Even though business owners are optimistic about the future, there are multiple financial challenges like rising costs and minimal financing options to tackle. New companies with no credit history and low credit scores will rarely make the cut for conventional bank loans because of their strict lending requirements. In such circumstances, private lenders can help you out.
If you’re a small business owner who needs quick funding, a bridge loan from a private hard money lender may be the right option for your company. Bridge loans are an attractive financing option for many companies as they provide fast access to capital. Bridge loans can provide the funds you need to make a short-term purchase or investment, and they can be a cheaper and quicker alternative to traditional loans.
Continue reading this blog to learn more about the benefits of acquiring bridge loans from private lenders.
You Can Invest In Real Estate
As a business owner, you’d know that timing is everything. Pouncing on the right opportunity at the right time can help you get ahead of your competitors. You might be aware that the US real estate market is booming, and it’s the perfect time to dive into this market.
However, real estate prices already increased by 18.4% in 2021. Amidst property inflation, purchasing commercial real estate can be challenging. Fortunately, private lenders can help you out. They understand the significance of purchasing commercial properties, which is why they offer excellent bridge loan deals.
With hard money bridge loans, you can purchase a new property without selling your old one. Bridge financing can be beneficial because it’ll help you close a property deal quickly. Undoubtedly, selling your existing properties to buy a new one can take a lifetime. This is why companies that want to invest in the real estate market should get a bridge loan as soon as possible.
No Excessive Charges
If you’re looking for a fast and affordable way to get capital, a bridge loan from a private hard money lender may be the right option to go for. Since bridge financing consists of short-term loans, your company won’t have to worry about rising interest rates.
With no excessive charges and the ability to be used for various purposes, bridge loans can help your business grow in no time. Also, private lenders provide a clear interest payment plan beforehand to ensure the loan doesn’t become a burden for your company.
Some inexperienced private lenders might try to hide hidden charges to rip you off. We recommend you hire a reputable lender who won’t put their reputation on the line by trying to scam you. Experienced lenders will lay out all the fees beforehand to build trust with their clients. You should conduct thorough research before selecting a private lender for bridge loans.
Quick Approvals
One of the biggest benefits of bridge loans is that they offer fast approvals. In many cases, you can get approved for a loan in just a few days. This is much faster than traditional loans, which can take weeks or even months to get approved. This speed can be crucial if you need funding for a short-term purchase or investment. Private lenders have professional underwriting teams to examine your financial documents and pre-approve your loan application in no time.
Minimal Loan Requirements
Do you know about the never-ending list of bank loan requirements? If not, here’s a list of documents you need to apply for a traditional bank loan:
- Cash flow statements
- Profit and loss details
- Utility bills
- Business credit score
- Tax receipts
- Rental or lease agreement (if applicable)
- Commercial insurance documents
Even after submitting every document, there’s a chance your loan might get rejected. Why waste an eternity trying to get bank loans when you can get bridge loans from private lenders? Unlike banks, private lending companies offer bridge loans with minimal requirements. If you’re opting for private lenders, all you need is basic company details and collateral documents, and you’re good to go!
Flexible Bridge Loan Deals Available With Minimal Interest Rate
Want to invest in the US real estate market? Get bridge loans from First Nations Finance LLC. We understand the challenges of financing a real estate deal and aim to help our clients with excellent bridge loan deals.
Our team has a combined experience of more than 115 years in the private lending industry, and we’ve served clients in fifty US states. We offer several hard money loans, including construction, land, fix & flip, mixed-use real estate, and industrial property loans in Tampa.
Contact the representatives at First Nations Finance LLC for more details about our hard money bridge lending in the US.
