Hard money loans used to be seen as high interest emergency type loans. Not true these days. Some commercial lenders are able to beat most U.S. bank rates by utilizing foreign monies. This allows the interest rate to be determined by the LIBOR which always produces a lower interest rate to start.
As a borrower, you should take advantage of these trying times and contact your commercial lender. Small business loans and equipment loans are quite easy to obtain these days despite what you may think. Commercial lending rules are a lot different than residential; you may be surprised at the great deals you can get.
If you are looking for a business loan try to deal with a consultant. You need an experienced relationship manager that will work closely with your company as your advocate in raising the capital you need. That consultant should learn your organization, industry, and unique financial needs to deliver creative yet sound solutions from a wide range of financing alternatives.
Some types of commercial financing that are readily available are the following:
Lines of Credit
Purchasing new equipment, finance working capital, small or large purchases. You should strive for flexible terms and competitive rates.
Letters of Credit
Facilitates trade and reduces risk for exporters, importers, and among any new or unfamiliar business partners. Sometimes a revolving line of credit makes more sense than a lump-sum loan, when deciding whether to purchase necessary items, pay for improvements, or manage cash flow. It allows you access to a revolving line of credit with flexible repayment terms and options.
Real Estate Loans
Retail Shopping Centers
Industrial Warehouse Properties
Mixed Use Properties
Asset Based Lending
A non-traditional way for asset intensive companies to increase borrowing capacity.
Government Contract Finance
Delivering a full array of financial solutions to companies who perform technical services or manufacturing for any government.
This would include manufacturing, transportation, heavy equipment, yacht and corporate aircraft financing.
When looking for a business or commercial loan it is always best to deal with one consultant rather than several brokers or agents. This will save you substantial money and fees in the long run.
The bottom line is thing are looking up in the commercial finance industry. Take advantage of all of the programs available.