28 Jun 2018
Private money lenders are not commercial banks. They are very good at issuing loans for short-term uses by commercial customers, and residential borrowers in some cases. Some of the opportunities for private money include:
15 Jun 2018
Credit is not the primary consideration for obtaining a loan with Shop Commercial Mortgage, but we wish to keep our customers informed of changes in credit reporting and how lenders use this information. There are three major changes; trended credit, credit utilization, and credit inquiries. Let’s look at each of them and how they may impact you.
People may use the terms “hard money” and “private money” interchangeably when discussing loan options. Although there are similarities, there are also differences you should be aware of when choosing financing options.
16 May 2018
Hard money loans, or private money loans, can sound intimidating. If you are interested in working with a hard money loan but are overwhelmed by the terminology, check out the following blog post on everything you to need to know about getting started with hard money loans.
30 Apr 2018
Commercial property owners may be familiar with hard money financing if they have been in business for a while, but new commercial owners or those looking at their first properties may not be familiar or comfortable with the idea of hard money loans. Let’s take a look at some facts about commercial hard money:
Private money lending has become more popular as conventional banks tighten their procedures for approving residential and commercial loans. A conventional loan might be turned down for any number of reasons including credit problems, self-employment, previous foreclosures, bankruptcies, or other issues. Private money investors may be more flexible for approving your loan, but there are still some things to avoid when looking for private or hard money.
Business is tough and it is even tougher when you go to a bank and ask for a commercial loan, only to be turned down. To avoid the adage about doing the same thing over and over with the same result, do some investigation into the matter and do some basic sleuthing to discover the cause:
Hard money commercial loans from Shop Commercial Mortgage are revitalizing the commercial lending market, and here are five reasons why this is happening:
Getting a loan for your business can be exciting because you will have the funds to improve your existing business or perhaps purchase a new property for expansion. The downside is that the commercial loan process is significantly different from a residential loan familiar to most business owners. Continue reading “What to Expect When Applying for a Commercial Mortgage Loan” »
13 Feb 2018
When you apply for a mortgage or loan you may hear the word “collateral” used by the lender. What is “collateral” and what is its purpose? Let’s look at the use of collateral in loan processing.