Hard Money doesn't always have to be your only option.

When a bank says no to your commercial loan request, hard money is a good option but hard money doesn't always have to be your only option.

As a Commercial mortgage broker in Rhode Island and Massachusetts I get a lot of loan requests where my client immediately tells me they are looking for a hard money loan. There are a lot of times this request is made because they believe this is there only choice.

There are lenders out there today keeping very busy underwriting and closing on deals that banks have passed on.

One specific area that a lender can really shine is their ability to work with a self employed client who doesn't show much income or cash flow on their tax returns. Some commercial mortgage lenders have programs for this type of borrower.

Also with many commercial mortgage lenders, their guidelines are more forgiving with damaged credit.

A hard money loan is a great option if you need to move lighting quick on a real estate opportunity or if the higher rate and fees are more attractive than dealing with a longer underwriting process. Hard money is a good fit if you only need the loan for a very short period of time.

It's always a good idea to lay everything on the table when dealing with your commercial mortgage broker and let them work with you while advising which course will fit your needs best. A commercial mortgage broker with multiple lending outlets will be able to look at what you want to accomplish and sift though the good, the bad and the ugly of you application and help point you in the right direction.