Florida Hard Money Lenders
Our list of hard money lenders is meant as a resource for finding reputable hard
money lenders. Hard money lenders provides hard money loans to individuals with less than perfect credit. Hard money lenders
often provide hard money
lender loans very quickly. However, hard money lenders typically charge higher loan rates than traditional mortgage loans.
If you would like to provide your
hard money
lender information, simply click on our hard money lender submit button. Please include a statement that describes your hard money lender
information. If you are a Florida hard money lender or offer california hard money lenders loans, you may also submit
your hard money lender information to our hard money lender list. Thank you for visiting our hard money lender page.
|
Get Relief From Unwanted Debt & Improve Your Credit
Our FREE 2 minute debt consolidation service is VERISIGN SECURED, carries a strict NO SPAM policy and can match you with top debt relief and consolidation companies. There is NO OBLIGATION, so what do you have to lose?
Florida Hard Money Lenders in Florida
Our list of Florida hard money lenders is meant as a resource for internet users who have been looking for reputable hard
money lenders in Florida. If you have been searching for hard money lenders in Florida, simply click on the hard money links
or browse down for information on these Florida hard money lenders.
| Hard Money Lender -- A Bad Credit Lender |
Statement: A Bad Credit Lender is a nationwide direct hard money lender that offers California hard money loans, bad credit loans and subprime loans. We offer competitive rates and terms that will vary based on property type, loan to value, credit scores, as well as a host of other factors.
www.badcreditlender.net |
| Hard Money Lender Type |
Commercial, Real Estate, Construction, Residential |
| Hard Money Lender Area |
CA, Nationwide |
| Contact |
Jason Struthers , jason@badcreditlender.net |
| City, State |
San Diego, California, 92037 |
| Phone |
(858) 454-4034 |
| Florida Hard Money Lender -- 1st Access Funding |
Statement: 1st Access Funding offers Florida hard money loans and subprime loans at the most competitve rates available. As a Florida based hard money lender, we represent a multitude of private investors who specialize in funding hard money loans. In addition to our expertise in hard money loans and subprime loans, we also service bridge loans, construction loans and commercial real estate loans.
www.1st-access-hard-money-loans-funding.com |
| Florida Hard Money Lender Type |
Residential and Commercial |
| Florida Hard Money Lender Area |
California, Arizona, Nevada, Florida |
| Contact |
Chris Dinofia, chris@1st-access-hard-money-loans-funding.com |
| City, State |
San Diego, California, 92107 |
| Phone |
(858) 212-1443 |
| Florida Hard Money Lender -- Coastal La Jolla Funding |
Statement: Coastal La Jolla Funding is a Florida based hard money lender that represents a multitude of private investors who specialize in funding hard money loans. In addition to our expertise in hard money loans, we also service bridge loans, construction loans and commercial real estate loans.
www.coastallajollafunding.com |
| Florida Hard Money Lender Type |
Residential and Commercial |
| Florida Hard Money Lender Area |
CA, FL, AZ, NV |
| Contact |
Craig Cecilio, craig@coastallajollafunding.com |
| City, State |
La Jolla , California, 92037 |
| Phone |
(858) 456-2423 |
| Florida Hard Money Lender -- Advanced Funding Solutions, LLC |
Statement: Advanced Funding Solutions, LLC
www.advancedfundingsolutionsllc.com/commercial/commercial.php |
| Florida Hard Money Lender Type |
Commercial |
| Florida Hard Money Lender Area |
Nationwide |
| Contact |
Adam Luysterborghs, adam@advancedfundingsolutionsllc.com |
| City, State |
Miami, Florida, 33131 |
| Phone |
(800) 622-6384 |
| Florida Hard Money Lender -- Brookview Financial, Inc. |
Statement: Brookview Financial, Inc.
