HAVE EXTENSIVE COMMERCIAL REAL ESTATE EXPERIENCE OR AN EXIT STRATEGY –
If you lack experience, you need to demonstrate your eligibility by sharing comprehensive information about your project and presenting a well-defined exit strategy.
HAVE ENOUGH FINANCIAL STRENGTH OR CASH RESERVES -
When dealing with hard money lenders, it is important to demonstrate sufficient financial resources to meet your monthly obligations. Generally, hard money lenders prefer to work with investors who are financially stable and have a stronger financial standing. It is imperative to maintain a professional approach while dealing with such lenders.
HAVE SUFFICIENT DOWN PAYMENT OR EQUITY IN YOUR PROPERTY-
A commercial hard money lender will usually require a 10% to 40% down payment or equity.
