Are you a small business owner thinking about applying for a commercial loan?

If so, you’ve come to the right place. We’re Abbey Mortgage & Investments, and we’re proud to be Colorado’s source for commercial and hard money loans. Our team is dedicated to making the entire loan process easy and painless, and we believe that a big part of that is having the information you need. That’s why we’ve set out to debunk some of the most common myths about commercial loans.

Myth #1. The best and only way to get a commercial loan is through your bank.

Banks are definitely the traditional option for obtaining all kinds of loans, but when it comes to a commercial loan for your small business, a bank is certainly not your only option, and it may not even be your best option. There are many other options available to you for your commercial loan, including hard money lenders who can offer faster approvals and greater flexibility.

Myth #2. Getting a low interest rate should be your top priority.

Although the interest rate is certainly an important factor to think about when obtaining a loan, it’s certainly not the only factor you should be focusing on. In fact, it may be a better option for you to choose a loan with a higher interest rate if it means that you can get the funding you need with a less-than-perfect credit score, or if you need your loan funded faster than a traditional lender can offer.

Myth #3. You’ll drown in paperwork when you apply for a commercial loan.

There’s a misconception that applying for a commercial loan is a long and arduous process, and while that may be true when you’re applying through a bank or another traditional lender, you’ll be glad to know that hard money lenders, like Abbey Mortgage & Investments, make the process much simpler.

Myth #4. Commercial lenders are only interested in funding big deals.

Small businesses often operate on a much smaller scale in terms of financing than corporations and large business entities, and many small business owners believe that commercial lenders are only interested in working with big businesses that are involved in big deals. However, many lenders are willing to work with small businesses on smaller deals, and it never hurts to apply!

Myth #5. You’ll be faced with hefty payments, even when business is slow.

When you apply for a commercial loan through a bank or another conventional lender, there’s very little wiggle room in your repayment plan. However, when you apply through a hard money lender, like Abbey Mortgage & Investments, there’s a lot more room for compromising to help you find a repayment plan you’re comfortable with.

The truth about commercial loans is that, with the right lender, there’s a strong possibility that you’ll be able to secure an option that meets your needs. And luckily, here in Colorado, you have the experienced lending professionals at Abbey Mortgage & Investments on your side. Contact us today to find the right commercial loan for your small business!