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.
When this happens, a good alternative is a private or hard money loan using the equity in your home, commercial property, land, doublewide and land, condo, or vacation property in Florida. Leverage the equity in your Florida real estate using your paid-off home with zero mortgage. You have gold in the walls of your home, gold in the form of equity.
Most people don't realize that this is a quick and real solution to your financial problem. However hard and private money companies are filling the void and gap that banks can't. A hard money loan will only consider the equity in your property, no credit necessary. They will look at your income to make sure you can make the payment, and pride of ownership is a must. Since the investor is pulling his money on the street only based on the equity in your Florida home, your property must have great curb appeal and pride of ownership. Most hard money investors will come and inspect your home in person. You get to meet and greet the real person who wants to lend you the money. Also they usually only will go up to 50% to 60% of the value of your property, keeping your equity safe, and they feel safe that you will make the payment keeping the loan to values low. Our pool of private investors at the AHL Network will do owner and non-owner occupied properties and even free and clear land. They will require an appraisal and the whole process (assuming your title search comes back with no liens) takes about 10 to 12 days to closing time. This is a huge advantage over banks which are taking currently 40 to 60 days and may still turn you down.
A hard money loan is an option for borrowers who are self-employed and can show a loss on their income or income taxes but can show positive deposits. However on bank statements, if you have low credit or no credit, you need to move fast on a business opportunity and need to pull cash out of your home in 12 days or less, you have recent bk, or previous foreclosure. Our investors will use common sense underwriting. They realize you own a piece of Florida real estate and had some issues in your credit in the past but will make the hard money loan payments in the future. They want to help borrowers who have bruised credit and need a second chance to build their credit.
Also many banks want you to use the cash out for specific reasons. You can use the cash on a hard or private money loan for home improvement, pay off back property taxes, debt consolidation, purchase another property, investment reasons, pay for your children's college, IRS liens, expand your business, purchase a car, etc. No matter what the situation, you can use the money for whatever you like. Our investors will do hard money loans from $20,000 to $1,000,000 in all cities of Florida only.
When you have faced the roadblocks that banks offer, and when you need capital money fast using the equity in your Florida home, please consider a hard and private money Florida loan as an option. Contact the AHL Hard Money Network today at 813-516-5210.