Hard money loans are popular among new real estate investors. Most investors with poor credit may be unable to afford conventional loan options. Furthermore, before authorizing the loan, the bank’s lengthy bureaucratic approval procedure may request your tax returns, credit reports, and appraisals, among other documents. Unfortunately, you may not be able to profit from the fantastic fix and flip deal you were hoping to close before the funds arrive in your account. Here are two of the most common instances in which you should consider working with a Florida hard money lender.
Time is Not on Your SIde
You must have access to cash due to the real estate market’s rapid pace if you don’t want to miss out on a potentially lucrative opportunity. The approval process for traditional money lenders is excruciatingly slow. Traditional loans typically take 30 to 45 days to be approved. Your potential real estate business could suffer greatly during the waiting time. Hard money lenders, on the other hand, provide faster loan approvals and deposit funds into your account in less than a week.
In Search of a New Start
After reviewing your credit history, traditional lenders might not offer you a second chance. Florida hard money lenders can be more forgiving than your banks. Your credit score is less important and the value of the property is more important. Typically, a private money loan is based on assets. The lender might offer you a credit lifeline that expands your real estate portfolio because they are less risk-averse.
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.