Looking for a Hard Money Loan? Neal Business Funding is a leading hard money lender with the best loan options in the Financing Industry. We are committed to making your loan process fast, efficient and reliable.
- Great Rates
- Fast Approval and Funding
- Minimal Paperwork
- Residential – Commercial – Fix and Flip
Hard Money Loans -Call 315-699-4703
What are the benefits to a Hard Money Loan?
- Easy Application Process
- Lower Down Payments
- Faster and Easier Access to Funds
- More Collateral Options
- Freedom for more Creative- Outside the Box Lending
- Fewer Borrower Qualifications
- Include Rehab Costs in Loan
- Loan Amounts Tied the Value of the Property – Not the Borrower
Short Term vs Long Term Loans
When you go looking to take out a loan, you have two options. You can either get a long term loan, or a short term. Which one you choose all depends on your current financial situation, and how the benefits and drawbacks of either will affect you. There are many advantages to both, which is what this article will go over today. So if you own a business, and you want to know which is best for your particular financial situation, then please read over this article and use it to help you make that call for a Hard Money Loan.
Short Term Loans
Starting with the pros, if you own a small business, a short term loan like a Hard Money Loan will usually be ideal. For one, they’re easier to obtain, especially versions of short term loans like payday loans. Online, you’ll find no shortage of short term loan lenders, more than enough of whom are legitimate businesses, and the process of application is quick and painless compared to other types of loans. Also, as the name implies, a short term loan is short, only lasting a little under a year at most. Meaning that you can pay it back faster and easier. Finally, you can get a good short term loan even if your credit score isn’t the best. In fact, simply getting a short term loan can increase your credit score.
Moving on to the cons, sometimes a Hard Money Loan has higher interest rates. To make up for the shorter lifespan, short term loan interest rates spike higher and faster than long term loans. Also, as you might have gathered from the fact that short term loans take less time to pay off, that means that the total loan amount paid back is chicken feed compared to a long term loan.
Long Term Loans
The best thing about long term loans, easily, is the amount of the loan itself. If you qualify for one, a long term loan can help you get a house to flip, start a business, consolidate debt, and more. Also, because these loans are so long term, the amount of repayment will typically be much smaller than a long term loan, so payments will be more manageable.
The cons include many aspects, but chief among them is that while the interest rate for short term loans may spike higher and faster, long term loans will easily dwarf them in interest when all’s said and done. The interest rate of a long term loan can end up close to twice or even three times as much as the amount borrowed.
Taking in to account the pros and cons of Hard Money Loans, you can see that every loan has its own purpose. Hard money loans are a good option when you need the money quickly to act upon an investment where time is of the essence. Neal Business Funding has processed millions of dollars of Hard Money Loans all over the country.
Call the leading Hard Money Lender-Neal Business Funding