you need money for your real estate project and don’t have much time or energy to deal with the hassles of conventional banks, Hard Money Mobile can help you get the money you need, save you time, and provide you with more flexibility.

Hard Money Mobile is here to assist you if you are in need of a loan for your construction project. Please give us a call 209-666-6639, or send us an email info@hardmoneymobile.com or visit our website hardmoneymobile.com.