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Forums » Private & Conventional Lending Discussion » ASSET BASED LOAN

ASSET BASED LOAN Subscribe to ASSET BASED LOAN

4 posts by 3 users

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Aamir Bashaar


Forum_avatar_avatar-aab

Apr 12 '10, 03:01 PM

If an commercial asset based loan is based solely on the property and not the individual why does the private lender ask for a profit and lost statement for my company?

Edited: 06/26/2010 at 12:27PM


Jason Wheeler

Private Money Lender · Pleasant Hill, California


Forum_avatar_avatar-investor_champ

Apr 12 '10, 03:16 PM

Every private money lender is different and the fact is, it's his money so you either show it or don't get the money...

Maybe the lender wants to see your history in business or maybe the loan is NOT only based on the property.

Edited: 06/26/2010 at 12:27PM


Don Konipol

Note Investor · Tempe, Arizona


Forum_avatar_avatar-dkonipol

Pro Basic

Apr 12 '10, 06:14 PM

You may be confusing an asset based loan with a true hard money loan. the key word in the former is based, the loan is BASED on asset value, but other factors can come into play. A true hard money loan is only concerned with the property securing the loan and will not care about personal financials. There were never many true hard money lenders (most were soft hard money ), today there are even fewer.

Edited: 06/26/2010 at 12:27PM by Don Konipol


Aamir Bashaar


Forum_avatar_avatar-aab

Apr 13 '10, 03:16 PM

Thanks for your replies!

Edited: 06/26/2010 at 12:28PM




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