| Property Criteria in a Hard Money Loan
A leading reason someone may investigate hard money loans concerns the current state of their property. If a property needs fixing up or does not produce cash flow, you usually can’t get a bank loan. But if you’re after a hard money loan, Kennedy Funding can probably get you the money you need to fix up the property or get it to a state of making money.
If you’re looking to buy commercial property with no tenants, you’ll find that banks will typically not want anything to do with it. A hard money loan can help act as a financing bridge. The hard money can buy you time to get tenants and have them on-site for a year or more. At the end of that time, you can refinance at a lower rate with a bank and pay off the hard money loan in the process. Many borrowers decide that the speed which Kennedy Funding provides more than makes up for the increased interest rates.
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