Our Florida Hard money lenders are private Florida hard money lenders offering a specialized hard money equity based mortgage loans. These Florida Hard money lenders provide short-term loans that provide funding based on the value of Florida property that is being secured by the hard money mortgage loan. Our Florida Hard money lenders provide financing that does not have all the red tape or document requirements that borrowers normally incur with conventional bank financing. Hard money Florida lenders provide hassel free loans with higher interest rates to bad credit Florida mortgage applicants with recent foreclosures and/or bankrupcties that donot conform to bank standards. Hard money Florida mortgage lenders will offer a range of requirements based th (loan to value), what types of real estate (commercial, residential, multi-family, land) and minimum and maximum loan sizes.
FLORIDA HARD MONEY LOAN OPTIONS INCLUDE:
ALL PROPERTY TYPES + ALL HARD MONEY SITUATIONS ARE WELCOMED!!
FLORIDA HARD MONEY LENDER CREDIT REQUIREMENTS-
Credit is not a major deciding factor for our Florida hard money loan programs. We welcome all bad credit and no credit Florida hard money loan applicant’s with all credit types and all bad credit situations. We provide hard money loans to stop foreclosure including hard money loans for borrowers in every type of bad credit loan situation. If you are purchasing a short sale, REO, a Florida property in foreclosure, or your in need of rehab, a commercial property purchase, or you need refinance to pay off a Florida tax lien, including all other hard money Florida loan request.
SUMMARY FLORIDA HARD MONEY TERMS
• 60-70% loan to value based on PURCHASE PRICE.
• Credit not a major factor in Hard Money Approval (unless refinance is your exit strategy)
• 50-65% on 1-4 unit Florida investment properties cash out loans
• 50-60% on Florida commercial properties
• Seller second mortgage allowed
• Gap funding 2nd second Florida Mortgage lien allowed.
• Hard money interest rates start at 8.95%.
HARD MONEY RISK
Florida loan applicants with find that Hard money Florida lenders are more expensive than traditional Florida loans because they are not based upon traditional credit guidelines. Recently Hard money Florida lenders have had high default rates and now are more cautious about Florida home values. Some Florida hard money lenders may not require the income verification that typical mortgage lenders require. As a result hard money Florida lenders experience higher default rates and, thus, charge a higher rate of interest to compensate for loses. Florida hard money loan applicants obtain hard money Florida home loans typically because they are bad credit Florida mortgage applicants and they do not qualify for traditional loan because they have acceptable credit or no credit score Florida loan documentation typically required by conventional Florida mortgage lenders. According to the new Dodd-Frank Act of 2010 enacted as a result of recent massive foreclosures the federal law now requires that all Florida hard money lenders verify “ability to repay” – on all residential property loans. In order to prove “ability to repay” hard money Florida lenders will be asking loan applicants to document the ability to repay the hard money loan. Florida Hard money loan documentation requirements are not as stringent as the documentation required for a conventional loan, and the Florida hard money lenders will use their own criteria to approval your hard money loan differently, but more than likely, you will still have to provide, W2s, pay stubs or a tax return to keep the hard money Florida mortgage lenders compliant with the new Florida hard money loan laws.
HARD MONEY TERMS
Hard money Florida loan terms are typically of a shorter term than conventional loans, although you can find a Florida hard money loan amortized for 30 years to keep your payments lower with balloon loan notes that become due in 5 to 10 years. As a result of the shorter term, Florida hard money loan applicants should be sure that they have taken the necessary step to repairs their credit or to either refinance, pay off the hard money loan, or sell the property before the hard money loan term become due.
HARD MONEY PREPAID LOAN INTEREST LAW
As a result of the new Dodd-Frank Act of 2010, it is illegal for a Florida hard money lender to require a Florida borrower who will be occupying the residential property as a primary residence to pay more than (2) two months of prepaid interest in advance. That means that the Florida hard money lender cannot require a Florida hard money loan applicants to pay more than a full year of payments in advance – called “prepaid interest”. However, the Florida hard money lenders can require this on a non-residential Florida hard money loan.