A Florida hard money loan is a different kind of financial product that is typically provided by private parties rather than by banks. Florida hard money loans are typically used in real estate transactions because they are secured by real estate. The main justifications for anyone potentially qualifying for a hard money Florida commercial real estate loan are examined below.
Purchase Real Estate Property
The purchase of real estate is the main justification for obtaining a Florida hard money loan. Comparing a hard money loan from a private lender to one from a traditional financial institution has many advantages. Florida hard money loans can be approved in as little as 24 hours. Another important advantage of using a hard money loan to buy property is that the application and approval process is simpler than when applying for a bank mortgage. This makes it simpler to take advantage of many profitable investment opportunities, like purchasing a home that is in foreclosure or is thought to be non-conventionally financeable, because you can quickly get funding from a private investor.
Flip a House
As previously mentioned, a Florida hard money loan can be used to acquire real estate that you can use as your primary residence or as a rental for an extended period of time. Florida hard money loans can occasionally also be used to buy real estate for the purpose of “house flipping.” Essentially, this process entails purchasing a property, holding it for a brief period of time, and then reselling it for a profit. Because they are so simple and quick to get, Florida hard money loans make it simpler to make money by buying and selling properties.
Florida hard money loans are still being used for real estate transactions, this time for property development. That means you can get financing to buy vacant land so that you can build something new. The property can then be finished and sold for a profit at a much higher price.
Monroe Funding Corp has a wealth of experience and knowledge to help you reach your investing goals. To learn more about Florida Commercial Real Estate Loans, contact us online or by phone at +1 (954) 419-3539.