1)WHAT IS A HARD MONEY LOAN? A Hard money loan is an equity based primary on the subject properties equity. Hard money interest rates are generally higher compared to conventional loans issued by financial institutions. Our Hard money loans are provided mostly by private Florida mortgage lenders.
Many Florida hard loan applicants don’t realize that FLORIDA-MORTGAGE-LENDERS.com can help Florida homebuyers with bad credit. If you have a bad credit past and your looking for a bad credit Florida mortgage we may be able to help with one of the following:
2)HOW DO I PRE QUALIFY FOR A HARD MONEY LOAN WITH FLORIDA-MORTGAGE-LENDERS.COM? Florida-Mortgage-Lenders.com makes pre-qualification simple for all Florida hard money loan applicants. We would like to encourage you first to give us or to discuss your home loan scenario with one of our hard money loan account executives. We will advise you on how to best structure a hard money loan for you based on the information you provide us. In turn, we then ask you to complete our Florida hard money loan application form and provide us with specific information on the subject property you wish to either purchase or obtain a hard money refinance on. Then send your information to us by either faxing or e mailing it to us. After a thorough review of your submission, the hard money loan account executive will then give you a call to discuss more in detail additional conditions to meet the requirements of closing your loan.
3)WHAT DOES FLORIDA-MORTGAGE-LENDERS.COM LOOK FOR WHEN PRE QUALIFYING HARD MONEY LOAN APPLICANTS? As a Florida hard money lender we first on the equity of your Florida property. From there we can determine exactly on what our private hard money lenders will be wiing to lend based on your ability to repay, debt-ratio, proof of funds for reserves (for purchase transactions), and your long-term goals with the Florida property. Stated and No Doc Florida hard money loan programs are available for qualified Florida investment properties and other non-owner occupied Florida homes. Florida-Mortgage-Lenders.com will help advise you on what you need to understand about your hard money loan terms including (Interest Rate, Terms, Prepayment Penalty, Cost, Title Issues, etc.), and how your decision can help towards the Florida investment on your property.
4)HOW LONG DOES THE HARD MONEY LOAN QUALIFY TAKE IN ORDER TO PRE QUALIFICATION TO FUNDING? Florida-Mortgage-Lenders.com does its best to make sure your loan closes in as little as 14 – 21` days. This would also include appraisal report orders, open/order Escrow and Florida Title Insurance. From time to time when the hard money loan applicant has liens, judgments, and/or title issues, we require that these items be satisfied first or can be satisfied upon close of your Florida hard money loan. However, such issues can prolong the Hard Money loan process thus closing lapse past the 14 days. We encourage our Florida hard money loan applicants to be prepared to provide conditions promptly to help expedite the closing of their hard money loan.
5)WHAT IF I/WE HAVE BE CREDIT OR WE ARE IN THE MIDDLE OF A BANKRUPCTY OR FORECLOSURE? At. Florida-Mortgage-Lenders.com we may still be able to fund your Florida hard money loan loan despite being in a tight financial situation. Our Florida hard money account executives will work with you to structure a hard money loan that would be beneficial on your part without overburdening you on your ability to make the hard money loan payments. We’re here to help Florida hard money loan applicants to make sure you are within a comfort level.
6)WILLFLORIDA-MORTGAGE-LENDERS.COM STILL BE ABLE TO CLOSING MY LOAN IF THE PROPERTY HAS TAX LIENS OR JUDGEMENTS? Florida-Mortgage-Lenders.com has closed numerous loan transactions with Florida tax liens kjh, or has had a recent Florida foreclosure?Will the client be denied a hard money loan? Florida-Mortgage-Lenders.com will still be able to fund your bad credit Florida Florida home loan even if you have had a Florida short sale, or currently in a Florida foreclosure, or has had a recent chapter 13 bankrupcty or shortsale. We want to make sure that the Florida property has enough equity to pay off the existing mortgage loan. This allows Florida-Mortgage-Lenders.com to become the new and only mortgage note holder on the property.
7 WHAT ARE THE FEES INVOLVED IN A HARD MONEY LOANS AND DO THESE FEES HAVE TO BE PAID UPFRONT? Florida-Mortgage-Lenders.com hard money funding fees are the usual standard and common Florida hard lender fees include: Origination, Underwriting and/or Processing, Inspection (in lieu of an Appraisal Report), and Florida hard money loan document preparation. There will also be 3rd party fees involved like Title Closing Fees, Title Insurance, Appraisal Report, Credit Report, etc. Our hard money funding fees are always disclosed to our clients before a hard money loan commitment is made. Florida-Mortgage-Lenders.com does not require any up front fees to do our due diligence. However, if we do require an evaluation to be made by a certified appraiser, the Florida hard money loan applicant will be required to pay the appraiser front. As long as the property has equity, the fees are generally paid from the hard money loan proceeds at closing.
8)WHAT ARE THE FLORIDA HARD MONEY LENDERS RATES, FEES, TERMS AND PREPAYMENT PENALTIES? As a Florida Hard Money / Private Florida Mortgage Lender, rates with Florida-Mortgage-Lenders.com range between 8.95% to 13.5% for Fully Amortized and Interest Only loans. Our hard money loan terms also depend on the type of property our Florida hard money loan applicants would like to borrower against. Residential Florida hard money Loans typically have shorter terms, which go between 3 years to 10 years, while Commercial Florida hard money Loans can go between 12 months to 20 years. Since these Florida hard money loans are financed with private Florida investor funds, prepayment penalty is a common requirement by our investors as a guaranteed interest return. Prepayment Penalty terms also vary depending on how your loan is structured. It is best to get in contact with a Florida-Mortgage-Lenders.com Hard Money loan Officer to discuss your hard money loan scenario for your rate, terms, and to find out if your hard money loan request will require a prepayment penalty.
9)WHY WOULD ANYONE NEED A FLORIDA HARD MONEY LOAN WHEN CONVENTIONAL LENDERS CHARGE LESS INTEREST, RATES AND FEES? There are numerous reasons why Florida loan applicants opt a hard money lender over less expensive conventional Florida mortgage lenders. Most of the time, certain borrowers or properties cannot meet the conventional loan requirements or financing guidelines. Another reason is Florida Hard Money lenders close loans more promptly as compared to conventional lenders. Under certain conditions Florida-Mortgage-Lenders.com can fund loans as quickly as 7 days. Conventional Florida mortgage lenders can take more than 30-45 days for residential properties, and 90-120 days for commercial properties. The prompt hard money loan closings of Florida-Mortgage-Lenders.com has helped numerous Florida hard money loan applicants use their funds for capital acquisitions, property development, Florida foreclosure bailouts, debt-consolidation, bankruptcy refinancing, probate resolutions and loans to administrator/executor of an estate in a Florida probate.