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Can be used for a variety of purposes. Although hard money loans are often used in real estate projects, like fix and flip loans, they can serve different short-term purposes. You can use a hard money loan for working capital, debt refinancing or consolidation, as well as bridge financing.
Fast access to funds. Some hard money lenders may be able to approve your application within 24 hours and provide funding in as little as one to two business days. Traditional bank loans, on the other hand, can take several weeks or even months to qualify. Banks also tend to require document-heavy applications and may require you to apply in person. Many hard money lenders offer streamlined, online applications with minimal documentation.
Easy to qualify. Hard money business loan requirements are largely based on the value of your collateral. Although lenders may look at your credit score, time in business and business finances, they don’t typically weigh these factors as heavily when underwriting your application. Businesses with bad credit and startups, therefore, may be able to qualify for hard money loans. -
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Hard money loans are usually offered by private investors or lenders, as opposed to banks or credit unions. These lenders underwrite your application based largely on the value of your collateral, instead of focusing on more traditional criteria, such as your credit score and business finances.
The value of your collateral also impacts your loan amount. Hard money lenders generally use the loan-to-value ratio, or LTV, to determine how much capital you’re eligible to receive and to assess the risk of lending to your business.
LTV is calculated by dividing the loan amount you borrow by the value of your collateral. For example, say your collateral is worth $100,000. To avoid taking on too much risk, the lender decides to offer you a $65,000 loan. That would make your LTV 65%: $65,000 / $100,000 = 0.65, or 65%.
Hard money lenders typically offer loan amounts with LTVs that range from 50% to 75%, whereas traditional lenders may offer 80% to 90%.
Because these loans are tied directly to the value of your assets, hard money loans are usually considered riskier than other types of business loans. As a result, they tend to have high interest rates and short repayment terms. -
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A hard money business loan is a type of loan backed by property, such as commercial real estate or land.
Because these loans rely heavily on the value of your collateral — as opposed to more traditional loan requirements — they’re often used by business owners who can’t qualify for other small-business loan options. However, hard money loans can be risky, with high interest rates and short repayment terms.
Here’s what you need to know about hard money business loans, how they work and what to note before choosing one for your financing needs.
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