Consulting multiple industry lending companies is an asset to any entrepreneur wishing to start their own business. Many lending companies not only provide you with a start up loan but also assist you throughout the life cycle of your business. Commercial, diversified and hard money lenders offer financial assistance to a wide range of businesses.

Diversified lenders are organizations, institutions or companies that lend money to people so that they can manage their business within a particular industry. Not only do lenders provide you with capital to start your business, but they also provide various products that support financing other aspects of your business. They also offer, among other services, commercial loans. Consider what diversified lenders can do for you:

1. Expand and improve your business through a diversified lender group

2. Finance equipment needed for your business and obtain funds based on your liquid assets

3. Receive loans when other financial institutions turn you down

Action Steps
The best contacts and resources to help you get it done

Use a diversified lender group to finance your business

Diversified lending companies are ideal if you're looking to borrow capital so that you can start and manage a business in certain industries. Many diversified lending companies are state-based, catering only to businesses in their home state. They are a more specialized lender offering a range of products like asset based lending as well as products to resolve your debt and different services such as commercial financing.

I recommend: Diversified Lenders provides lending assistance to a wide range of industries offering asset based lending, bridge loans, equipment financing and leveraged buyout financing to name a few. Diversified Lending Group specializes in commercial loans providing assistance through every aspect of the lending process offering all loan types including bridge and floating rate loans.

Consult other institutions that offers lending to multiple industries

Another option to obtain financing assistance is to consult institutions that do not advertise themselves as a diversified lender group but provide the same products and services. Multiple industry lenders provide lending services nationwide and often worldwide. These lenders provide various resources for you including a resource center where you can stay up-to-date on commercial lending trends, email alerts as well as a list of their recent transactions.

I recommend: CapitalSource is a commercial lender that serves various industries such as retail and health with products that include direct consumer finances and leverage loans. The Corporate Financial Services unit of GE Commercial Finance offers financial services with experts in asset based loans and cash flow loans to help start up your business as well as provide assistance throughout the life cycle of your business.

Consider diversified hard money lenders as a financing alternative

Hard money lenders offer a specialized type of real-estate backed loan that provides funding based on the value of the collateralized real-estate. These short-term bridge loans charge a higher interest rate than a bank but have more flexible terms. Hard money loans are for those who can't obtain a loan through other financial institutions. These lenders are usually state-based and privately owned.

I recommend: Search LenderLab's database of hard money lenders for a loan program to fit your specific business needs. Magnolia Financial Consultants offers financing to commercial and multifamily properties and provides more flexible hard money loans as an alternative to a commercial loan.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Know your credit score through Equifax or other credit bureaus before consulting a diversified lender as it's a deciding factor in whether or not you receive the loan and how high your interest rate will be.