Hard Money Lenders Sarasota FL

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.

Why Use a Hard Money Lender in Sarasota County? 

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. 

For instance: 

• Residential loans such as a mortgage take around two months 
• Commercial property finance can take around three months 
• Development loans can take up to four months 

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. 

Why Choose Monroe Funding? 

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: 

• Streamlined application process 
• Flexible funding solutions for the Sarasota County real estate market and beyond
• Real estate investors find it easy to work with us 
• Money loans that don’t require typical credit checks or minimum income requirements
• Funding covers various property types in any condition 
• Speedy loan process 
• No transaction limit or minimum loan amount

We also offer conventional mortgage options for those who need a longer financing term. 

What Can Our Hard Money Loans Be Used For? 

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.

Benefits of Hard Money Loans 

If you need short-term bridging finance for a property purchase or development, hard money loans can hold several benefits: 

• Pre-approval within minutes
• Loan finalization within two weeks 
• No limits to the amount you can borrow 
• No need to prove your income or have a good credit score 
• Quick repayment period so you don’t get stuck repaying a mortgage for decades 
• No prepayment penalties if you decide to settle early 
• High loan-to-value (LTV) ratios 

How the Hard Money Lending Process Works 

Monroe Funding Corp offers a streamlined, digital application process that takes minutes to complete. Our process is as follows: 

• Complete our online application 
• Wait for the pre-approval, which usually takes a few minutes 
• Choose your loan program 
• Our team will send you the pre-approval and proof of funds 
• Once accepted, the deal goes into closing 

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!