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When you’re in a bind and unable to obtain your assets from another source, hard money loans may be an excellent tool. Although there are advantages and disadvantages to hard money lending, these disadvantages will lessen once you discover a Florida hard money lender you can trust. Before you sign your agreement, here are some questions you should ask.

What experience do you have?

You must investigate the lender’s previous actions and clients. Although the majority are unlikely to give out names, they can tell you what kind of borrowers they have worked with. Loans of varying sizes and sorts are overseen by different moneylenders. Before proceeding, you must paint the most complete picture possible.

How do the terms work?

You must consider the various terms and choose the ones that best suit your requirements. For instance, some experts in hard money will impose a prepayment penalty. This loan might not be your best choice if you intend to refinance it within the next year.

What is the interest rate? 

In a competitive market, you might be able to discover some hard money lender interest rates that are surprisingly reasonable. Find out the rates from your lending expert.

When will I receive my money?

Hard money loans have the benefit of being accessible in less than ten days. A lot of moneylenders typically sign the agreements within the first couple of days. Some might give it to you on that day. Find out how long it takes your representative to sign the contract by asking him or her. 

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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