Facts about Commercial hard money loan
Hard money lenders are riskier loans, offered by commercial banks will not touch. Consequently, Commercial hard money loan is more costly than bank loans. Commercial hard money lenders look primarily to the property as a source of repayment. If the borrower does not repay, hard money lender simply close and sell the collateral, but nobody wants to own your commercial property. The hard money commercial loan is a short term loan. A year of hard money loan is common, but you should be able to negotiate a loan of at least three years on the market today. There is lots of money chasing good deals hard money these days.