Based in Stamford, Connecticut, Trevor Cole Commercial Corp. is a nationwide provider of alternative loans for individuals and companies who may have difficulty obtaining traditional loans. A cornerstone of Trevor Cole Commercial Corp.’s business is hard money loans, which use a tangible asset, such as a house, as collateral.
Unlike conventional financing, hard money loans are not dependent on income and as such may be a good choice for borrowers with a sparse credit history. Since they are secured by property, the application process is significantly simpler than obtaining a mortgage, which can take up to a month to approve. As a result, approval times are shorter - generally a matter of days. Hard money loans are shorter-term than traditional loans, and typically range from one to three years. Real estate investors often use hard money loans when they purchase a property and renovate it for resale. This rapid turnaround time partly offsets the loans’ higher interest rates. Other candidates for hard money loans include investors in rental property and purchasers of commercial property that is difficult to finance through traditional methods.
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AuthorTrevor Cole Commercial Corporation of New York City specializes in procuring funding for large real estate projects, including multifamily properties and office buildings across the nation. Archives
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