Hard money loans are frequently intended for particular types of real estate ventures. This may involve purchasing residential or commercial properties with the intent of renovating and selling them. For certain types of real estate investors, Florida hard money lenders can provide a solution because you can use equity in other properties to leverage hard money loans.
Real estate investors seeking to buy and sell properties quickly are the ones that receive hard money loans the most frequently. Quick returns are essential whether you’re interested in commercial real estate, renting out properties for passive income, or flipping houses. Hard money loans typically have short durations, with terms for repayment that range from one to three years (although occasionally longer). This means that you need to come up with a quick plan to start working and pay off your debt.
Hard money loans demand an upfront payment of money or security. Hard money loans typically require borrowers to put down 25–35% of the property’s worth as collateral. However, if your current property has enough equity, you can use it as leverage to get the loan you need for your upcoming real estate venture.
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.