Hard money loans are a form of financing typically provided to real estate investors by individuals or businesses unaffiliated with traditional banking institutions.
A Florida hard money lender is preferred by the investor because the loan is disbursed more quickly—generally within a week—than traditional banks, which can take one to two months to do so. This kind of loan is also referred to as a short-term bridge loan because it fills the financial gap between the acquisition and sale of a property.
Real estate investors make up the bulk of the market for hard money loans. Investors who, for instance, flip houses, use hard money financing. A flipper wants to act swiftly when they find a great deal on a house. Additionally, they sell the residence fast, negating the need for a lengthy loan term. Hard money’s quick funding therefore appeals to them. If someone wants to buy commercial real estate as an investment, the idea is identical.
Knowing how to obtain a hard money loan is equally important as knowing what one is. A private investor or business that specializes in this kind of lending for Florida commercial real estate loans would provide a potential borrower with a hard money loan. The lenders are free to lend to whoever they like because they are not subject to the same restrictions as conforming lenders. As such, this choice is not available at your neighborhood bank.
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.