Hard Money Lender in Florida Miami
Making investments in the real estate of Florida is recognized as an outstanding way to build your wealth. However, in order to purchase or rehabilitate a property, you will certainly need capital. In case your bank account does not reflect the balance of a couple of million dollars, you will most likely need some sort of financing in order to embark on your investment endeavor. In such scenarios, a hard money lender in Florida Miami can be beneficial for you.
Banks are the traditional source from which you can get funds for your real estate investment. But it is not always straightforward and effortless to get financed from a conventional bank. Even if you’re one of those individuals who boast an immaculate credit history, and somehow manage to clear all qualifications related hurdles, banks still might take months to completely process your application.
In today’s dynamic market, months of wait might mean entirely losing out a promising investment opportunity. There are many house flippers these days that are capable of purchasing, rehabilitating, and then reselling a property within ninety days. You may need around three months just to secure a traditional bank loan.
What Are Hard Money Loans?
Under the scenario that is mentioned above, what options do you really have if you could not manage to get a loan from a conventional bank? Well, the most effective and popular substitute for mainstream loans would be hard money loans. This financing method is also known as bridge loans that can be taken from hard money lenders in Miami, Florida.
Hard money loans are offered by private lenders. Since private lenders do not have to follow the regulatory obligations of banks, they can provide you with loans much quickly and that too at flexible terms. Following are some of the best hard money lenders that you can find in Florida.
It is a private lender that is located at Hallandale Beach. RBI Mortgages offers hard money loans for residential land and real estate along with specific kinds of commercial properties. They have a reputation for closing swiftly and do not hesitate to work even with foreign nationals. You can get as much as ten million dollars from them in the form of hard money loans with around eight to eleven percent of interest rate.
Equity Max Financial
It is another Florida based private lender that has been offering its services for more than twenty-eight years now. Equity Max Financial can close loan applications in about forty-eight hours. They do not demand FICO score, bank statement and tax return requirements.
American Heritage Lending
This private lender of hard money loans in Miami was established in 2004. The primary focus of this group is on offering hard money loans for residential properties. American Heritage Lending is backed by more than six billion dollars in the form of hedge funds. They offer hard money loans for the ground-up property constructions, purchase to rent properties and regular property purchases. The maximum amount of loans they offer is five million dollars at interest rate of around eight to twelve percent.