Nestled along the Tennessee River near the foothills of the Great Smoky Mountains, Knoxville is celebrated for its beautiful setting and Southern charm – a big city with a small-town feel. Ranked as the eleventh best city in the
country for jobs, due to robust job opportunities and employment growth, this vibrant city attracts employers like state agencies, federal agencies, healthcare, education, aluminum manufacturing, tech, banks, defense contractors, retail, tourism, and many more.
Overall, Knoxville is a young city, with 35% of its population between 18 and 34. Great restaurants, a lively nightlife scene, historic sites, cultural attractions, and overall affordability make it easy to see why Knoxville has become a popular relocation spot.
While projections indicate another year of strong economic development, do not wait for the cost of investment to go up … contact one of our specialists at Proactive Lending today! Our team of experts can help you decide which type of financing is best for your investment plans, including a possible hard money loan (a type of short-term loan with flexible terms) … don’t hesitate to explore the possibilities!
Think ‘Outside The Bank’ For Your Loan Needs
Proactive Lending Group Is Here To Help…
Proactive Lending Group, LLC provides you with the best hard money loans. With their dedicated and professional staff, you can be assured that you will get the best valuation for your property. Want to know more?
Both business owners and individuals need loans occasionally to fund their expenses using loans. People either go to banks to get a commercial loan, may go to money lenders, or may go for hard money loans in Knoxville. With commercial loans needing a lot of paperwork and civil formalities and money lenders charging a way higher rate of interest, hard money loans in Knoxville TN become one of the more suitable choices for your financing needs. We have therefore compiled all the advantages, considerations, and risk factors relevant to hard money loans to help you make an informed decision in making your choice.
Hard Money Loans in Knoxville, TN
How Do They Work?
As mentioned above, a hard money loan differs from a commercial loan or typical money lending. The ‘hard’ in hard money loans come from hard or immovable property, i.e., real estate used as collateral in exchange for cash. Therefore, hard money loans are considered short-term, bridge loans taken for a short time to raise money quickly. Interestingly, these are different from traditional loans, as the hard money lenders in Knoxville TN look for property value instead of creditworthiness, which banks generally consider.
In simpler terms, if you want to raise money quickly and are not eligible for bank financing, hard money loans become the easiest way. The reason why hard money lenders in Knoxville TN do not worry about defaults is that hard money loans are secured loans, so in case of defaults, the hard money lenders in Knoxville TN can easily take possession of the property and sell it to recover the costs, often turning in a profit, making it a win-win scenario for the lender as well!
The Eligibility for A Hard Money Loan?
While Knoxville hard money lenders are more accessible to approach than banks in terms of stringency, they also have their eligibility conditions. They often have a higher interest rate in exchange for quicker money disbursement.
The following are the criteria used for getting a hard money loan in Knoxville:
- Property: the collateral against which you will get a hard money loan in Knoxville TN.
- Cash: required by the hard money lenders in Knoxville for a down payment
- Credit Score: While not as stringent as banks, Knoxville hard money lenders need a minimum credit score.
- Real Estate Experience: While not guaranteeing a hard money loan in Knoxville, having prior real estate dealing experience helps you get a loan faster.
Who Benefits from Knoxville Hard Money Loans?
Considering the drawbacks of getting a hard money loan in Knoxville TN, there are as many benefits for the same, chief of which being a shorter processing time, less stringent conditions, and easy money; such loans are mainly used by commercial property developers and people working as fixer-uppers, i.e., people who purchase old property and upgrade them to sell them at higher prices.
Proactive Lending Group: Here to Meet Your Every Loan Need
Proactive Lending Group, LLC is a commercial lending group that enables people in Knoxville to have easy hard money loans in exchange for their real estate properties. Because hard money loans require an appraisal for the collateral to determine the money being released, Pro-Active Lending’s free consultation and assessment thus becomes the first step in securing a hard money loan in Knoxville TN. Intrigued? Contact them today for more information.
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