Expanding and renovating your property is oftentimes very costly. If you currently own a business and are in the process of expanding or renovating it, or maybe you’re thinking of acquiring another property, then you most likely know that in order to do this you will need a substantial amount of money. Many loans in the market come with insane interest rates and restrictions on where you can use the money you obtain by them, but the best approach you can take in order to accomplish these goals is getting a secured real estate loan.
A secured real estate loan can be used as a financing solution to help acquire a property or help improve that property (when it comes to existing businesses). There are several types of loans that fall into this category, and each of them will come with different approval requirements, interest rates, and terms. There may also be collateral factors involved in some of them.
Benefits of a Secured Real Estate Loan
Secured Real Estate Loans come with many benefits, the most important being the following:
- Low-Interest Rates: Lenders have less financial risks by providing Secured Real Estate Loans, so you’ll find they normally have lower interest rates than other unsecured borrowings. This is a huge benefit because you won’t have to worry about an unpayable amount generated by interest.
- Big Capital Availability: Businesses can borrow larger amounts of money to fulfill their needs due to the fact that lenders are confident that they’ll get their money back. Substantial capital can be provided for you to use, but it is based upon the purpose behind the agreement of the loan.
- They’re Tax-Deductible: A huge disadvantage accompanying many types of loans is that you won’t be able to claim the interest from them whenever you process your taxes, making you unable to lower your tax liability. Commercial real estate payments to your lender are tax-deductible, meaning you save money year on year by claiming any interest generated by the loans.
Why Choose Us?
Here at Business Funding New York, we understand that there are times when you need financing solutions that may take a lot of time to process or that are hard to obtain from your bank. This is why we are here to help you! At BFNY, we will provide you with exceptional service and help you get the financing solution adequate to your needs.
For more information on our loans visit our website or give us a call at 1 877 969 4569.