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Florida Commercial Real Estate Loans: Hard Money vs Private Money Loans

If you’re looking around to finance your next investment property, you’ve probably considered hard money versus private money loans. Hard money loans are conventional short-term mortgages that are secured by tangible assets, whereas private money loans are sums of money provided by private businesses or individuals. The following information will help you decide which of these loans is right for you.

Ease of Access

Private money loans are fairly stringent in that a good credit score is required. It will be challenging to get your loan accepted if you don’t meet the requirements. Hard money loans, on the other hand, don’t require a credit check as long as you have property as collateral, and they are simple to apply for and simple to get.

Flexibility and Freedom

Private money loans give you flexibility because they are not issued by large, rigid institutions like banks. Additionally, they allow you to spend the money as you like. They might also offer debtors with sufficient collateral extra funding. Hard money loans also provide you the freedom to spend the money anyway you like.

Philosophy Behind Each Loan

The quality of the collateral and the asset worth are the main concerns of private money loan lenders. Hard money loan providers are more concerned with the value of the asset. 

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.

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