Have you been considering a property to possibly fix and flip or put up a front? If so, you probably have a firm grasp of the repair work it will entail. Have you thoroughly evaluated what it would take to fund all of the repairs? Going with a hard money lender is worth exploring, and here’s why.
To begin with, securing financing within a reasonable timeframe is a process that may require more time and effort than you may realize. In most cases, rehab properties cannot be used as collateral because of their current state, which will factor heavily into eligibility. Hard money lenders know the ins and outs of real estate, and they are fully aware of the minutiae involved in a fix and flip so you can obtain the money required to buy a property and take care of the repair work.
There are countless reasons why prospective investors look for fixer-upper properties. Some of them may decide to make repairs and resell the property to make money while landlords may search for a property that needs to be updated, improve it, and then place it for rent. A hard money lender is able to provide the money you need in just a few days versus having to wait months and potentially miss out on a lucrative investment.
This update is by Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money loans Miami, please call 954-816-0388 or fill out our application.