Statistics show a rise in popularity for hard money lenders St Louis business owners and real estate investors often turning to them in order to obtain the financing they need to complete their projects.
These lenders specialize in helping to fund commercial activities within the sphere of influence of real estate, without paying attention to credit scores and other complicating elements.
Some of the most common reasons to look for a hard money loan in St. Louis are:
• Opening a New Business – If you are the new proprietor of a business that you are currently renovating and you have incurred costs beyond your initial expectations, you may need a quick influx of cash to help you get along until it is time to open the doors to the general public.
Due to hard money lenders St Louis financing opportunities are more numerous and more accessible, making it easy for you to obtain the cash you need quickly and without stress. This allows you to complete renovations and get the doors open much faster than if you were borrowing from the bank.
• Flipping a Home – If you are a real estate investor specializing in purchasing run-down, abandoned or otherwise undesirable homes and turning them into palatial estates to be sold for top dollars, you may benefit from hard money loans, because they use the property as guarantee instead of your income and credit score and they are available fast.
• Renovating an Existing Commercial Property – If you are the owner of a commercial property that is in need of renovation, but you do not want your credit history to get in the way of your plans or you simply do not have time to wait for an approval on your loan application, hard money lenders may be able to help.
Hard Money Lending Defined
Rather than traditional loans, hard money lenders focus on the property as collateral, and many will not hold a bad credit history against you. The rates are generally higher than those for conventional loans, but you get to skip the weeks of approval time and begin using your money almost immediately.
With hard money lenders St Louis businesses, investors, and commercial building owners can benefit from the increased speed and discretion of having money loaned without needing perfect credit.