If traditional lenders have turned down your request for a loan, it can be difficult when you have no other options. If you have bad credit, no credit, or no regular source of income, you may want to consider borrowing from commercial hard money lenders. They will secure your loan quickly, so you won’t have to wait if you need funds fast.

There are a few reasons why you might need a commercial hard money loan; you may need to supplement a business venture, or require an investment in real estate. As long as you are aware of the risks involved with this kind of loan, it may be your only source of funds for the short term until you can make other arrangements, and so will prove to be of benefit to you in the long run.

The private lenders who offer these loans have more flexibility in who they choose to lend to. Unlike conventional loans, these high-risk loans take into account the collateral value of a borrower’s assets rather than their credit score or financial situation. Borrowers are able to secure loans a lot faster, but will have to repay a higher interest on them.

These types of loans are a good option if you need funds temporarily, while you wait for an alternative source of income. These loans can provide you with a good solution to your current money problems, as long as some precautions are followed. The most important advice when looking for a lender is to choose carefully, as there are good as well as bad ones.

The loan offered by a commercial hard money lender is usually based on the value of your real estate assets, and can be up to 80% of its value. They will not care about the details of your income, credit rating, or how you are going to make repayments. The turnaround time after processing your request is usually very fast – within a day or two at most – so that you can have access to funds almost immediately.

Even though some lenders will ask the borrower for an advance payment, a good lender will not do this. It also helps to avoid brokers as they have a fee associated with their services. Before signing any contracts, borrowers should ensure that they are fully aware of all conditions of their loan agreement, including costs, terms of repayment, and penalties.

Your best option is to find a good lender who is able to work with you and your financial situation, and offer you a loan as fast as possible, so that you can get the funds you need. So no matter what your business goals are, speak to a commercial hard money lender today and find out how they can help you.

Tom G. Honeycutt is a full-time real estate entrepreneur in Atlanta, GA. Tom helps readers by providing practical and useful knowledge to better understand lending choices. If you are looking for Atlanta Hard Money Financing Brokers in GeorgiaHe suggests you check out the website iFund International.