florida

When traditional financing isn't available- A Florida-Mortgage-Lenders.com hard money lender may be your best solution. The purpose of a Florida hard money loan is to provide a more efficient, shorter term loan at a premium price when conventional financing isn't possible. Florida hard money lenders provide equity-based real estate loans made by private Florida mortgage lenders rather than traditional banks.

BANK LOAN VRS HARD MONEY LOANS

Lower rates, lower fees = Bank Loan

Quicker closing, less red tape, Credit less scrutinized = Use a Florida Hard Money Lender

HARD MONEY LENDER APPROVED PROPERTY TYPES

  • 1 - 4 unit primary, second homes, vacation homes, and investment SFR, condos and townhomes. Primary 1 - 4 unit Florida hard money transactions must meet specific guidelines.
  • Property with title vested in a corporation, LLC, LLP are OK
  • Apartment Buildings (5+ units)
  • Mobile Home Parks
  • Office and Medical Buildings
  • Multi-Unit Retail
  • Mixed-Use Properties
  • Hotels and Motels, Resorts
  • Athletic Clubs
  • Restaurants & Taverns
  • Dry Cleaners
  • Car Washes
  • Interest rates, terms, and points for Hard Money loans

ALL PROPERTY TYPES + ALL HARD MONEY SITUATIONS ARE WELCOMED!!

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FLORIDA HARD MONEY INTERST RATES

  • Interest rates vary between 8.0% and 13.95%.
  • Payments are either amortized or interest-only or fully amortized with a balloon.
  • Maximum Loan-to-Value ("LTV") up to 75%
  • Points and Fees apply. The percentage of fees for Florida  hard money loans varies based on a number of factors.
  • Terms vary between 12 months and 30 years.
  • An Appraisal is NOT required for most transactions
  • More info
  • Indicates the Note rate, not APR.

FLORIDA HARD MONEY LENDERS — QUICK REFERANCE INFORMATION

  • Owner primary, second Florida homes and vacation homes, investment property, and Florida commercial hard money loans are eligible
  • Florida Property title vested in a Corp, LLC, LLP, or trust is eligible

Borrow up to a maximum 75% of the conservative value of your residential property for purchase, refinance, or cash-out purposes (note: case by case).

  • 1st and 2nd hard money Florida loans available
  • Single family hard money loans including: condos,  townhome, 2-4 units, 5+ unit apartments, mixed-use and commercial Florida income property are acceptable collateral.
  • Good credit is NOT required – Bad Credit Florida home loan OK- sufficient equity in the property is a must. Purchase a Florida home right after a Bankruptcy or Foreclosure.
  • Fast Florida hard money closings at the most 2-3 weeks

FLORIDA HARD MONEY LOAN RESTRICTIONS

Our Hard money Lenders only Lend in Florida.

  • Minimum hard money residential loan is $50,000
  • No hard money residential land loans unless tied to real estate (call for commercial land -- we offer hard money financing on commercial-zoned land-only)
  • No Florida property on leased land
  • Our minimum Florida hard money loan amounts and general guidelines subject to change without notice.

USE FLORIDA HARD MONEY LENDERS TO:

  • Purchase Florida real estate with a poor credit rating, including a recent Florida bankruptcy, Florida short sale,  or Florida foreclosure, loan modification, etc . Florida hard money loans require a sizeable down payment, plus funds to cover points and loan costs.
  • Refinance an existing Florida property — obtain cash from equity, pay off a balloon or delinquent loan
  • Secure a 2nd hard money Florida mortgage — cash out for debt consolidation, remodeling, repairs, business loans, investments, any reason
  • Obtain a hard money Florida bridge loan to purchase other real estate prior to selling your current Florida property based on the equity in the departing residence (with a new Florida property under contract)
  • Stabilize hard money loans or renovate commercial or Florida income property -- for commercial apartments, offices, retail, medical, and mixed-use income properties when renovations are required, or to provide interim hard money  capital or bridge money prior to permanent financing
  • Hard money Florida loan applicants may have average or poor credit, minimal credit, or No credit score — sufficient Florida home equity and the means to repay the loan are more important than your personal credit
  • Hard money loan applicants get approved recent Florida bankruptcy, Florida  foreclosure, or Florida divorce -- these issues are acceptable for Florida hard money lenders with sufficient equity and the means to repay the loan
  • Some Florida hard money loan applicants too much debt to qualify for a Florida bank loan — with the necessary equity in your property and the ability to repay the Florida hard money loan higher debt-income ratios are OK
  • Get hard money loan approval if you've been self-employed 1099 on your job for less than two years. Provided your employment is expected to continue a new job is OK
  • Get Florida hard money home loan approval if you have inconsistent or mixed income — income can be from different sources and still be acceptable
  • Title to your Florida property is held in the name of a trust, LLC, or corporation — title to the property can be vested in a non-natural person
  • You need a Florida hard money business loan secured by equity in Florida real estate, but are unable to qualify for a commercial bank or SBA loan.
  • You are a Florida Foreign National with no U.S. employment or SSN and aren't able to secure a conventional Florida home loan.

 

HARD MONEY FLORIDA LOAN VALUE- the ratio between the amount of a proposed mortgage loan and the lower of sales price or appraised value.

 

 

HARD MONEY FLORIDA BRIGE LOANS- a short-term interim loan. Bridge loans are commonly used to close a transaction on one property while another is being sold.

 

HARD MONEY FLORIDA SUBPRIME LENDER -- a hard money loan that does not meet traditional bank standards for acceptable risk.

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CREDIT REQUIREMENTS

FHA MORTGAGE

550 MIN FICO

PORTFOLIO MORTGAGE

NO MINIMUM

VA MORTGAGE

550 MIN FICO SCORE 

USDA LOANS

580 MIN FICO SCORE 

FANNIE MAE.

620 MIN FICO SCORE 

FREDDIE MAC

620 MIN FICO SCORE 

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954-667-9110

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