Hard Money Loans

A business loan is an agreement between your business and a lender in which you agree to pay an interest rate on a specific amount of capital borrowed over a specified period of time. As we have discussed earlier, a business loan works very much in a similar fashion to a mortgage. You are lent [...]

An SBA business loan is a debt instrument provided by you to by a lending institution that has been guaranteed by the United States government through the Small Business Administration. Many entrepreneurs wrongly think that it is the federal government that grants the loan. This is not the case. With an SBA loan, the government [...]

Working with a bank to obtain a small business loan can be an easy or difficult process, depending on how prepared you are to meet with the lender and discuss your business’ situation and needs. One…

Typically and in most instances the banks have only one plan. Foreclose, take possession and liquidate by auction. They have few options or alternatives. It is expensive as lawyers, auctioneers, advertising, insurance, storage, etc. must all be paid while liquidating, which of course reduces the net gain to the bank from the process.

Quite often, we get calls from borrowers in a panic. They got a letter from the banks lawyer, and the bank is seeking a personal judgment against them. People don’t always know exactly what that means, but they know it ain’t good.

Currently we are seeing decline rates at, literally 90%, from banks here in Michigan. Meaning that 90% of all commercial loan request that come in the banks doors are being turned down. 50% – 60% of these potential commercial mortgages probably make sense from a traditional underwriting perspective, but the banks are not willing to take the chance as loses continue to rack up and take their toll.

Commercial loan borrowers are likely to feel that a traditional bank is their best source for commercial financing. However, because most traditional banks focus on a small number of established industries and offer limited business financing services (which are typically the most profitable for them), non-traditional (non-bank) and non-local commercial lenders should be considered for most commercial loan situations. Therefore the recommended commercial loan strategy is to “Think Outside the Bank”. This approach is especially applicable for credit card loan (business cash advance) programs, commercial real estate loans and credit card processing services.

photo credit: soylentgreen23
To be successful in business you need not start off by investing in something big or large scale to climb the ladder quicker. All you need is a level headed business objective and the necessary know how to achieve it. Establishing your ground in some small business can also reap you good [...]

The banks have virtually shut down, especially commercial lending. They may as well hang an out of business sign on their door, but should probably ad the following; we are out of business because we do not believe in our economy at all. Why else would they refuse to lend?

Everyone gets so upset over bank law suits and judgments entered against him or her. I understand it is not a pleasant experience but it means you really owe the bank some money. Sure, it may hurt your credit score a bit, but chances are you are in need of a credit rehabilitation program anyway and the debt relief can be worked out later.