Obtaining a commercial construction loan can be hard to do. Getting a bank to invest in your project while it is in its early stages is a lot like asking a large machine to see your personal vision. While you may have already applied for a loan chances are you will have to wait quite a few months for it to process.
This delay of course means that your project is also delayed. All kinds of issues can arise because of this, issues that can sink the project before it even starts. To avoid this disaster, you can look to private money for relief even in this market.
The finance market is such a disaster at the moment that no banking source is reliable. When Fannie Mae is going under, you know it is bad. Most developers are now just trying to buy time till things improve. Bridge loans from private money are just the way to do it.
As soon as you have your loan money, you can then begin to work on your construction site. Meanwhile, your bank loan will still go through its original process. Once the bank loan goes through, you will then be able to pay off the private loan with the traditional loan money.
There are many reasons why a private loan can be greatly beneficial to those looking for construction loans. There are lots of private lenders ready to give your new project a try. All you really have to do is apply for the loan, set up agreement terms, and then begin to move ahead with your project.
Most people view the current financial crisis as closing in on a turn around point. Sadly, they are wrong. The worst is yet to come. 2009 is expected to be as ugly as they come in financing. If you need a commercial construction loan, only private money will provide the solution.
Imagine having the money that you need to start your project right away, wouldn’t that be nice? Well, now this can be a reality thanks to private loans. Banks are great when it comes to getting all the money that you need, but in the meantime don’t put your project on hold.
There are ways to gain commercial construction loans within a few days time. Contact a private lender for more information via CommercialLoanStop.com. After all, do you really want to keep waiting to get that project started?
Author: Dan GibsonThis author has published 1 articles so far.