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Property Rehab Just Got Affordable

Many people concerned about abandoned houses fail to realize that commercial properties have also been abandoned by businesses that cannot succeed because of tax burdens and other problems.

Under these circumstances, you may find it possible to purchase business property at a fairly low price. Unfortunately, reselling that property at a profit can be difficult if you do not upgrade it or take care of other issues that prevent you from making a profit. On the other side of the equation, getting a loan from the bank may be impossible, thus leaving you with valuable property and no way to move further along.

Why Do I Need a Hard Money Mortgage?

Consider a situation where you have undeveloped land or know of a few acres that can be turned into a business mecca for your local area. While you may know exactly what the land should be used for, conventional banks will not help you because you do not have enough cash on hand.

Fortunately, hard money mortgages are designed to give you the capital you need without all of the restrictions imposed by small business loan and conventional banks.

Here are just a few things you can do with a hard money mortgage:

* Rescue properties in the process of foreclosure

* Keep business property even if you are in bankruptcy proceedings

* Rebuild or restore buildings that add to the value of the property

How Does Lending for Property Repair Work?

When you own property, there are always going to be repairs and other issues that need to be managed. In many cases, taking care of these repairs and upgrades before selling the property can increase your profit by a significant amount.

For example, if you have a building on the property, but it is not in good shape, you may lose money because the buyer will demand adherence to municipal codes and other repairs. Depending on the situation, you may lose thousands of dollars because you did not take the time to get repair estimates, let alone make sure that you aren’t being bilked by the buyer.

That said, when you get a lending repair loan, it is very similar to a home improvement loan or second mortgage. Once the repairs are completed, you will never need to worry about the buyer coming back and saying you did not meet your end of the bargain.

Can I get Lending for a New Roof?

If you have business property with buildings on it, you can get a loan for a new roof. Needless to say, today there are many abandoned mini-malls, office buildings and other structures that would be worth far more without leaking roofs.

You will find that more than a few lenders are interested in this type of loan because they know that a few thousand dollars on roof repairs can translate into millions of dollars in profit once the property sells.

Can I get a Loan for Property I Intend to Resell?

Today, there are thousands of abandoned business properties that are perfect for real estate flippers. Unlike traditional banks, you can use money from hard mortgage to buy and sell property. As long as the loan is paid off in full as part of the sale process, you can easily get resale mortgages from private lenders.

Over the years, many people interested in commercial business property have failed to realize that they can use hard money mortgages as a path to a profitable real estate business. In fact, if you already have a few pieces of land in your catalog, you can get these loans and complete sales transactions faster than you would by getting a bridge loan.

Here at Hard Money LLC, we have all the details you could ever need about hard money mortgages and rehab for business property. Give us a call right now, or click on the link to the right and we will be more than happy to open the door to profits in the business real estate arena for you.

Do you need a Hard Money Loan for your next real estate purchase or refinance fast?