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Learning More about Commercial Hard Money Loans
Commercial hard money loans are a good short term option in some cases. Knowing more about securing the loan will help you decide if this is the tool that you need to purchase a property.Commercial hard money loans are an alternative to conventional commercial loans. The lender is not a bank or other formal lender and the terms are substantially different from those of a traditional commercial loan. But commercial hard money loans do provide a good short term option if you have been turned down for a traditional loan or you need the money in a very short time frame.
When applying for a traditional commercial loan, you know that you will need to have good credit and no foreclosures on your credit history. But your credit is not as important when you are seeking commercial hard money loans. The reason is that a hard money loan is secured by the property value of the property that you are buying or some other type of collateral. The lender is primarily interested in the collateral value and its location. The interest rates on a hard money loan are higher and so are the fees that the lender charges so they are willing ... more

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