www.brookviewfinancial.com |
| Florida Hard Money Lender Type |
Commercial |
| Florida Hard Money Lender Area |
Nationwide |
| Contact |
Laura Welch, rehabs@brookviewfinancial.com |
| City, State |
Zip Hamden, Connecticut, 06518 |
| Phone |
(877) 734-2211 |
| Florida Hard Money Lender -- Managed Mortgage Investment Fund LP |
Statement: Managed Mortgage Investment Fund LP
www.privatemortgagefinancing.com |
| Florida Hard Money Lender Type |
Commercial |
| Florida Hard Money Lender Area |
Nationwide |
| Contact |
Don H Konipol, dkonipol@yahoo.com |
| City, State |
Houston, Texas, 77046 |
| Phone |
(832) 577-8838 |
| Florida Hard Money Lender -- Pace Lending & Investments |
Statement: Pace Lending & Investments
www.pacelending.com |
| Florida Hard Money Lender Type |
Residential |
| Florida Hard Money Lender Area |
FL, NC |
| Contact |
Paul, paul@pacelending.com |
| City, State |
Jacksonville, Florida |
| Phone |
(904) 396-0072 |
ABOUT
FAQS
CONTACT
California mortgage loans
California Home Loans
California Home Mortgage Loans
Mortgage Lenders
Hard Money Lender Directory
California Hard Money Lenders
California Hard Money Lender Loans
Hard Money Lenders
Hard Money Lender Directory
Texas Hard Money Lenders
Florida Hard Money Lenders
Hard Money Lenders
Florida Florida Hard Money Lenders
Florida Hard Money Loans
Florida Business Florida Hard Money Lenders
Florida Hard Money Loans
|
| |
Our list of hard money lenders is meant as a resource for any interested in finding reputable hard
money lenders across America. Hard money lenders provides hard money loans to individuals with less than perfect credit.
Hard money lenders
often provide hard money lender loans very quickly, without the need to go through traditional lending institutions.
However, hard money lenders typically charge higher loan rates than a normal
mortgage broker. If you have been looking for a network of Florida Hard Money Lenders in Florida who specialize in hard money lenders
then our hard money lender page is perfect for you.
WHAT HARD MONEY LENDERS DO?
For hard money lenders, lending money on foreclosed properties or to individuals with low fico scores is par for the course.
Hard money lenders and subprime lenders operate where mortgage lenders won't go, financing hard money lender loans to "hard up"
borrowers in the same way as banks and brokers help traditional customers -- with a couple of important differences.
PROS OF HARD MONEY LENDERS
Hard money lenders can lend money much more quickly than traditional institutional lenders. For borrowers who have no other choice,
hard money lenders are often the only choice for a loan on their residential or commercial property. Certainly, hard money lenders
are less common than institutional lenders -- making hard money lenders a niche within the mortgage lender field.
"Hard money lenders are essentially private investors that analyze risky finanacial ventures and, if the risks seem acceptable,
they agree to lend the money at fairly high interest rates," comments Craig Cecilio, owner of Coastal La Jolla Funding of San Diego,
Florida. Many mortgage brokers get into the hard money lender act, mainly because they often have ties to individuals or groups
with the sort of money or funds that are needed for hard money lender loans.
WHAT TO BE AWARE OF WITH HARD MONEY LENDERS
Hard money lenders aren't mobsters who send their right hand men out to beat up borrowers up who renege on their hard money loans.
Hard money lenders do charge high interest rates, often 10% to 15% APR, plus 4 to 8 points up front on the hard money loans. While
these rates may
seem usurous to many borrowers, if you weigh the risks for the hard money lender themselves, it is actually a substantial gamble for the hard money
lenders as well.
In the event that a borrower cannot pay back the hard money lender loan, the residential or commercial property will then become the asset of the
hard money lender, who
can then turn around a sell the property for the market value minus whatever is owed on the property. While many may view hard money
lenders as predatory in theirlending practices,
these hard moeny lenders certainly have an important place in the mortgage world. "Hard money lenders are often the last and only hope
for many projects that can make the borrower a lot of money down the road. That's why they are often referred to as construction loans
or bridge loans," says Chris Dinofia of 1st Access Funding. "If a developer has spent $50 million on a project but runs out of money
three months before he is ready to start selling units, he has to acquire a bridge loan for 90 days to get him over the hump. As
long as the development is
well thought out and has real market value, the developer stands to make a lot of money -- even with the money he has to pay on the
bridge loan."
