Your business plan for starting your own car wash may be very good, but unexpected problems appear all the time, so do not be surprised if you run out of money before being able to open the gates and invite clients in – you can still apply for a loan from your local hard money lenders car wash financing being just one of the services they provide.
What Does Working with Hard Money Lenders Involve?
With the help of hard money lenders car wash owners can obtain the quick influx of cash needed in order to complete any remaining renovation works and get the business open. Time is of the essence here, because every day the business remains closed means further expenses and loss of money that could be made by serving clients.
In theory, if you successfully plan every step of your business opening, fund it entirely with your initial capital, and have no surprises along the way, you will not need a hard money loan. In real life, however, equipment breaks down, cost estimates are always exceeded and additional works often become necessary, so even the best established budget can be exceeded.
With good credit score and a stable income, you should have no problem obtaining the money you need from any bank or private lender. However, that will take several weeks in which your expenses and losses will keep adding. And what happens if you do not have good credit score and a stable income? This is where hard money lenders and the hard money loans they offer come in.
What Makes a Hard Money Loan Special?
• Focused on Collateral – Rather than focusing on your credit score, a hard money loan is focused on your property as collateral and generally gives you a large fraction of that property’s value as the loan. This makes the property your only risk in the deal.
• Fast Payment – When you are planning on opening a business, timing is absolutely critical. While you may be able to get a better rate with a conventional loan, you certainly cannot afford to wait weeks or months for the approval to go through. In this case, the best option is to take advantage of the hard money lenders car wash financing offers and proceed with your plans as soon as possible!