Why Take Residential Loans from Commercial Hard Money Lenders?

If you are going to start a commercial, residential project when hard money lending can be extremely profitable for you. Many people have developed their career as a commercial hard money lenders in the recent years.

Most people confuse the term hard money with “money which is difficult to obtain.” It is wrong. In reality, hard money loan is the easiest fund that you can procure. You can say that Hard money is unconventional asset-based lending in which, real estate is the collateral of the loan.

In general terms, it is the last resort for borrower due to following unconventional characteristics:
  • Credit Score of the Borrower
  • Type of loan
  • Fast Funding Timeline, etc.
Hard Money lenders include:
  1. Pension funds
  2. Real Estate Funds
  3. Private Individuals having money for lending
Commercial Hard Money Lenders

Some of the individuals have deep pockets while some have deep pockets. The hard money lenders lend their money on a short-term base to the borrowers. As a borrower, you can use it for many productive purposes. It includes the following types of real estate loans:
  • Development
  • Rehab
  • Bridge
  • Acquisition
  • Refinance, etc.
No doubt that banks and credit unions are very useful fulfilling cheap money needs. Borrowers can use them for any real estate deals. However, there are certain conditions, where banks can’t help you. That's why hard money lenders exist. They can fulfill your loan needs, which banks or credit unions can’t because of:
  • Lower Risk Profiles
  • Government Regulations
  • Longer Funding Timelines
  • Stricter Underwriting Guidelines, etc.
The Funding process includes the following procedure:
  1. LOI will be filed
  2. Documentation Checklist will be made
  3. You will have to sign Commitment Letter
  4. Signing the Due Diligence form to avoid any offense
  5. An ordering of the Preliminary Title Report
  6. Escrow Opening
  7. Signing and Drawing the documents
  8. Documents Recording
  9. Title Insurance issuance and funds distribution
CCM-Finance is one of the leading residential hard money lenders that will assist you throughout your project. You can apply for your real estate or any development project loan without any stress. The experts will assist you in the last phase of the project, helping you to make a strong presence in residential project business.

Also Read: Best Fix and Flip Loans & Financing Option
Location: Minnesota, USA

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