Hard Money 24/7

Florida hard money lenders can finance properties other regular funding sources may not even consider. The success or failure in real estate investing (REI) whether in Florida or elsewhere, for the most part depends on the ability to secure the necessary financing required to acquire and complete any work involved, in a timely and cost-effective manner. When your traditional sources of lending like banks, credit-unions and mortgage lenders are not suitable or unwilling to lend a particular scenario or a real estate project, then considering hard money lenders in Florida can be a smart choice. Whether the property is commercial or residential, collateral plays the main factor in determining your eligibility for a hard money loan.

Overview of Florida Hard Money Loans

Hard money lending involves greater emphasis on the asset acting as collateral for the loan being sought. These hard money loans are provided by private money investors usually pooling their funds and lending them out. They finance unconventional loans on properties and scenarios, other traditional lenders wouldn’t touch with a thousand foot pole.

The boom and bust that transpired in Florida (FL) over the last decade has created a tremendous demand for hard money loans. Florida was indisputably the poster state for the real estate boom and bust. During the boom years, residential and commercial financing was quite abundant. Good credit borrowers and bad credit borrowers were getting loans easily and cheaply. This was unsustainable and quite predictably it fizzled out and had a really hard landing. Many borrowers, home owners and investors were caught in a toxic vertex of falling real estate property values, tighter lending guidelines and stagnant real estate market. Credit became tight and credit histories got decimated.

Banks and mortgage lenders are unwilling to lend to buyers with bad credit. The income, employment and asset documentation are preventing a number of people to end up in foreclosure or delay their real estate investment projects. Florida hard money loans can help investors and home owners with financing needed to execute or fulfill their investment plans and projects.

Underwriting criteria for hard money loans in Florida is comparable to other states. Property equity determines the type of loan and the terms an investor expects to receive on his loan.

Florida Residential Hard Money Lenders

Residential hard money loans are usually given on properties like single-family homes, town homes, duplex, triplex and fourplex properties. Mixed-Use properties are also part of this real estate group. Residential hard money lenders in Florida will determine the amount of equity present in the property after getting an appraisal. The greater the equity the easier it is to get a loan.

If the property needs funds in addition to acquisition cost, then the hard money lender can also finance that. Fixer-upper and rehab projects handled by residential rehab investors will find this feature a deal saver.

Commercial hard money loans in FL

If the property on which a loan is needed is classified as commercial real estate in Florida, then a commercial hard money loan  might be more appropriate. Equity in the collateralized commercial property is a important consideration when making the loan, but the rent and income generated based on market factors is also given priority in lending. Commercial hard money lenders also consider the experience of the RE investor in executing the project if there is a degree of complexity involved.

Most of the hard money mortgage loans carry high interest rates. Due to the riskiness involved in private money lending, the investors usually demand a return to compensate for it. The loan terms can be negotiated. The loan duration is usually for short term, anywhere from three to six months. Longer loan terms are given depending on the project.

Florida Construction hard money loans

Construction lending involves the acquisition of raw land and the financing for completing the structure. Expansion or rehabbing existing structures also falls under the purview of construction hard money lenders in Florida. The prior experience in meticulously executing and completing commercial or residential projects plays a big role in underwriting these hard money loans.

Hard Money Loans on Raw Land

In the past, lenders were willing to even finance the acquisition of raw land or refinance up to 50% of the land’s market value. Hard money loans on land in Florida are quite pervasive and a suitable lender can be found if you do seek.Most of the raw land financing is complimentary to construction funding.

Short-term bridge hard money loans

If you need funds only for a short-duration of time, then getting a bridge loan may be an option. Bridge hard money loans in Florida are given out on both residential and commercial properties. When a project falls short of the necessary funding needed to finish, these loans can help an investor through. The idea is to refinance and then repay the private bridge money lender.

Florida Hard Money Lender Directory List

We have compiled an extensive list of Florida hard money lenders to assist you. Lenders who specialize in hard money are best and easy to work with when they know your area and have previously lent there in the past. Asking for referrals from fellow real estate investors can be a very good decision when scouting for a hard money lender. Some national hard money lenders can also be considered in addition to hard money lenders in Alabama, Georgia and Louisiana as they are neighboring states. Florida hard money mortgage brokers can also be useful, especially when you want to avoid the hassle of working with multiple wholesale lenders and their processes and documentation requirements. You can find FL hard money lenders all the major cities and localities mentioned below.

• Jacksonville
• Miami
• Tampa
• St. Petersburg
• Orlando
• Hialeah
• Fort Lauderdale
• Tallahassee
• Cape Coral
• Port St. Lucie