It’s no easy feat to come up with a winning business formula. Whether you decide to invest in a particular type of real estate, manufacturer a specific product, or offer anything else that has value to the market, you have to work hard for each dollar you earn. Once you realize you are on the right track and have a successful venture on your hands, it can feel like the sky is the limit.
There is one problem, however—cash. For many young businesses, a lack of cash on hand is a major problem. Without the money necessary to continue to grow operations, the business may stall out before it really takes flight. If you have been struggling to find the money you need to scale up your venture, private money lenders may be the right solution.
It’s About Speed
Perhaps the biggest selling point for turning to private money when trying to scale your business is the speed with which you can obtain funding. Simply put, hard money tends to be available much faster than a traditional bank-originated loan. Rather than waiting for mountains of paperwork to be completed and processed, you can seek our owner occupied hard money loans to get things moving in short order.
A Helpful Bank Alternative
You are almost certainly familiar with the standard methods that are used by banks to evaluate their willingness to offer you a loan. They look at things like your credit score, income history, and other factors from the past in order to decide whether or not you can be trusted to repay the debt.
Hard money works a little differently. In this case, it is mostly the asset in question that is going to be evaluated. If what will be purchased with the money—say, a home that is going to be renovated and sold for profit—is deemed worthy, the loan will likely be approved. This is certainly good news if you are trying to get a loan for business with bad credit, for example. If you’ve been turned away by a traditional bank, look into the possibility of hard money lending coming to the rescue.
A Versatile Option
It is certainly common to use hard money loans when trying to purchase a residential property that will be fixed up for resale. Don’t make the mistake, however, of thinking that this is the only purpose for such a loan. As you are scaling a business, hard money is likely an option worth considering, regardless of what type of business that may be.
Private money lenders for residential owner occupied homes often work with businesses in many different situations and markets. Don’t assume that this option is out of the question for you until you have at least explored the possibility.
Once you have decided that a business purpose private loan is the best option for advancing your business, reach out to Equity Wave Lending for more information on the programs we have available. Let’s work together to reach your goals!