Hello and Thank You for joining us on our blog. We here at We Say Yes Commercial Loans are excited to help you with your vision of
being an Entrepreneur. Whether you are an Investor, Small Business Owner, or Farmer. We are here for you.
Future blogs we will be giving you tips on how to raise your credit score. Outlining the benefits of Hard Money Lending and fix and flips
in todays economy. Plus many more topics. We would like for you, our friends to share with us some of your business thoughts, ideas, and every
week we will speak about it in our blog.
Today we will talk about Hard Money Lending. What is a Hard Money Loan? A Hard Money Loan is a specific type of asset-based loan
financing through which a borrower receives funds secured by real property or cash assets.
Hard Money Loans is a great outlet for borrowers who cannot get traditional funding when they need it. The Hard Money can be closed more
quickly then a traditional loan. Plus they are mostly focused on your collateral. And less with your financial position. You see, getting approved with a traditional lender even if you have great credit and good income still could get you a no because you have negative items on your credit report. Or
you may have income that isn't easy to verify. We Say Yes is different. We will work with you until you are approved. If you follow our assistance
we will help you reach your goal.
Hard Money Loans are short term loans lasting from 1-5 years. To keep them much longer the interest rates on the loans are usually higher
than traditional loans. Many Investors choose Hard Money Loans for their fix and flips properties, They are sure to pay the loan back as scheduled,
because they are selling the property they fixed.
Our Lenders will generally ask to see last years profit and loss statement and year to date profit and loss statement. Depending on credit, 3
month bank statements could be required. If the Business dose not show strong cash flow or assets then the lender will ask the borrower for a personal financial statement. If the loan is big enough he may ask for 1-2 years worth of federal tax returns. In short the lender is looking at liquidity and income
to ensure the loan can and will be paid back. Now depending on how much cash is in the bank and The Debt Service Coverage Ratio( that's
the measurement of a persons ability to produce enough cash to cover its debts) The lender may not care about Employment Income.
I know for our just starting Entrepreneurs it may be a lot to take in. Believe me, we at We Say Yes Commercial Loans are here to assist you
in that journey. To help you understand the process so you can be fully knowledgeable of the product you choose. I pray this weeks blog has been helpful to you. Every Month we will have a new and fresh topic. Please stay tuned to our next Blog. We promise to bring informative topics so that you will be able to choose the best product for you. Thanks for joining us. Have a blessed day.