Illinois is one of the few states where businesses still strive, despite the financial crisis, so expansions are not uncommon, especially since financing them is easier with the help of the commercial hard money lenders Chicago is home to.
Of course, it is not uncommon for a business or an entrepreneur to run out of funds in the middle of an important project, or to find themselves in the situation of not being able to live up to their part of a deal for lacking cash. When that happens, a fast, short term loan is the best solution, but, unfortunately, banks work anything but faster, and with all the precaution measures they take, short repayment terms are often out of the question.
The best solution in this case is turning to one of the commercial hard money lenders Chicago market is served by. They can process your application and transfer the money to your account in as little as one week. You will need a property against which to secure the loan, preferably on the company’s name. It should be worth about twice the amount you wish to borrow.
The best thing is that, by bringing a property as collateral, you exempt your lender from having to check your credit history or your business profit records, which means things will go twice faster than if you were working with banks. That is because banks do not invest their own money, but that of their costumers, and need to take special precaution measures.
The commercial hard money lenders Chicago is home to invest their own money, and they are satisfied with knowing that they will recover it with interest, either from you or through the property you bring as collateral, in case you fail to pay your debts.
While banks try to draw customers by promising lower interest rates, business owners, managers and entrepreneurs know that time means money as well. The small interest rate difference is nothing compared to the costs of a delay of one or two weeks in completing a project, no matter what this project involves. That is why they turn to commercial hard money lenders Chicago.