Post about "loans"

Determining Which Commercial Hard Money Lenders Are Right for You

Commercial hard money lenders continue to work their way into the fabric of modern real estate, often times by offering funding where it otherwise cannot be secured. Most interested in acquiring commercial property must leverage the secured loans offered by private investors, as large banks continue to remain frugal after the collapse of the real estate market mere years ago. But, each lending group is different, and determining which hard money commercial loans make sense and which do not can be difficult. To assist in this regard, we have created a brief guide that outlines the best ways to know which lenders deserve your attention, and which you should leave out of your rolodex!(1) Examining ExpertiseBefore contacting a hard money firm, a little bit of research is necessary to determine whether or not they are worth your time. Examining the organization’s website is a great place to start. Do they have informative and helpful resources that outline the process? Is the firm’s contact information “front and center”, letting you know that they are easy to contact? A lack of these components may tip you off that the firm being researched doesn’t have the expertise or professionalism to handle your loan!If you’d like to take things a step further, why not create a list of questions? Contact the lender, asking them about particulars and gauging their responses. If you feel comfortable with the answers, you know that you found someone you can work with.(2) Outlining the ProcessWhile most hard money commercial lenders use similar processes to quickly fund your real estate endeavors, some may have particular nuances that make them a bit quicker than the others. But, be sure that you aren’t sacrificing accountability in exchange for a speedy approval!The application process should be expedited, yet thorough. Inquiring about the various steps of the process is another great way to determine whether or not a particular lender is right for you. How quickly can you expect an appraisal? How soon will the funds be available? When you understand the timeline, you’re better prepared to make a smart borrowing decision.(3) Terms of the LoanWhen it comes to secured real estate loans, the terms will not vary greatly. But, this doesn’t mean that you will get the same offers from every lender that takes your application. For most hard money commercial loans, you can expect to receive 70% of the property’s value, as the remaining 30% is what ultimately “secures” the loan for the capital investors. The interest rate will likely be higher than the average lending institution, but this is countered by the ease of acceptance and the speedy process. Review the loan terms and create your property plan before finalizing the loan!Real estate investors have quickly learned that commercial hard money lenders are the perfect bridge between a distressed property and its new buyer. Understanding which lenders make the most sense for your situation can help you avoid problematic transactions, and help to ensure that your profits remain intact!

Independence From Payday Loans is Easier Than You Think

Payday loans are smart way to avoid more expensive forms of credit, but they’re not a long term solution for debt. For your long-term financial independence we encourage you to consider the following steps:a) Take an inventory of all your debts We suggest that you make a list of all your debts. For example, all you owe this month – utility charges, phone bills, rent/mortgage, car payments, loan payments, and others. When these numbers are on a paper instead of your head, it becomes easier to manage them. If your expenses add up to more than your paycheck, you will need to look for ways to reduce and/or postpone those expenses.b) Reduce and/or postpone expenses between paychecks Some money saving suggestions to consider:1. Take lunch to office and save $2 to $3 per day2. Drink regular coffee instead of designer coffee drinks and save $23. Eat dinner out less and save $15 each time4. Cut down on soda and save at least $0.50.5. Plan and Make a list of grocery items you need to buy and stick to it. Impulsive shopping leads to waste of money.6. Clip and use money saving coupons to buy groceries7. Give frugal and personal gifts instead of spending a lot on them. As an example you may put together a photo album for your friend. It may take you some time you will not have to spend the next month paying it off.8. Buy gas from the cheapest station around9. Pay your credit cards and other loans on time and save up to $35 in late fees10. Think… do you need what you are about to buy?11. When you have to buy save a bundle by buying “pre-owned” – try eBay.12. Manage balances up to date. Do not bounce a check.13. Lower the heat in the house…wear a sweatshirt at home14. Turn down the temperature on your water heater to lower the gas bill.15. Save water and electricity by always doing full loads in your dishwasher or washing machine.Change is always difficult. So good Luck.c) Use lenders that offer multi-payment payday loans. After three “consecutive” loans without being in default some lenders will convert your payday loan to a multi-payment plan. “Consecutive loans” mean loans with no more than three business days between the repayment of one loan and the next loan. A payment plan allows you to pay all that you owe in at least three payments over a period of at least sixty days by paying the fee equal to the finance charge on your loan.d) Gradually lower payday loan amount As you save and discipline yourself lower the amount of payday loan. Save on the payday loan fee and payoff the loan earlier. From a $1,500 payday loan to $1,000 to $300 and eventually you may do without a cash advance and live on your paycheck.e) Some lenders offer payday loan rewards and cash for referrals. Utilize Rewards and referral money to pay back payday loansf) Get a regular non-payday loan from a bank or finance company Contact your bank or credit union and try to see if they will offer you a lower interest loan to pay off debt. Then plan your finances well and make a new start.g) Review your latest Credit Bureau Report Know what is on credit report to make sure you are not being penalized for something someone else did or something that happened a long time ago. Get the latest copy of your credit report by contacting one of the three major credit reporting agencies (Experian.com, Equifax.com and TransUnion.com). Review it and contact them to get rid of anything that is outdated or wrong. This will help you get a cheaper loan from your bank, credit union or an independent cash advance lender.h) Seek assistance from your state or county State program called “Prevention, Retention and Contingency Program (PRC)” offers grant money to working poor families to help them maintain self-sufficiency. Each county has its own eligibility requirements. Contact the Department of Human Services in your state for help and let them know an independent cash advance lender suggested that you contact them.i) Consolidate debts to reduce your total monthly paymentsFor your short-term emergencies visit www.CommunityCashLoans.com for cash advances.