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McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street, Cranston, RI 02905-3342
PH: 401.941.2088 - FAX: 401.941.0017
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The Law Of Attraction - How To Get That Lucrative Business Location Before The Competition Sees ItNeed money for that big real estate investment that you've been planning? Bank loans can take a long time and require a lot of requirements. And sometimes, with real estate investments, time is of the essence. Business locations in ideal areas that promise lucrative profits can get sold or leased quite fast. So if you find a suitable location for your business, you need to take advantage of the opportunity. And if you can't get financing as soon as the location becomes available, then you miss out on an ideal investment. What's worse is that a competitor can be the one to sweep that promising investment off your feet.
1. Get a hard money loan. Good thing you have an alternative to bank loans: hard money loans. Hard money loans are loans designed for those who wish to invest in a new office location, with the main advantage of being processed more quickly than the regular bank loans. With a hard money loan, you can get immediate financing.
Take note that a commercial hard money loan only has a limited mortgage period. But since you will be able to get the ideal location for your business, you will most likely recover your expenses in no time so you can pay off your loan. This is better than getting a longer term mortgage for a less promising location and waiting for a long time before you can pay off the loan.
2. Increase your chances of getting approved for a loan. In a hard money loan, you can get approved for higher amounts based on your equity in the property because the property already serves as your collateral. In the best case scenario, a hard money loans can give you up to 75% of the property's value. To improve your chances, make sure you have an attractive business proposition.
In a regular mortgage, you may be able to get longer mortgage periods and lower interest rates, although you should be ready to wait a bit for the decision to come.
Regardless of what kind of loan you apply for, make sure you get approved for it. And to do that, all you need is a simple positive thought. Just keep a positive attitude so you will give off a confident aura when you face your lenders. Lenders want the assurance that their borrowers are not in any difficult financial situation and have the necessary traits to manage the investment well so the loan can be paid off fast. A positive attitude will make you come off as a confident, resourceful, and aggressive borrower who they can trust with their money.
3. Attract money like a magnet. Do you know that you can simply attract money to you like a magnet whenever you need it? This is something not all people know about and believe in, which is why only a small number of people get to take advantage of the unlimited financial source.
McGunagle, Reidy & Hentz, Ltd.
2088 Broad Street
Cranston, RI 02905
401-941-2088 | Fax 401-941-0017