Serving NJ, NYC, CT, PA, MA and MD.
There are a variety of names that my business has been referred to: a Short Term Commercial Hard Money Lender, a Hard Money Lender, a Mezzanine Lender, and an Asset Backed Money Lender.
All of the above mentioned headings have similar characteristics but what I do is always the same which is lend money for a short period of time to those individuals or companies who are having difficulty in borrowing money from their primary financial institutions.
When I am addressing loans for the first time, my three main questions are:
- What’s the purpose of the loan?
- How much time does the intended borrowed need to pay back?
- What is his Exit Strategy?
Simply stated, I look at my business as being a
Short term remedy for a borrower’s long term healthy cure.
As you will read my working background has touched upon many different venues in business. As a teenager I worked in a gas station, a mattress shop, a shipping clerk, errand boy, inventory control, a caddy etc etc. After college I worked and finally owned an industrial supply company (Eastern Tool & Supply) where I had a national catalogue and a half a dozen distributorships located throughout the United States. During my early year’s I accumulated a small amount of cash where I purchased my first commercial property and eventually bought a few more. During the 90’s I sold my company and in 2005 I sold my properties. As a result of always taking an active participation in these businesses’s I never sat behind a desk. I did it all! I performed menial jobs such as sweeping stairwells to brow sweating selling engagements in front of one or two people to executives of major corporations. With all this diverse experience, in 2005 I decided to enter the world of lending. My reasoning was no two requests were alike which I found fascinating and additionally the rewards of seeing individuals succeed as well as companies becoming financially stronger gave me a satisfaction of helping make things better.
A SHORT TERM COMMERCIAL HARD MONEY LENDER NJ-NYC-CT-PA-MD-MA.
Once again, my sole purpose is to allow the opportunity to borrow money fast for a short period of time.
In the world of financial institutional lending most companies (i.e. banks) only want to lend against the product which the money is being applied to. For example, someone has a tract of land and wants to develop it. He has other collateral but the institution only will lend against the land, therefore the application process becomes extremely; time consuming, expensive and many times rejected.
The difference in my business is, if I cannot justify the value of the property to cover the loan, I will give the potential borrower the opportunity to secure his loan by attaching other justifiable collateral (assets). The key to my end is, I do not want to waste time or take a penny from the prospective borrower unless I feel comfortable enough that the shared information gives me a sense of security with the loan. Of course their have been times when the potential borrower has not entirely shared everything with me which creates a snag in the process. However, I will do my best to uncover what I need to move to the next step and that is approving the loan.
The one type of loan which I do not get involved with is a Residential Mortgage. The guidelines are extremely different from the commercial industry. Contrary to that, I will allow a borrower to use assets such as a home as a form of collateral to support a loan.