There is a type of commercial loan that allows you to finance your real estate project even if you have a low credit score and that type of loan is a Hard Money Loan, a short-term loan wherein a commercial property is used as collateral.
Investors rely on Hard Money Loan to acquire a commercial property in a short period of time.
Typically, Hard Money Loans do not require any credit minimum because they evaluate the value of the commercial property.
The process of Hard Money for bad credit is similar process like any Hard Money loan. Hard Money lenders evaluate the value of the property, and the loan amount will be based on the percentage value of the property.
It typically ranges from 50 to 70% of the property value.
Hard Money Loans are short-term loans that typically have higher interest rates, if the borrower is unable to pay the loan, the lender may foreclose the property.
It’s important to discuss it clearly with your Hard Money lender your expectations and know all the possible risks involved.
Overall, it’s essential to consider your financial situation and the ability to repay the loan, especially if you have a bad credit history. That’s why it’s best to consult with your commercial property lender to evaluate and make the paying terms more flexible.
It’s always best to consult with a lender that specializes in commercial real estate lending. With the fast closing rate of as long as 2 weeks, you can get your funds in just 48 hours!
Century Capital will definitely be here to provide you with the best services. To know everything about Century Capital Partners LLC Reach Victor Cohen at 201-880-7850 ext 102 or send an email at victor@centurycapitalfinance.com
