Financing a Garage Door With a Hard Money Loan

An automatic garage door is a must for any modern home. If you don’t have a door that automatically opens, the only alternative is manually opening your garage door every time you want to store your car. Or else you have to park you car on the street, thus leaving it vulnerable to the elements and possibly even theft. But if you want to install a new garage door, or even simply replace the system that you already have, it can sometimes be difficult to get the money you need, particularly if there are a few negative marks on your credit. But so long as you own your home, you probably won’t have much trouble getting financing if you seek out a hard money loan.

A private money loan functions a lot differently from a lot of bank loans, mostly because they are asset based. This means that they are based upon your current assets, and therefore rely less heavily on your credit report. Private party lenders are able to do this because they are not obligated to adhere to the kind of underwriting guidelines that can make the approval process for a bank loan more frustrating.

If you are considering purchasing a garage door with the help of hard money loans, keep these tips in mind.

Choose Your Style – The two main kinds of garage doors that you can purchase with a hard money loan are tilt up and sectional. Tilt up garage doors are composed of a single, large door that tilts up and down to open. These models can be seen on a lot of older homes, and are generally one of the cheaper options. Sectional garage doors work by rolling up vertically, and being stored near the ceiling when the door is open. This option is a bit costlier, but it might be more attractive if you want to limit the amount of space that your garage door takes up.

Choose Your Material – The two most popular materials for a garage door are aluminum and wood. Aluminum is a popular choice because it is lightweight, very resistant to rust, and relatively inexpensive, so it allows you save a lot of your hard money loan. If you want something that might be a little more aesthetically pleasing, you might go for a wood garage door instead. When purchasing a wood garage door, make sure that it comes with a good finish so that it can stand up to harsh weather.

Focus on Safety – In 1993, the Consumer Product Safety Commission Mandated that all automatic garage doors come equipped with what is called an “external entrapment protection system.” This is simply a motion sensor device at the bottom of the garage door that prevents anything or anyone getting trapped underneath the door. These vary in quality, so make sure that you spend a little more of your hard money loan to ensure that you don’t have to deal with a constantly malfunction entrapment system.

Maintain Your Investment – After installing your garage door with the help of a private money loan, you should make sure to maintain it properly so that it will maintain its usefulness for years to come. One of the most common issues with an automatic garage door is falling out of adjustment. This might cause the door to rise very slowly, or even lock up completely. To prevent this, it’s best to inspect the hinges occasionally. If they appear loose, tighten them up. Once a year you should also re-lubricate the joints. By keeping the moving parts well oiled, you cut down on friction and help ensure proper operation of your garage door.