subject: Everything You Need To Know About Hard Money Lenders In Florida [print this page] Although the state of Florida has been hit by several man-made and natural calamities over the past few years, one cannot still deny that the Sunshine State is one of the best places to find a home. With its dazzling beaches, as well as its world-class public amenities and tourist attractions, purchasing a residential property in Florida is indeed a dream-come-true for many people.
If youre considering buying a home in the Sunshine State or just want to invest in the local real estate market, enlisting the services of hard money lenders in Florida would definitely help. Listed below are some of the advantages of working with local lenders of hard money:
1.You can get funds in a flash. Unlike banks and mortgage companies, hard money lenders use a shorter underwriting process that allows you to secure hard money in a week or less.
2.You dont have to undergo credit checks. Hard money loans are asset-based, meaning, lenders based their decision to approve or reject a loan application on the fair market value of the property after it has been repaired and renovated. This means that you dont have to deal with a loan processing panel or submit heaps of financial documents.
3.You can borrow hard money regardless of your credit score. Because hard money loans are asset-based, hard money lenders in Florida (or any other states, for that matter) dont care if you have poor credit rating or not. As long as you are borrowing funds for a property with a high after repair value, they will approve your loan application.
4.You dont have to worry about the cost of repairs on your property. Most lenders agree to shoulder the repair costs of the property offered as collateral, which is why you dont have to spend huge money upfront just to restore the house you want to buy in a livable condition.
You can find a good source of hard money in the Sunshine State by surfing the Internet. You can also tray obtaining referrals and recommendations from investors who use hard money when making real estate investments. And if you have the time to spare, you should also try attending meetings of the local REI club because most hard money lenders in Florida frequent such gatherings to know the latest real estate news and, of course, to find potential clients.
