If you’re in need of money, you may be considering a bridge loan. Bridge loans are most commonly used when investing in real estate, but they also serve an important purpose for borrowers in certain positions. To learn more about bridge loans and to determine if they are right for you, continue reading this blog post.
At SMC we offer fast and flexible, non-restrictive collateral-based private money loans as an alternative to traditional bank loans and lenders. Banks and traditional lenders will require extensive paperwork that banks’ underwriting departments will need from the borrowers. We however at SMC, even if you have had a foreclosure or bankruptcy, will give our borrowers a chance to get the capital they against the collateral of their mixed-use property, multi-family property, apartment buildings, strip centers, hotels, and restaurants. Our underwriters and private investors use “Common Sense Underwriting” and give many of the borrowers who have been turned down by the banks an approval using common sense decisions on their financial income.
Today’s banks have much tougher underwriting guidelines for commercial loans than they ever have since 2008. Commercial borrowers must provide extend proof of income on both a personal and business level, profit and lost statements on the company, many times banks want to see a business plan, and they want the borrower, to pay upfront for an appraisal which may cost 5,000 and up.
This long underwriting process, undo stress, and paper work headaches can lead to a lot of tension, frustration and take many months only for the bank to say your not approved. This might cause the borrower to lose a great business opportunity, not be able to purchase new equipment, capitalize or seize a very important business deal. This road block doesn’t have to be an option for our Florida commercial private money borrowers.
If you own a commercial building with no mortgage, small mortgage balance, if its paid off, our network of investors will use the equity in your mixed use, multi family property, strip center, restaurant, apartment complex and place a first mortgage against your equity.
This private money commercial loan is fast, easy simple and doesn’t require extensive underwriting and many times our investors do a site visit and if its free and clear will no require and appraisal saving the borrower 5,000 to 7,000 in wasteful fees.
At shop commercial mortgage we have over 100 private investors looking to fund great commercial deals with land in Florida. We use make sense underwriting, and if you show a lost or depreciate your business taxes as a smart business owner. Our underwriting team will look at your bank statement deposits for the last 24 months to make sense out of this process and make is simple , easy and fast.
The loan process is very easy application, site visit, order title , 24 months of bank statements and if you lease your building copy of your leases, if everything is fine then you should be able to close in 21 to 14 days. However if a lien comes up or shows up on you title then it would have to be paid off. Commercial bank loans will give you lower rates however the opportunity cost of that lower rate comes at and expense price to many borrowers who or on a very restrictive time constraint. We you need to leverage your commercial building in Florida, or you have commercial land in Florida paid off, please give us a call at shop commercial mortgage.
We have hundreds of years of experience in underwriting commercial and residential loans. We will tailor make a commercial loan to suit your specialized needs as each one of our borrowers or different and have different situations. Please tap into the millions we have in private hard money capital each month for your Florida commercial real estate deals. If your loan request on your commercial building is as low as 25,000 we can help up to 5 million no problem. Please give us 48 hours or less to respond and no application fees or needed. Again we are 100% equity based so your property has to meet our strict guidelines of being in excellent condition and the loan must make sense.
Thanks again and we think we provide a much easier option that difficult banks loans that can take up to 60 to 90 days. We fill the void by giving Florida commercial borrowers different choices and instead of getting denied we can help you get approved. When you need fast cash, we can get the cash you need in record time if you have the equity in your property.ur property.
Shop Commercial Mortgage specializes in Florida self-employed customers who have trouble qualifying for conventional financing. Our investor network is ready to help you when the banks turn you down. Here are some of the advantages of dealing with Shop Commercial Mortgage:
Tampa Commercial Real Estate investors don’t have the time or patience to wait for conventional financing, and in many cases, the banks won’t finance speculative property or real estate flips. Shop Commercial Mortgage has an investor network ready to provide financing without all the cumbersome credit checks and endless paperwork.
Are you an Orlando area real estate investor
who has less than perfect credit or has been turned down by conventional lenders? Stop fighting a losing battle with them, come to Shop Commercial Mortgage and let our investors put your equity to work. Orlando has millions of visitors each year looking for rental property for their vacations, and perhaps you want to tap into that market with an investment vacation property. If you have no history with commercial property rentals the banks won’t likely underwrite you. This is where hard money can help.
Miami continues to offer commercial business growth, and even self-employed small commercial businesses can take advantage of opportunities there. The problem is that smaller businesses are often turned down for commercial loans either due to lack of credit or lack of interest by the banks to support small business.
Commercial borrowing can be full of barriers and pitfalls. Most business owners don’t have ready cash needed to expand, move to a better location, or purchase equipment. For any number of reasons commercial lenders may be reluctant to provide financing and the owner ends up stuck. Shop Commercial Mortgage has commercial bridge loans available for owners with free and clear equity in commercial properties.
At Shop Commercial Mortgage, we specialize in self-employed borrowers. We know that borrowing as a self-employed individual creates challenges, but we can accommodate your needs. Let us help you today.
If you have been interested in using hard or private money for your next commercial loan, you may have some questions about how this loan system works. Here is a quick tutorial on hard money loans: