When you are trying to obtain financing for your new or growing business, there are lots of options. Even if you are still establishing a credit history or have been turned away for a loan via conventional lender or bank, you can still get approval on commercial hard money loans with alternative lending options.
One alternative option to consider is a merchant cash advance. When you are in need of an alternative lending option for your business that you do not have to pay back in traditional monthly installments, this route offers the commercial hard money loans you need without the added stress of another monthly payment to make. Companies that get merchant cash advances pay it as a percentage of their credit card sales versus monthly payments. This is ideal for companies that accept payment via credit card for their products and services. This is also a loan that can be paid off rather quickly, based on the volume of sales of your business. The more sales, the quicker the loan pay off can be made.
Another non-traditional commercial hard money loans (Jabxzhkmop) option is an asset-based line of credit. A lender offers a line of credit that is a ratio of the value of the borrower’s company equipment or business assets. Asset-based lines of credit come in handy for companies like restaurants, beauty salons and manufacturers that use large or valuable equipment for their business. Similar to the merchant cash advance loan, amount and access of working capital via an asset-based line of credit is increases with relative to the equipment’s value.
Finally, another alternative loan option to consider is called an unsecured line of credit. This type of loan usually comes in handy for companies that do not utilize equipment, does not have an actual storefront, or does not have hard assets that can serve as collateral. If approved, an unsecured line of credit allows the borrower working capital; however, this often comes at the (literal) price of higher interest rates and strict repayment terms.
When new companies and companies that are expanding need hard cash fast, alternative lending options are often the way to go. They can be approved much more quickly than traditional loans with conventional lenders such as banks. These loan application processes are also typically more lenient than traditional loans.
Alternative lending options fit a specific need. However, not every business will qualify or benefit from this type of financing.
Let’s face it – loans are not one size fits all. And that’s a good thing. Your loan should fit your business’s specific needs, give you the money you need to grow and nothing too far beyond what you can afford to pay back. But if companies have poor credit history, haven’t established a line of credit or can’t offer enough assets to serve as collateral, they can still be rejected. Even if your application is turned away, seek other options until you find the right loan for your business (Jabxzhkmop).
Dennis Dahlberg Broker/RI/CEO
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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