Are you looking for a faster way to obtain financing without having to claw your way through traditional lending mechanisms?
If so, then a Florida hard money loan might help substantially. It’s a lucrative way to pay for real estate investment purchases or even just a quick credit source for business operations. There are many reasons to consider taking out a hard money loan, but for brevity’s sake, we’ll cite three of the top advantages.
Even if you have solid credit, the traditional lending groups, like commercial banks, take a long time to get back with you. Hard money loans, however, rely on property value (of what you’re purchasing) rather than an individual credit score.
Therefore, there’s less red tape involved, allowing us to issue a loan within 12 to 14 days. The underwriting for these loans is easier, you rarely need a property appraisal, and there are no out-of-pocket fees.
We mentioned that many real estate investors like this approach because it gets them the cash they need to purchase, rehab, and flip homes in Florida. If you’re in that line of business, you know that significant initial costs are involved in the home rehab phase. Some properties can make you a lot of money when you sell them, but you need a lump sum of cash to cover repairs. Hard money loans make it easier to purchase those special properties with lots of resale potential, pending significant renovations.
The terms are much more flexible as well, which grants you much more leeway on how you use your funds. This, of course, comes in handy for managing unforeseen business expenses. As long as the borrower understands not to use them like credit cards (they cost way too much for that), then they can help you with short-term financial solutions.
These are a few of the most commonly referenced reasons to get a hard money loan in Florida. If you'd like to learn about this topic, please review our section on “What is a Hard Money Loan.”
AHL Hard Money Network would be more than happy to help you determine whether hard money lending is a smart strategy for you, given your plans and objectives. We’ve found that it’s a terrific tool for real-estate developers and entrepreneurs trying to capitalize on Florida’s excellent economy. If you’d like to learn more, contact us anytime at 813-368-9919.