When timing is critical to secure a parcel of real estate, three or more months may be too long to wait for the closing of a loan that oftentimes can take up to thirty to sixty days, sometimes longer, so working with a hard money lender may be a good alternative to traditional financing, money can usually be advanced in as little as two weeks. There is more flexibility in terms of qualifications with private lenders, down payments are usually not required, and there is rarely a pre-payment penalty.
Businesses can benefit from the financial assistance that hard money lenders can provide when cash is needed immediately in exchange for some of the assets or the assets can be used as collateral, hence, an asset-based loan. Asset-based loans will allow the business owner to get past a difficult time, meet payroll, or buy the inventory needed to stabilize their business.
Commercial projects may run into difficulty when money runs out before the project is completed. When this happens, a bridge loan may be the answer when additional financing is needed to fill the gap between the start of any given project to see it through to the end. Alternatively, when projects have yet to be started, a mezzanine loan may be a consideration worth looking into, however, it typically is much more expensive; ask questions, do your due diligence, and compare what the various private lenders have to offer to make sure the proposed loan meets your needs.
If hard money loans are not what you want, of if you lack collateral, there are companies that can help increase your sales, and provide the much needed cash. Invoice factoring or accounts receivable factoring may be what would work for you; such companies can convert your invoices into working capital, and provide the ready cash that is needed to help grow your business or help improve the bottom line of day to day maintenance and expenses. These are full service companies who can provide custom alternative financing assistance that will enable you to meet your financial goals without going into unnecessary debt.
There are many commercial funding and small business financing sources that want your business, and will compete for it; many will provide consultation at no cost which would help you decide the right course of action.