Small businesses are the foundation of this country’s economy and it’s important that they be able to secure the financing needed to move forwards on projects and get results. But sometimes, traditional loan options may simply not be available or feasible. In these cases it’s important to take a closer look at your options, and one that is worth considering is finding hard money lending for small business Houston.
What Is Hard Money Lending?
Understanding the basics of hard money lending for small business Houston begins with understanding what hard money loans are. Essentially, these are loans that are backed by the property instead of by credit scores and income ratios. When you apply for a hard money loan, you’re using your property to secure the loan.
As a result, hard money loans aren’t subject to the rules associated with loans insured by major banks or the government. This means that credit scores and debt to income ratio aren’t as much of a factor – the property itself is.
Using Hard Money Lending For Small Businesses
Hard money lending for small business Houston is used for a variety of projects. A few examples of why hard money lending might be used include the following.
- You may need to complete a project in order to secure a traditional loan, but need additional funds to do so. You can take out a hard money loan, complete the project, secure a traditional loan, and then repay the bridge loan.
- A property may become available that is in high demand that is perfect for your expansion. A traditional loan will take too long to secure, so a hard money loan will be used first to make the purchase, then repaid when paperwork for the traditional loan is completed.
These are just two examples. The key thing to remember is that since hard money loans are easier to qualify for when you have property to back up the loan, they are a valid way to secure money quickly and move your company forwards. It’s important to review the terms and understand how they work, but there is no question that these are valid options for any business in need of money quickly.
We can help you get the hard money loan you need to grow your small business, and offer a variety of options to help you and your business move forwards. For more info call: 713-784-7676 or email: info@houstonmoneyman.com