Best Commercial Real Estate Loans in Boca Raton, FL
Are you situated in Boca Raton, Palm Beach County in the state of Florida and you’re not sure whether to take out a hard money loan or a C&I loan? Can’t you see the difference between the two?
If you are, then we here at Florida Commercial Real Estate Loan Group can help you identify which is which!
First off, let’s try and define each of them first.
What is a Hard Money Loan?
A hard money loan is a type of loan that you can get by putting property or any type of “hard” asset on the line as collateral.
More often than not, businesses are the ones who take hard money loans because they’re the ones capable of doing so.
In the financing industry, hard money loans are looked at and are deemed to be the “last option” because of certain factors, including:
- High-interest rates
- Low flexibility in repayment terms
- Short repayment periods
What is a C&I Loan?
C&I loans, short for commercial & industrial loans, are loans that are taken out by a company when they need short-term financing, kind of like what a hard money loan is. Oftentimes, businesses take out a C&I loan if they need access to short-term funds but are not sure how much they would need.
For example, if the business needs anywhere between $50,000 and $100,000, they can take out a commercial and industrial loan of $100,000 and take out whatever amount they need there.
Difference Between the Two
Hard money loans usually have a substantially higher amount of interest rates compared to C&I loans. Also, what you borrow from hard money loans would be the interest rates you need to pay.
In addition to that, C&I loans are flexible – you’ll only have to pay for what you use, you don’t need to pay for what you didn’t. Those are the major key differences between a C&I loan and a hard money loan, so the next time you encounter these terms, don’t be confused.
What Should You Get?
Hard money loans aren’t recommended to be taken if you’re not under extreme time pressure. In fact, you should treat these hard money loans as an option if you still have ample time.
Therefore, if you’re a business owner and you need access to short-term funds fast and quickly, always choose C&I loans.
They’re better, easier to work with, and they have much lower interest rates.
Don’t hesitate to work with us here at Florida Commercial Real Estate Loan Group if you need any of the two loans that we differentiated above.
Moreover, you can also ask us for other loan types such as medical office building loans, motel and hotel loans, condotel financing, commercial land development loans, and many more!
So, what are you waiting for? Give us a dial or shoot us an email and tell us exactly about the type of loan or the type of funding you need for your business!
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below: