The Best Hard Money Loans in Florida For Real Estate Investors
- Philip Bennett (NMLS # 1098318)
- Jan 8, 2024
- 9 min read
Updated: Jun 26
Hard Money Loans in Florida help investors get cash quickly when banks take too long. Instead of looking at your credit score, we focus on the value of the property you want to buy. Bennett Capital Partners Mortgage Brokers knows Florida’s market well and can close your loan fast.
Read on to see how our hard-money loans make it easier to jump on a good deal without waiting for a traditional mortgage.
Key Takeaways
✅ Bennett Capital Partners in Florida offers Hard Money loans. They focus on property value instead of credit scores for approval.
✅ They can close deals fast, often in 10-15 days, helping real estate investors move quickly.
✅ No tax returns required and only the appraisal fee is due upfront, no other junk fees.
✅ You can get loans for different types of properties. These properties include single-family homes, 2-4 unit properties, condos, land, and commercial properties.
✅ Even with bad credit, borrowers can get loans up to 65% of a property's value.
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What are Hard Money Loans?
Hard money loans are short-term, asset-based loans used by real estate investors. Rather than considering the borrower's credit score, these loans are based on the value of the property.
Short-term loans typically used for real estate investments
Short-term loans come in handy for real estate investors looking to make quick moves. These asset-based loans focus on the property's value. They don't consider the borrower's credit score.
This is great news for those with less-than-perfect credit histories who still want to acquire investment opportunities. Investors often use hard money lending for properties that might not get traditional bank financing.
Hard money loans are great for deals that need to close quickly. Examples of these types of deals include foreclosures, short sales, or bridge funding before a balloon term arises. In Florida, this speed is a big deal—especially with Bennett Capital Partners providing fast closings within 10-15 days.
These loans usually have rates between 10% and 12%. They cost more than conventional loans. But they offer a quick solution, especially useful in competitive markets like South Florida.
Florida real estate investors rely on hard money loans for different reasons. They use them to buy properties, refinance existing loans, and get quick access to capital. The process is simple: find a suitable property, submit your proposal to a broker like Bennett Capital Partners, and—if it meets the guidelines—you can get funded without the lengthy paperwork of a traditional mortgage.
This agility empowers investors to act swiftly in an ever-changing market. Time can mean profit or loss.
Asset-based loans (based on the value of the property, not the borrower's credit score)
Asset-based loans are a big deal for people who want to buy or fix up properties. Instead of looking at your credit score, lenders check out the property you want to get a loan for.
If they think the property's value is good, they may give you the money you need. This type of loan is great if your credit isn't perfect or you're in a hurry to close a deal.
The team at Bennett Capital Partners is experienced in the Florida real-estate market. They understand how the market works and spot the best opportunities.
These loans work well for buying houses to flip or rent out and even commercial properties too!
Hard money loans have a straightforward process. There are no long wait times, surprise costs, or lots of paperwork about your income history. It's all about what the property can offer as collateral and getting things done quickly so investors can jump on opportunities when they see them.
Hard Money Lending Requirements
Borrowers looking for hard money loans in Florida must meet specific requirements. The hard money loan must have a property appraisal done. It also must meet the loan-to-value (LTV) requirements, be insurable, and have a clear title report.
LTV & Credit Requirements
Hard money loans look at how much a property is worth to decide how much to lend. This is called the loan-to-value ratio, or LTV for short. With Bennett Capital Partners in Florida, you can get a loan up to 65% of your property's value.
That means if your property is worth $100,000, you might be able to borrow up to $65,000.
You don't need a high credit score either! Regular banks may want you to have good credit history. Hard money brokers like Bennett Capital Partners work with lenders that don't require any specific credit score.
They focus on property value rather than your credit report. Even if you’ve had credit challenges, that won’t necessarily disqualify you from funding.
Eligible Property Types
Florida offers hard money loans for different types of properties. These include single-family homes, warrantable condos, non-warrantable condos, mixed-use properties, and commercial properties like industrial/warehouse spaces, multi-family units, office buildings, and condo-offices.
Additionally, medical condo offices and vacant land may also qualify for hard money loans. These loan requirements include investment properties and commercial real estate.
Real estate investors looking for financing can benefit from understanding the different types of properties eligible for hard money loans in Florida. Borrowers with bad credit can use these loans to invest in different real estate asset classes based on their needs and strategies.
How Hard Money Loans Work in Florida
Hard money loans in Florida offer a fast approval process. They have no upfront or junk fees, and no tax returns are required. Real estate investors find them attractive because they can get financing quickly for their projects.
Fast approval process
Fast approval and funding processes are imperative in the world of real estate investment. Hard money loans in Florida offer a fast solution. They provide quick access to cash for buying properties.
Unlike traditional lenders, hard money lenders in Florida focus on property value rather than credit scores or extensive paperwork. If the property appraisal comes in good investors can seize opportunities without being bogged down by lengthy approval procedures.
Real estate investors can swiftly capitalize on lucrative deals with fast approvals and funding. They can also secure their investments with ease.
Hard money loans offer a quicker timeline compared to conventional loans. This empowers borrowers with bad credit to engage in real estate projects they might otherwise miss out on due to prolonged loan approval processes.
No upfront or junk fees
Bennett Capital Partners does not charge any junk or hidden fees. Borrowers pay only the appraisal fee upfront; the 2–5 % origination fee, depending on deal size and asset type, is collected at closing, so you owe nothing else out of pocket until your loan funds.
We work with hard money lenders in Florida who don't charge prepayment fees. This means real estate investors can get financing without worrying about extra costs reducing their profits.
If you need a loan for your real estate project, consider working with Bennett Capital Partners. They offer competitive hard money loan programs without any upfront or junk fees.
Bennett Capital Partners offers hard money loans in Florida without requiring tax returns for income verification. This is advantageous for real estate investors and borrowers with bad credit, as it simplifies the lending process.
Bennett Capital Partners eliminates the need for tax returns. This streamlined approach helps borrowers secure financing more efficiently. It is especially helpful when traditional lenders may decline due to credit history.
For realtors working with clients seeking hard money loans in Florida, the no-tax-returns requirement from Bennett Capital Partners can be a valuable selling point. It gives clients more opportunities. These clients may not meet the usual loan criteria. It allows them to continue with their real estate investments. They don't have to go through the usual hassle of gathering and providing extensive financial documents.
"After a recent foreclosure, I was in dire need of cash to purchase a new property. Bennett Capital Partners understood my unique circumstances and provided the necessary funds promptly. Their service transformed my challenging situation into a new opportunity." - Sarah L., Orlando, FL.
📞 Give Us A Call Today 1-800-457-9057
Benefits of Working with Bennett Capital Partners To Find A Hard Money Lender In Florida
Bennett Capital Partners offers fast closings within 10-15 days from start to finish. This quick and efficient process benefits real estate investors. With their experience and expertise in the Florida real estate market, borrowers can benefit from tailored solutions that meet their investment needs.
Fast closings (within 10-15 Days)
Real estate investors in Florida often need quick access to funding for their investment deals. Bennett Capital Partners understands this urgency and offers fast closing times of 10-15 Days for hard money loans.
This is significantly faster than conventional banks, which can take around 45 days to close a typical residential loan. With Bennett Capital Partners, real estate investors can quickly secure financing. This allows them to seize investment opportunities without being held back by lengthy approval processes.
Experience and expertise in the Florida real estate market
Philip Bennett is the founder of Bennett Capital Partners. He has over 23 years of experience. He possesses deep knowledge and expertise in the Florida real estate market. The team at Bennett Capital Partners experts in the real estate market in Miami, FL. They understand the unique dynamics and opportunities in this Market.
Their extensive experience provides invaluable insights for real estate investors. They also help borrowers with bad credit. Moreover, they support realtors seeking trusted guidance and support in navigating the Florida real estate market.
Bennett Capital Partners has a deep understanding of local trends, regulations, and property types. They use this knowledge to their advantage. It offers tailored solutions that meet clients' specific needs. This expertise ensures that people looking to invest or secure funding in Florida's real estate market have a reliable partner. They can provide valuable insights and effective strategies to achieve their goals.
Conclusion
In conclusion, Bennett Capital Partners offers fast approval for hard money loans in Florida. They specialize in real estate investment financing. They provide expertise in the Florida market.
They have simplified applications and require minimal documentation. This makes it easier for borrowers to secure funding. Their range of hard money loan options caters to different types of properties across the state.
Additionally, their focus on faster approval and funding processes makes them a favorable choice for real estate investors in Florida.
FAQs
What is a hard money loan?
A hard money loan is a real estate loan from private investors or companies. It is used mainly for real estate investing when quick funding is needed.
What kind of interest rates can I expect from Florida hard money lenders like Bennett Capital Partners?
The interest rate for hard money loans may vary based on factors like the type of deal and repayment terms. However, they typically carry higher rates due to their short-term nature and flexibility.
Are there any other types of real estate loans provided by Bennett Capital partners?
Certainly! They also offer tailored construction loans for new projects.
How do hard money loans differ from traditional loans?
Hard money loans differ from traditional loans in terms of the lender, which is typically private investors or companies. They also differ in loan amount, usually based on property value. They are also known for their faster approval and funding process.
What are the benefits of using hard money loans in Florida?
Using hard money loans in Florida has benefits. These include quick access to funding and flexible loan options. They also offer the ability to secure financing for properties that may not qualify for traditional loans.
How can real estate investors in Florida find a reliable hard money lender?
Real estate investors in Florida can easily find reliable hard money lenders. They can do this by working with an experienced mortgage brokerage, such as Bennett Capital Partners. They can also research online, seek referrals from other investors, or network.
What loan programs are available for real estate investors in Florida?
Real estate investors in Florida may have access to loan programs. They include fix and flip loans, rental property loans, construction loans, and bridge loans for property acquisition or refinancing.
Can I get a hard money loan for residential real estate in Florida?
Yes, hard money loans are used for residential real estate investment properties in Florida. These properties include single-family homes, condos, and multi-unit properties.
What are the essential criteria for qualifying for a hard money loan in Florida?
The essential criteria for qualifying for a hard money loan in Florida may include the property's value and condition, the borrower's experience and financial stability, and the proposed exit strategy for the loan.
What role does a private hard money lender play in Florida real estate investing?
A private hard money lender in Florida plays a crucial role in providing loans for real estate investors. They offer financial solutions for property investment, renovation, and development projects in the state.
Philip Bennett
(NMLS # 1098318)
Philip is the owner and Licensed Mortgage Broker at Bennett Capital Partners, LLC (NMLS #2046862). He earned a Bachelor’s degree in accounting and finance from Binghamton University and a Master's in finance from Nova Southeastern University. With more than two decades of industry leadership, Philip has successfully guided thousands of clients through complex mortgage transactions.
Learn more about Philip Bennett’s background on our Founder’s page. Whether you’re a first-time homebuyer or a seasoned real estate investor, we are here to help you reach your goals. Don’t wait - contact us today and let us help you find the right mortgage for your needs.
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