When banks ask you for tons of papers and request that you wait for months to have your application analyzed, the higher interest rates charged by hard money lenders for commercial construction projects are definitely worth paying, since they gain you valuable time and they save you considerable effort.
What is the difference between bank and hard money loans?
Completing the construction works on the new shop, office building or warehouse supporting your business is an emergency, because every day on which you cannot use that space costs you money. Likewise, every day you gain will save you money.
Traditional loans take time to be approved and are conditioned by a certain income level and credit score. Hard money loans, on the other hand, take much less time to be approved, because their approval depends, not on income and credit score, but on the value of the property they are secured against.
The higher interest that may be used as an argument against them is in fact just a detail, because these loans are only granted for short periods of time, so the costs incurred are not that high, they are rather insignificant compared to the benefits you enjoy.
Of course, you lose nothing by contacting both banks and hard money lenders for commercial construction projects financing, and comparing their offers. This way, you will know exactly what costs, risks and benefits every type of financing implies and you will be able to make the best decision for you.
Why work with the best hard money lenders for commercial construction projects?
Chances are you will find hard money loans a better option, but, if that happens, do not forget that choosing the right lender is just as important as choosing the right loan. In order to obtain the approval you need, it is important to work with a lender that has financed commercial construction projects like yours and is able to see the greatness of your plans in the blueprints and cost estimates you provide.
Also, it is important to work with smart, reliable, cooperative people, as construction projects require a timely and a close connection that you will not be able to maintain with people you do not like or trust. At NLDS Corp, one of the best hard money lenders for commercial construction projects, you will find all the support, collaboration and reliability you need, so contact them.