West Palm Beach offers a number of opportunities for commercial projects. New construction, multifamily rentals, fix and flip projects, and more are generating revenue for businesses and property investors alike. However, securing adequate financing, especially in the current economic climate, can be challenging.
Turndowns Are Trending Up
Banks and similar lending channels are tightening their requirements for borrowers, especially in cases where property is involved. Commercial projects involving investment properties are seen as high-risk loans, despite the increased demand for commercial real estate over the past year. Traditional lending channels have raised their credit and collateral requirements while simultaneously lowering the amounts their can offer to borrowers, which has led to a rise in loan turndowns for commercial projects. This has placed a number of commercial projects in West Palm Beach in a holding pattern, or have caused entrepreneurs to miss out on time-sensitive opportunities completely. Borrowers need a flexible source of funding that is more accessible so they can keep commercial projects moving.
Financing for Projects in West Palm Beach
While traditional lenders are tightening their requirements, entrepreneurs are turning to bridge and hard money loans. The truth is that bridge and hard money loans have been a staple source of funding for commercial projects in West Palm Beach and across the United States. Since bridge and hard money loans are structured around the overall value of the property and hard assets involved in a commercial project, entrepreneurs can get the financing they need with a much lower risk of turndowns. Additionally, bridge and hard money loans are more versatile than traditional loans. While traditional loans are typically single-use and single-purpose, bridge and hard money loans can be used for a number of purposes, such as covering time-sensitive expenses, filling in gaps in capital, paying contractors, and anything else a commercial project requires. Bridge and hard money loans are preferred by businesses and property investors because they offer the financing needed, regardless of economic ups and downs.
At HML Solutions, we specialize in bridge and hard money loans for commercial projects in West Palm Beach, FL. Our team will work with you directly to understand your needs, so we can structure a financing solution to help you reach your goals. Contact HML Solutions today to get started.