Based in New York City, Trevor Cole Commercial, Corp., is a leading closer of “C” loans. Trevor Cole Commercial, Corp., also provides debt and equity financing support in the form of hard money lending services.
A hard money loan is unique in that the loan is secured through real property. These loans are typically used as short-term bridge loans during real estate transactions. As a practice, hard money lending is more common among individuals and companies, as opposed to transactions involving banks. There are several advantages to using a hard money loan. First and foremost, any individual or group feeling the pressure of the phrase “time is money” should look into hard money lending. Hard money loans are among the fastest loans available, both in terms of approval and funding. In fact, many hard money loans are approved in a single day and funded in under one week. While there are several steps and points of consideration, the hard money lending process largely hinges on the property involved. If the borrower owns the property and the property is in good condition, the lender is likely to approve terms. Similarly, hard money loans do not burden borrowers with many requirements. Individuals who have only had experience with bank loans will be particularly surprised at how streamlined the process is. Areas of focus mainly involve how much equity the borrower has in the property and how much money the borrower has for monthly payments, though lenders may also want to hear about the borrower’s relevant experience and exit strategy. Finally, hard money loans represent a realistic source of funding when traditional methods of financing fail. Traditional lenders such as banks are risk-averse and will typically show zero interest in unconventional loan proposals. For example, an effective fix and flip loan can help a real estate investor acquire, renovate, and sell a property in as little as 12 months. This shortened time frame does not fit into most bank’s business models.
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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
May 2022
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