Level 4 Funding explains simple ways to find the right commercial real estate loans… all from your computer. Read on to find out the key ways to choose the right online lender.)
It’s easier than ever to obtain things today. No more running out to the store for clothing, furniture, even groceries can be delivered right to your door! Practically anything you need or want is available at your fingertips and is just a mouse click away! Even when it comes to finding commercial real estate loans, you can turn to the trusty Internet to help you find exactly what you need.
While there are so many options and ways to obtain commercial real estate loans, the process can be started and even finished online. Via the Internet you can do a great deal of research about various loan types, the specialty type that might be best for your business, and even the application process. It can all be done online! However, it’s important to note that oftentimes, these virtual lending outlets may come with a higher interest rate to account for the risk factor. However, getting a loan without leaving your home is just so convenient, that the higher interest rate might just be worth it!
When you are looking for loans online, start at an online marketplace lender. These lenders allow borrowers the opportunity to obtain loans through online platforms. They are also more lenient for those that have less than desirable credit scores, dings on their credit history or who are just starting to establish a credit history for their business. The entire process happens online, so from the sourcing, underwriting, and services to the loan, then through the Internet, your loan is marketed to investors to receive funding. It’s fair to say that most online marketplace lenders are in the realm of short-term loans. However, that’s not to rule out obtaining long-term loans online, its just not as common.
Consider the many benefits of using an online marketplace lender.
Trying to get a loan in pajamas has to be the number one benefit! All kidding aside, the convenience factor is a big plus. However, the online marketplace does offer additional advantages for borrowers. The process is very smooth and efficient. So from the time you apply to the time you get approved (and get cash in hand) is quick and easy! It’s also ideal for high-risk borrowers that have previously been rejected by conventional lenders. Whether or not your loan is approved, there is not a long waiting period in which to find out.
While there are some benefits, there are also some drawbacks when it comes to obtaining commercial real estate loans via the Internet.
It’s important to note that these types of loans may be considered higher risk to lenders. And to ensure they cover their assets, borrowers will generally have to deal with higher interest rates to compensate for lenders’ risk. In addition to higher interest rates, there may be some costs, fees and other monies owned so it’s important to read all the fine print. If you have questions, see if the company has a live chat option or put in a call. You never want to go with a company that is unreachable. There are pros and cons to all things, so as long as you weigh your options and the goods outweigh the bads, finding a loan via the online marketplace can be a win-win solution!
Dennis Dahlberg
Broker/RI/CEO/MLO
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.
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