Posted on November 16, 2021
Hard Money Loans for Churches
Did you know that hard money lenders have begun to lend to churches? American churches are being foreclosed on by banks in rapid succession. Banks are also reluctant to refinance loans.
More than half of these churches are in financial trouble. Some are in foreclosure, while others were forced to sell themselves. Some bridge money lenders have set up special loan funds for churches in dire need. You can also apply online for Florida hard money loans via https://taylormadelendingllc.com/.
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The interest rates are high, and the lender could end up with ecclesiastical property. Some churches might prefer to take the risk of closing.
What is hard money lending?
Investors who lend money to hard money lenders are those who loan money directly to you when you have a low credit score or a history of bankruptcy. These money lenders borrow the borrower's assets or, in the case of a residential or commercial loan, your real property as collateral.
What is the best time for a church to use a hard money lender?
The following scenarios should be considered by the church when considering a personal loan:
- The church is in danger of foreclosure because it has fallen behind in its payments.
- The church's loan cannot be approved for a traditional loan.
- The current lender has reduced the amount that can be offered to the church and it must close quickly.
- The church is looking for a unique opportunity and urgently needs the money.
- A loan could save the church's property from bankruptcy.