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I am about 80% complete with building a new type of tanning salon and I have run out of funding. How do I go about finding reputable hard money lenders that would lend about $20K that I could use my new business as my asset? My business plan is very different from the other tanning salons and know it will bring in a lot of money fast and will keep growing.
I am about 80% complete with building a new type of tanning salon and I have run out of funding. How do I go about finding reputable hard money lenders that would lend about $20K that I could use my new business as my asset? My business plan is very different from the other tanning salons and know it will bring in a lot of money fast and will keep growing.
When shopping for hard money loans online, there are some things to look for and certain things to avoid. As with any internet transaction, when personal information is requested, you should use caution. This article at ezinearticles.com has some good information:
Where Can You Find Hard Money Loans Online From Reputable, Experienced Private Lenders? (http://ezinearticles.com/?Where-Can-You-Find-Hard-Money-Loans-Online-From-Reputable,-Experienced-Private-Lenders?&id=947073 - broken link)
Hard money lenders are LEGAL and they do have standards. In some states there are stricter limits as to what rates they can charge, but in all cases it is ILLEGAL to bring bodily harm to a borrower. That would be "loan sharking". Frankly some loan sharks probably have RATES similar to hard money lenders, so I can understand the confusion, but the reality is that sometimes it does make sense to some people to find money anywhere they can...
Prosper has not been making loans for quite some time now. They had some sort of trouble with their licensing.
Prospers problem is they had no license, they just opened up, and did loans without registering their business. They have closed up, and now going through the process of registering in all 50 states..
solid deal five properties I'am willing to encumber for six months owned free in clear to save my business with capital.
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