Running a successful business nowadays means keeping up with the public’s expectations, and, when your budget is not enough to finance your expansion needs, you have only two choices: getting a loan from the bank or borrowing from the Atlanta GA commercial hard money lenders. Statistics say that business owners prefer the latter alternative, and it is all the more surprising since hard money loans usually have higher interest rates than their alternatives.
Why Are Atlanta GA Commercial Hard Money Lenders Preferred Over Banks?
In business, time is of the essence. Expanding or renovating a commercial space usually means closing your business, so, the longer the works take, the more money you lose. When you run out of funds in the middle of the project, you need a solution fast. If you ever had to take a business loan, you already know that banks ask for the moon and the sky in terms of paperwork and have you wait for their approval for weeks or even months.
Atlanta GA commercial hard money lenders, on the other hand, are business people, just like you, except that they sell financing. They understand the pressure you are under and have simplified the loan approval process considerably. Instead of checking your profits, your credit history and asking you to supply tons of papers, they will focus on the building you are working on, no matter if you are building, renovating or expanding.
You use the property as collateral, and they give you the money you need, usually in as little as one week. As for the costs, while the interest is indeed higher, it is nothing compared to the money you lose with your business closed down and your contractor waiting for materials.
Let us not forget that you only borrow this money for a few weeks, months at most, not for decades. While the interest rate is higher, it only applies to a short period of time, so the actual difference between what you borrow and what you pay back is quite reasonable.
But perhaps general comparisons are not enough to help you realize what is best for your business. Contact one of the Atlanta GA commercial hard money lenders and have them explain to you in detail what borrowing money from them means.