Florida condo owners have had much turmoil over the last three years dealing with the upgrades by the state of Florida on their condos. Hurricanes and high association costs increase because the condo association can't cover their fees.
Many Florida condo and townhome owners do not have good credit, and they need to pull cash out of their condos for many reasons.
What is a Florida Condo Hard and Private Money Refinance/Equity Loan?
A condo hard money refinance is a loan where the borrower has equity in their condo and wants to leverage that equity since they have bad credit to pull cash out of their condo or townhome. Our private money investors will secure a 1st deed mortgage loan just like a bank on that property for the specific loan amount.
How Do I Get a Florida Condo Loan with Bad Credit?
Even if you have been turned down by the banks and credit unions, we have a network of private investors who bring us money. They are seeking Florida homeowners and condo owners who own, condos free and clear, paid off, zero mortgage who want to secure the equity on the condo using it as collateral.
You will fill out an application
One of our hard money loan officers will call you
One of our investors will come to your property and inspect the property directly. You get to meet your lender many times.
Once that process is done, the underwriter processor will order your title and appraisal. You might submit a few extra documents as well.
Then the title will come back. One important document will be the condo association. A lot of borrowers on condo use because they or behind on the condo association fees. This must be brought current on all loans. We can pay this in the loan.
Our investors typically lender 50 to 60% of the value of the condo with varying terms. You will pay the private lender directly. A private money mortgage promissory note will be filed and you will have a 1st mortgage not on your property. You will not make your 1st mortgage payment for 40 days. The condo hard money loan process is fast, easy, and simple, and we have closed thousands of Florida condo loans. It doesn't matter if you own a Florida condo in Ft. Myers, Miami, Destin, Ft. Lauderdale, or West Palm Beach.
Our underwriters have streamlined the condo hard money loan to make it stress-free for the borrower. They will guide you and answer all your questions and if your title is clear you will close in 7 to 10 days.
Refinance Your Luxury Condo in Miami with Bad Credit or No Credit
The largest concentration of condos in the country is in Miami with and also the most expensive outside of New York City. Miami is a mecca and international hub for business and finance. Its also some to some incredible luxury condos lining the beach, with many amenities for their homeowners who have invested great money in their condos. What financing options do the condo owners have when the banks say no, or they get turned down, or have bad credit or no credit.
The homeowner/condo owner must utilize the equity they in their primary condo, or investment condo property. They have gone to the bank and credit union and been turned down for a refinance or home equity line of credit to use. Now they must leverage the equity in that beachfront condo to access the money they need. Our private investors will allow 65% loan to value, lets say you bought the condo free and clear for 1 million, you could get up to 650,000 assuming you can the income to pay the loan back, Maybe you own the condo free and clear and its worth 2,000,000 and you need 1 million to start a new business our investors will do a 50%. Many times as recently we have a condo owner who had a condo on and need to pay the back property taxes and often times the borrower had had lingering financial troubles and wasted to much time waiting on the banks. Missed several mortgage payments and now the luxury condo is in foreclosure.
When you need to borrow against your Miami Luxury condo with challenged credit, no credit, or bad credit you should do the following steps:
Apply online or call our investors and representatives who are always ready to help and solve your problem.
Get your income document ready.
Meet the investor at your home for a property Evaluation and inspection. Our investors like to meet the clients personally as they or loaning the money.
Sign your mortgage documents as you’re asked by the underwriters.
Wait to get your title and appraisal back.
Review your closing documents.
Our Investors like the condos in the Miami area because of the high values and low loan to values and keeps their risk low know that 90% of the borrowers will make their payments on time going forward because the loan to value so small. The we help customers who are good borrowers but just need a helping hand and we will look at your bank statements, leases, and alternative types of income documents where banks will be much tougher. And if you self-employed no problem our underwriters specialize in helping and making the loan work for self-employed borrowers making you loan process simple fast and easy.
Owners who would benefit from a Florida Luxury Hard or Private Money Refinance:
Someone with little or no credit or bad credit.
You had a recent bankruptcy.
A recent or past foreclosure.
Self Employed borrowers where you depreciate all your income in your company the banks will turn you down automatically.
How long does it take to close your Florida hard money condo loan?
It usually takes two to three weeks to do your underwriting, get your title and appraisal ordered. The underwriters will analyze your income and make sure all is in good standing and you will get your closing documents a few days before your closing to review them. We help hundreds of Miami condo homeowners, get the cash and funds they need to start a new business, purchase another business, use for investments, pay off the IRS, stop foreclosure or condo tax deed sale. Let us help you when you have been turned down by the banks or credit unions. Contact us today by calling 813-368-9919 or filling out the form on this page.
Florida Hard Money Home Equity Loans Bad Credit
As interest rates or rising, inflation is rising banks or getting nervous and tightening the federal guidelines for lending. Many good borrowers with less-than-perfect credit will not be able to get a loan to refinance or home equity loan.
Using Home Equity for Home Improvement if You Have Bad Credit
One of the advantages of owning your own home is that you can truly make it your own. You’re a person of unique taste and interest, so shouldn’t your home reflect these positive attributes? What’s stopping you from either hiring a crew or getting into the DIY spirit of things and making those improvements to your house that you’ve always wanted to? What’s preventing your house from becoming your home? If you think your credit score impedes you from completing this arduous task, think again. You can use home equity to make the improvements that you always wanted.
You Can Qualify for a Home Equity Loan with Bad Credit
Are you worried that bad credit might disqualify you from obtaining a home equity loan? Be not afraid. A H L Hard Money likes to explore creative ways to secure loans and manage debt so that you can still afford important purchases without becoming insolvent.
My Home is Paid Off in Florida and I Have Horrible or No Credit. What Can I Do?
You have a paid-off home here in Florida and you want to access the equity, but you have bad or no credit. The banks and conventional lenders turn you away because you can’t meet their strict underwriting guidelines. Is there anything you can do?
I Own My Home Outright in Florida, but I Have Bad Credit. What Can I Do?
You spend many years paying off the mortgage on your home and in the process you are building a great deal of equity. If you have poor credit this equity may not be available to you from conventional lenders with strict underwriting guidelines. This is not an issue when you deal with AHL Hard Money Network. Our loans are secured by that equity, thereby eliminating the need for your credit to be reviewed.
Using Your Home Equity the Smart Way with a Hard Money Loan
If you're struggling financially, you may feel as though you are out of options. However, all hope is not lost. Your home has significant equity that can provide you with the help you are looking for. Learn how to use your home equity the smart way by reading on. (more…)
Use Private Money Against Equity in Your Home
You are equity rich and credit poor. This is a situation many florida homeowners find themselves in when they go to apply for a bank loan. They have scores in the 500s, charge-offs, or judgments that need to be cleared up. However, the bank turns them down. Many times the homeowners own a Florida owner-occupied or non-owner occupied property worth $200,000, $300,000, and up to $1,000,000 that is paid off free and clear. The bank however only uses credit, and credit scores and debt-to-income ratios. Sadly many of these good borrowers will be turned down.
If you have bad credit, all is not lost. You can still receive financial assistance through hard money lenders. For a guide to using hard money when you have bad credit, just continue reading.
