Cheap hard money lenders for small businesses - less than 10% over 5 years

Discussion in 'Personal Finance Q & A' started by New_Beginnings, Aug 3, 2016.

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  1. I'm looking to start a small business and need a loan. Most banks wont touch me because I have poor credit which I'm working on to repair. What I need to know is where could find a cheap hard money lenders for small businesses so I can get my business idea off the ground. I know these loans are asset based and I am prepared to use my home as the security. Because I'm using a security I expect a low interest rate between 5 and 10% over 5 years. So for my search online has revealed some rather dodgy hard money lenders which I want to avoid. I also want a company which will work with the borrower if they get into financial hardship and not get motivated to take someones home just because they can. If any knows of any cheap hard money lenders for small businesses please let me know.
  2. admin

    admin Administrator Staff Member

    Admin Post
    You wont find a hard money loan between 5% and 10% over 5 years even if the asset is backed by property. Hard money loans are available to people with bad credit who have property, the interest rate will not be low because you have security, the security only approves you for the loan. Also Hard money loans are shorter in duration and I don't think you'll find anything over 5 years, the max term is short term and under 12 months. Most reputable hard money lenders will have a procedure in place if you can't make the repayments and I expect they will give you a few chances before the repossess your property.

    To start a business on a hard money loan is risky. Rather than taking out a hard money loan you might be better off improving your creditworthiness. If you can wait 12 months you could significantly improve your credit score with some simple tricks you can find here.
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