Why Florida Hard Money Loans are a Better Option Than Using a Bank Loan
FL Money Loans | Florida No Credit Home Mortgage
If you are looking for a loan, perhaps for a business expansion or to pay off a short term debt, you may find that conventional bank institutions will not loan you money for these purposes. This can be especially true if your credit score is lower, or perhaps you are going through a foreclosure. Regardless of the reason, banks conservative guidelines will most likely reject your application.
A Florida hard money loan, on the other hand, may be able to help you. If you own property free and clear that has a market value exceeding $100,000, as an example, you may be eligible for a hard money loan for 65-75 percent of the property’s value. The loan will usually be accepted with higher interest rates than a conventional bank might for a similar loan, but they are assuming more risk for helping investors with credit or other issues. These loans are often provided by private investors or companies looking to provide loans for shorter term needs, with less strict criteria for getting your loan accepted than the banks.
Some of the main reasons you should consider a hard money loan:
• You have been turned down for a conventional mortgage or loan
• You are the owner of a property that is free and clear of any mortgage or loan obligations
• You have a history of credit issues, a bankruptcy, or low FICA scores
• You owe child support or have an IRS lien
• You have had a recent short sale or foreclosure
• You are self employed but can verify your income
If the investor feels you are qualified for a hard money loan, you may still be subject to a credit check and other financial verification. The investor will perform these checks to help them understand your overall financial situation. Keep in mind, however, that the primary qualifier is that you hold free and clear property with a minimum value established by the investor.
If you have had problems obtaining money for a short-term or higher risk loan, AHL Hard Money Loans may be able to help you. Call us at (813) 368-9919 and discuss your loan needs with us. Our goal is to help educate you on hard money options, and connect you to investors interested in helping you obtain hard money financing.