No matter if it’s a developer, a home flipper, or someone who has that perfect piece of land who is ready to build their commercial property, one thing remains constant – completing construction projects requires cold, hard cash.
But for most, having that much money on hand just isn’t feasible. That’s why loans are so important. The right loan ensures that you have the money you need to complete any size building project and move your property to the next phase of its life. However, traditional loans don’t always work.
Hard money loans offer a better alternative for many, and are designed to facilitate the construction process in a much better way. There are plenty of reasons that they stand out including:
- Hard money construction loans can be closed on quickly. In many instance, the loan can be finalized within just 7 days.
- You’ll know whether or not you qualify quickly, too. Hard money construction loans offer same day decisions, ensuring that no time is wasted waiting to find out if you qualify.
- Credit scores and past credit history aren’t as important in a hard money construction loan. Instead, the land and property that are involved in the development are used as collateral for the loan. This makes it easier for everyone to qualify for the loan they need.
- Because of that qualification structure, even first time developers or home flippers can secure the money they need quickly.
The bottom line? For those who need to move a project forwards quickly or for those who are having trouble securing loans due to any issue, a hard money construction loan could be the perfect way to get the funds needed. They eliminate much of the hassle, speed up the process, and leave you with the money required to start or complete that construction project and see your commercial property become a reality.