Florida Residential hard money loans are those offered by private Florida mortgage lenders that include wealthy private individuals and small community based Florida investment companies. These Florida hard money lenders provide financing primarily based on the value of a collateralized asset pledge by the Florida hard money loan applicant. Hard money loans cut through allot of the red tape compared to conventional loans that really scrutinize the borrower credit history, tax returns, and income statements as their qualifying criteria.
Florida residential hard money lenders provide financing usually to borrowers involved in refinancing to stop a Florida foreclosure, individual with recent bankruptcies or individuals that need interim financing while they rebuild their credit history. The interest rates on hard money loans are high, but many bad credit home loan applicants find that these hard money loans are cheaper & worthwhile considering the rigorous terms and regulations of a conventional loan.
Most private investors look for a safe and guaranteed investment, with an above average return they could get from banks. Florida Residential hard money loans are usually secured by 35-50 % equity from the hard money loan applicant.
Private Florida hard money lenders offer higher interest rates that range between 8%-13% much higher than conventional bank loans. Depending on your urgency, some people think that these loans are hard to payback however these hard cash loans can be beneficial for hard money applicants that have no other options and/or cannot find additional financing for improvements of residential property before selling or putting it up for sale.
Florida-Mortgage-lenders.com offers hard money financing on income producing properties including: Florida apartment buildings, Florida retail properties, Florida industrial, Florida office building, Florida hotels, Florida motels, Florida medical facilities and Florida restaurants. Florida-Mortgage-lenders.com other non-income properties that they consider investing into like land acquisitions, development projects, construction sites, stop foreclosure loan in Florida foreclosures and bankrupt Florida real estate.