What is the first action that comes to your mind when you need funds for a new project or acquisition for your business? Definitely finding commercial lenders that can provide you with them, right?
Companies and organizations have to deal with expenses since it isn’t enough to have a good idea when you don’t have enough money to either start or maintain it. As a result, loans are very common among companies to cover regular expenses such as employees’ payment, keep the cash flow, purchase new properties, expand one, or cover other investments and projects.
Now, accessing the loan you need as a company will be difficult mostly because of the lender rather than your circumstances. Commercial loans tend to require more documentation and you need to fulfill several requirements in order to apply for one. The usual commercial lenders such as banks, insurance pensions, financial groups, and similar institutions or options, tend to follow very strict rules and conditions.
As a result, the terms and requirements you need to fulfill will also be stricter than what most businesses can meet. With this in mind, the right lender is also something you need to think about depending on the specific commercial loan you require. Since there are different types, you might want to focus on other lenders instead of the traditional ones you know.
Commercial lenders are actually many and you will have to consider a few aspects before choosing one:
- The interest rates.
- The loan term.
- Amortization time.
- Collateral required.
Based on this, you can either go for the one that offers better terms in all of them or take your time to determine the risks and if it is a good option to make the decision according to the previous aspects alone. Our team at Commercial Real Estate Loan Pros of West Palm Beach is a good example of a lender that offers good terms and conditions in every possible way.
In our case, we are private lenders that don’t have to follow strict laws and requirements, which has given us more freedom and flexibility to offer better conditions for each loan. For businesses and companies, we have all types of loans available that will adjust to your needs. Starting with commercial construction loans to C&I ones. You can apply for the one you need and we will look at your application to determine if you qualify for it and set terms for the agreement based on your situation.
What loans can you access from commercial lenders?
Since the commercial area of credits is wide and companies have different needs, it is just as we said before: there are many options. However, most businesses are interested in acquiring commercial loans for property acquisitions or expansions in existing ones.
The need of having their own premises and enough space to work is one of the main priorities for any company, which makes this type of loan to be at the top. How it works is very simple since an interest rate is established—around 2% to 3%—, and you need to make payments monthly as well as have collateral to even apply for the loan. Now, most commercial lenders are known for specializing in hard money and bridge loans since they are short-term credits.
Hard money or hard loans consist in accessing the amount of money you need without too many requirements or conditions but rather with very strong collateral backing you up. Also, you only have a few months or 2 years at most, to repay the debt. With this clear, everything depends on the lender you’re accessing.
Banks and similar institutions usually offer property and construction loans you must be familiar with. But private lenders like us at Commercial Real Estate Loan Pros of West Palm Beach, offer more options to cover different expenses and projects you have in mind. From acquiring new property to keeping the cash flow in your business, we can offer a wide range of options based on what you need and the project or situation in your hands.
Part of the commercial loans you can access are:
- Commercial construction financing.
- Office building loans.
- Commercial development loans.
- C&I loans.
- Commercial real estate loans.
- And many more.
Commercial lenders vs residential lenders
The main difference lies in who can apply for credits with them. Just as the name suggests, residential lenders focus on providing real estate credits that allow people to acquire new homes or buildings for either passive incomes—as real estate investors—, or if they are looking to be owner-occupants.
In short, any person can apply for a loan with them if that involves a personal investment either if it is for a new home or a different one that involves a future business. Meanwhile, commercial ones are available for companies, organizations, and corporations only. This makes the lenders available for only business purposes and any investment or expense that is related to the company requesting the loan.
With that said, these lenders also offer more flexible conditions and terms since the credits are supposed to be for reliable companies that give valuable collateral but also tend to have a personal or commercial finance record that supports them.
Now, with this information, you can understand that our team at Commercial Real Estate Loan Pros of West Palm Beach can offer you all the options in credits as long as you are an organization or business.
In order to access credits with us, keep in mind we consider the collateral you offer for the loan a lot more than the famous credit score. Therefore, you need to worry about this aspect in particular but as a borrower, you will have more flexibility and opportunities to repay for it.
The interest rates will vary depending on the specific type of loan, but we will make sure to work around your situation and repayment capabilities to come to a fair agreement. If you’re looking for a lender for your business, we are right here waiting to know about you and your projects.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below: