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A hard money lender in CA explaining her products to a borrower

The Main Differences Between Hard Money Commercial Loans and Conventional Bank Loans in Calgary

  • Poor credit history
  • Stringent loan application process
  • Time-constraints
  • Difficult payment terms
  • Rejected loan applications in the past

If you’re someone who is currently experiencing one or more of the above-mentioned borrowing issues, this article’s for you.

Obtaining a loan can be a tricky and irritating process. Banks and other financial institutions have a long list of potential borrowers. And honestly, they take forever to go through applications and respond to the applicants.

This is where private money lenders like GCP Fund step in. You can now obtain flexible, quick, and reliable hard money loans in Canada. But how are they different from bank loans? Let’s find out.

Application Process

Applying for a personal or a business loan has always been a tedious task. Private lending companies have simplified this procedure by minimizing the requirements for borrowers. And this is the key difference between private and conventional lenders.

Credit unions and banks still have several requirements and legalities that must be followed to apply for a loan. In comparison, private lenders do not have heaps of forms that borrowers must fill out. Learn about GCP Fund’s hard money loan applications here.

A person worried about his financial issues

Credit History’s Impact

Many people who want a bank loan end up getting rejected due to their poor credit history. Previous defaults, credit over dues, bankruptcy, settled accounts, and charge-offs are major red flags in bank borrowing.

Conversely, hard money and private lenders don’t reject a loan application simply because the borrower doesn’t have a pristine credit history. They tend to focus more on collateral-based lending, which is more effective and convenient for both parties.

Time Requirement

Bank loan application approvals can take several months. But before you get a bank loan approved, you’ll be required to fulfill other obligations and documentation requirements.

Whereas, if you apply for a hard money loan at GCP Fund, your application will be processed within a few days, and their representative will get in touch with you in a week or two.

Quick, Reliable, and Flexible Hard Money Solutions in Edmonton, CA

Whether you’re looking for short-term financing, bridge loans, asset-based financing, or mortgage financing in Edmonton, CA, GCP Fund can help.

Check out GCP Fund LLC’s wide range of hard money solutions here, or contact them right away!

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