The lending landscape has changed considerably from all systems go to loans requiring some more investigation before proceeding. Informed mortgage brokers can set themselves apart and assist their clients in securing new construction loans by choosing a private or hard money lender.
If a hard money construction loan is something you’re considering as a broker, there are a couple of items to be aware of. For starters, location is critical. In many but not necessarily all cases, a private lender will only provide the funding if the project can get off the ground. Also, keep in mind that most lenders prefer a lot to be free and clear.
Private money lenders work differently than going with a traditional lender such as a bank. Hence, the interest rates work differently. Though it doesn’t necessarily reflect the loan offer you’ll receive, a six month loan with a twelve percent interest rate is a possibility.
Are you interested in hard money loans for your construction project? Contact Monroe Funding Corporation today to discuss options.
This update is by hard money lending Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on hard money lenders FL or hard money loans Miami, please call 954-816-0388 or fill out our application.