All too often investors are misled by myth rather than truth, and those who seek the truth will find it. Commercial Hard Money has many myths; today, we are naming the common myths about commercial hard money financing.
Myth Number 1: Commercial Hard Money is only applicable for bad credit applicants.
Truth: Commercial Hard Money is not only for bad credit applicants, but also for unique properties and distressed properties that your local bank will not securitize. Ex: A local lender will require a multifamily complex’s parcels to be contiguous for securing their loan, however, some commercial hard money lenders will allow financing on apartment complex’s parcels that are non-contiguous.
Myth Number 2: Hard Money rates are expensive
Truth: The interest rate is determined upon your credit scores, the loan to value and the terms and conditions of the loan. If you’re seeking a temporary commercial bridge loan, we recommend a non-pre-payment penalty loan. A commercial hard money bridge is not expensive if the ROI on your fractured condos or apartment loans is greater than the interest rate you pay on your commercial bridge loan.
Myth Number 3: A Commercial Hard Money Broker is a Lender
Truth: A Commercial Hard Money Broker is not a lender; we assist you in originating your commercial real estate loan with a commercial hard money lender. Commercial hard money consists of pools of private money invested by a group of private investors or sometimes just one individual.
Myth Number 4: I don’t need to show my financials
Truth: We do verify your personal and business financials, regardless of the scenario, especially when your credit score is below 680. Cash must be verifiable for purchasing distressed or unique commercial properties.
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For more information on how we can help you with Commercial Hard Money in Fort Lauderdale and Palm Beach FL, please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital on our Testimonials page.
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