A TYPICAL HARD MONEY LENDER SITUATION
Let's say a borrower goes to a hard money lender for a construction loan because of their low fico score and bad credit. However,
the borrower has
50% equity in the property and wants to get a second loan to build a new home on the property. Traditional
lenders will almost always pass because of the fico cut off and bad credit of the borrower. Also, conventional lenders often have
problems with properties that derive a substantial portion of their value from the land rather than the house.
Buyers of expensive properties and those who already own such homes and want to cash out large amounts of their equity via refinance
loans also turn to private money. So do real estate investors. These buyers purchase properties on the cheap, fix them up and sell
them for profit. They use private loans because the loans come with less red tape and restrictions than bank loans.
Borrowers facing foreclosure make up the last major category of hard money customers. When someone misses a mortgage payment, that
person usually has some leeway to bring the loan current. But once a 30-day delinquency turns into a 120-day or 180-day one, the
lender will usually start the foreclosure process. At that point, the borrower is so far behind that even subprime lenders are
reluctant to come in, refinance the loan and start the clock ticking again.
A hard money lender, on the other hand, may be willing to give that person a new loan. The customer can use it to pay off the original
lender, gaining enough time to sell the property and find a new place to live. Borrowers who miss payments because of temporary
problems, such as a job loss, can benefit, too. They can use the breathing room a hard money loan provides to rebuild their credit.
By making payments on time for a year or two, they'll lay the groundwork for a future refinance into a more favorable loan.
HARD MONEY LENDERS CHARGE HIGH LOAN RATES
That said, hard money borrowers face a steep hill to climb. For starters, hard money lenders can be difficult to find. Most operate only within limited geographical areas because they like to see the properties they're lending against personally and know the area around them. Borrowers can try calling around to various mortgage brokers, some of whom have private investors who do hard money loans or know of people who do. Or, they can check their local newspaper's classified advertisement section. Many papers have listings that read something like this: "Can't get a loan? Call Us. Private Money Available."
Customers who can find a hard money lender shouldn't expect to be offered grade-A terms, though. Private money mortgages typically have rates well into the double-digits and often come with several upfront points. People who don't own at least 30 percent or 40 percent of their homes probably won't even be able to get a loan. That's because hard money lenders limit borrowers' loan-to-value ratios so they can still make money off their properties if they have to foreclose. Consumers need to watch out for "loan-to-own" predators, too. They structure hard money loans in such ways that borrowers inevitably fail just so they can take possession of their homes and profit off their sale.
"It's kind of the same rules you get on any loan -- clearly understand what it is you're getting into. Understand what the fees are and what the actual cost of the money is to you," Thompson says. "Be smart."
Despite the pitfalls, lenders say that hard money loans can provide borrowers a lifeline in times of need. Consumers just need to make sure their loans will help get them out of debt, not bury them even further.
"If a property in a subdivision is worth $100,000, the loan-to-value on a hard money loan may be 50 percent to 65 percent, so maybe $65,000 maximum on a first mortgage is loaned against the property" to pay off the old lender who's preparing to foreclose, says Robin Snyder, president of Mortgage Bankers Ltd. in Baltimore.
"That does not mean that that customer can't take the property and sell it tomorrow for $100,000 and reap the benefits of that additional $35,000," he adds. "A person is better off paying 14 percent, or a higher rate than the normal rate of 9 or 10, to keep the property rather than lose it. Or say you don't get $100,000 for it, you get 90. Ninety is better than zero."
If you would like to provide your hard money lender information, simply click on our hard money lender submit.
hard money, hard money lender, hard money lenders, california hard money lender, california hard money lenders
