If you’re thinking of investing in the Sarasota County real estate market, it’s worth looking into hard money loans. Working with private money lenders speeds up the process of securing financing for your real estate purchase, which helps you be more competitive when it’s time to make an offer on the property you’re interested in. Read on to see how private money loans are different from a traditional loan, and how they can help you reach your investment goals.
Hard money loans offer a quick alternative to the regular property finance route offered by banks and other property lenders. Instead of relying on a credit check on the borrower, private lenders take the value of the investment property and the borrower’s equity into consideration. As a result, the approval process is fast and has a turnaround time of a week or two, whereas a traditional loan from a mortgage lender or bank takes a lot longer.
You would use a hard money lender if you’re simply looking to bridge finance and you’re not expecting to repay the loan over an extended period of time. A regular mortgage is repayable anywhere between 10 to 30 years, whereas hard money loan repayment takes place in one to three years.
At Monroe Funding Corp we understand the importance of loans in your asset acquisition and investment strategy. Our approach to financing is one of simplicity, and we offer real estate investors the following:
We also offer conventional mortgage options for those who need a longer financing term.
Our hard money loans cover a variety of property types such as single-family dwellings to be used as rental properties, apartment buildings, and other types of commercial properties. We don’t require an appraisal to meet minimum property standards, as we fund properties in any condition. The loans can be used to fund the purchase and development or restoration of the property.
If you need short-term bridging finance for a property purchase or development, hard money loans can hold several benefits:
Monroe Funding Corp offers a streamlined, digital application process that takes minutes to complete. Our process is as follows:
Monroe Funding makes it easy to add to your real estate investments and boost your portfolio. If you’re ready to take the plunge, complete our pre-approval online application today!
We are a private mortgage lender for real estate with fast and flexible loan programs that get you to the closing table quickly!