Bypassing conventional lenders, hard money loans let you borrow money while utilizing your real estate as security. Hard money loans come in a variety of forms, but they all offer lenient terms, prompt capital delivery, and significantly higher acceptance rates. Here are a few of the loans that a Florida hard money lender provides.
Home Loan Refinancing
A mortgage refinancing loan settles debts that are secured by your home. The prior loans are paid off, but a new loan is created as a result. Typically, the new loan will have a higher principal amount and a lower interest rate. You can add the cost of the new hard money loan to the main amount if you’re a homeowner in need of refinancing. The costs of the previous mortgage can also be paid off directly out of the borrower’s pocket.
Cash-Out Refinancing Loan
When you take out a new loan that is greater than the amount of an existing debt that you want to pay off, you may be able to acquire a cash-out refinancing loan. For the borrower, the extra money from a cash-out refinancing loan is referred to as cash. This money is typically a refinancing’s proceeds. If you own a home, you can use this money for renovations that will raise the value of your property. However, people who desire to pay off high-interest loans do not use this form of loan very frequently.
Bridge Loans and Equity Loans
A quick-funding loan type provided by a hard money lender is an equity loan. However, the first mortgage will take priority over this loan. On the other hand, an individual who wishes to purchase a new property before selling their current one will use a bridge loan. Hard money loans of this type are typically utilized in seller’s markets as opposed to buyer’s markets.
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.