Are Hard Money Business Loans
Without
Personal Guarantees Possible?
On occasion, I’ve heard lending professionals answer this question regarding hard money business loans without personal guarantees. Sometimes they can be so harsh and abrasive.
Not my style.
I’ll give you the facts, then real advice and some practical guidance on how to get what it is that you really want. That is, an unsecured business loan without a personal guarantee. Here's…
Your Questions
Can I get unsecured hard money loans?
Can I get hard money loans without personal guarantees?
Real answers
Can I get unsecured hard money loans?
Hard money loans by definition are secured by real estate.
So the simple hard truth is that unsecured hard money loans simply did not exist.
Can I get hard money business loans without personal guarantees?
Here's the deal. Hard money lenders take on huge risks. They lend to borrowers who
- Can't get financed at banks
- Have poor credit
- Have compromised income and
- Have poor business stability
Every single hard money lender out there is going to expect huge sacrifices from the borrower as a result. Unfortunately, that includes a request for blood.
Ahem…
I mean a request for a personal guarantee.
But I promised you some real advice and practical guidance right? Here it is.
If you need money right now,
a merchant account cash advance is a great alternative.
These advances are designed to be free of any and all requests for personal guarantees!
If you’re not in such a hurry for the money,
consider building your business credit.
It’s a fail proof way to qualify for an unsecured business loan without a personal guarantee!
More info and
practical suggestions about avoiding personal guarantees are available right here.
So, you can basically get the benefits of hard money loans without personal guarantees if you build your business credit and/or
use merchant cash advances.
Don't fret over the hard facts about hard money lending. Instead work your alternatives until the cash you need is in your account!
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Also See: Are Hard Money Business Loans Healthy for You?
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