New York City, New York—11/17/2020: In light of COVID-19, investors face unprecedented challenges due to the economic uncertainty and increasing market competition. Many of them are turning toward hard money loans to capitalize on new opportunities coming their way to protect their equity.
However, many loan applications are being denied by private lenders, which leave them no other option than traditional bank loans, which come with stipulations and long processing time.
Recently, Joe Malvasio shared his opinion on the increasing demand for private loans. Talking about how to maximize the chances of hard money loan approvals during the COVID-19, the GCP Fund’s president stated:
“More investors these days are opting for hard money loans. The influx of loan applications has made lenders more selective in their evaluation process. The ability to exist borrowers to repay their loans is also affected due to the pandemic. So, you must present a strong case to increase the chances of your loan approval.”
Joe Malvasio is the president of Global Capital Partners Fund, a leading private lending company serving the industry for more than three decades. He has vast experience in commercial lending and actively takes an interest in day-to-day business.
He believes that uncertain environment conditions reflecting current risk levels have additional challenges to obtaining hard money loans.
“In these testing times, lenders need assurance that new borrowers can ride out the unexpected market downturn. Don’t skip any important detail and be honest about your financial standing to win your lender’s confidence. It’s crucial that your application can stand out,” he added.
Over the years, Joe Malvasio has worked closely with leading businesses and investors to broker high-profile commercial borrowing deals. He has been observing the market and believes that lenders focus more on prime needs, keeping an open mind for all options.
He hinted that investors with a project that needs financing should start their application process as soon as possible. The pandemic has slowed down operations such as underwriting, appraisals, and notaries, so it’s crucial to get the application rolling faster to improve the odds.
“I, Ricky Taylor, am an authorized distributor of news and have the authorization to use the company’s name, Global Capital Partners Fund, in press releases.”
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