Acquiring loans for residential and commercial loans can be a difficult task especially when you don’t have a good credit score. At Prodigy, we lend equity loans. If you are a borrower, broker, or even real estate agent across the United States, you can seek your commercial or residential investment loan from us.
We understand that getting investment loans is tough and can take a long period of time to process. Prodigal commercial lenders being a direct lender will be able to shorten your loan processing period by making quick decisions on lending. If you have been experiencing rejection from other lenders due to reasons like low credit score, we will help you achieve all your goals by lending you the required amount to develop your land.
How We Determine Our Loan Rates;
The type of property
Different types of property will determine the loan rate e.g. a person acquiring a loan to build a residential will have a different rate from a person acquiring a loan to build a commercial building. These types of properties include; retail, warehouse, land residential, commercial, office building, and others.
The term of the loan
Short term loans will attract a lower rate compared to long term loans.
When you have a low credit score, there are higher risks involved and hence loan rates might be higher.
Financial conditions of the borrower
The rate of the loan acquired can also be determined by how much you owe other institutes or how much you have in your account.
A prodigy, we prefer giving long term loans rather than short term loans. However, this does not mean that we will reject you because you want a short term loan. Our loans are processed within 7 to 10 days upon receiving the appraisal and reviewing it.
Though we might review the income of the borrower, our loans are based on the equitability of the property. We work hand in hand with you to help you repay the loan with ease. In most cases, we will prefer loans exceeding $80,000 to $ 5,000,000. Our brokers and real estate agents get a few thousand monthly for sending us referrals.
Did you know that we have over 40 years of experience? Prodigy Commercial Lending has been lending hard money for over 40 years and hence we clearly understand our client’s needs.
Why Go For Hard Money Financing?
Any other type of loan can be difficult to be approved. However, hard money loans are approved quickly as they are given against the value of the securing property. Factors like the borrower’s credit score will be overlooked as the loan is secured by the property to be purchased or standing as security for the loan given. These reasons make equity loans easy to procure and quicker to be processed.
Even when you have been denied loans by other lending institutes, prodigy Commercial Lending will easily and quickly process your equity loan and give you better terms of payment. You can acquire equity loans from us to meet your immediate needs and pay us in a short term period of one to three years using your residential or commercial property as security. Don’t let money stand on your way to achieve goals. Call us NOW! At prodigy Commercial Loans for better solutions.
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