Why should you seek an alternative lender for your commercial loans? There are many benefits to going this route — Level 4 Funding explains them here, so read on.
You may think you’re alone if you’ve been rejected for a loan before or if you don’t have the requirements to seek a traditional loan. But there are lots of alternative ways to get approval for commercial loans. Even if you have a few bad marks on your credit history or not the highest credit score, or if it’s a matter to a tough economy making conservative banks tighten their wallets even more than usual, that doesn’t mean you aren’t destined to let a loan. Seeking other loans like short-term or hard money loan are good alternatives. If you talk to a broker about these options, they can help you get the best loan for your needs.
There are some differences between traditional long term commercial loans and short-term and hard money loans. First of all, these types of loans don’t typically require such a lengthy and strict application process, “red tape” and bureaucracy that often takes place with conventional lenders or banks, and longer term loans.
One of the most important things to keep in mind when seeking alternative loan options is that lenders that specialize in these look mostly at the probability that you will be able to pay back the terms of the loan back. However, it’s important to know that interest rates are typically higher with short term and hard money loans – this is because lenders are putting up a higher risk. The good news is that these loan applications often are much simpler and easier to get approved quickly than traditional loans, so you can get the money you need — and get it fast! However, high interest rates are worth it if it means taking your business to the next level. Even though you may have higher interest rates, getting this loan can make all the difference for the growth of your company and taking your company to the next level.
It’s important to meet with a broker to find out if a short term or hard money loan is right for you.
When you meet with them, be upfront about what you need and your business experience or history so that they can best help you get the commercial loans you need. Professional lenders and brokers can offer advice on how to prepare for the loan including what documentation you’ll need to submit. These will typically include your financial statements, credit report, business plan, bank statements (personal and business) and more.
Try not to get too stressed out about getting approval for your loan.
Yes, this is a high-stress situation; however letting your emotions get the best of you won’t help. Try to remember to take it one day at a time. There may be snags and setbacks, but keep your eye on the prize — getting your loan approved to help open or grow your business! There are lots of options so just keep in mind that if there is some rejection along the way, it doesn’t mean it’s the end of road for your business dreams. So find the one that’s right for you and you’ll be on your way to making your business dreams come true.
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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