A national lender may seem like the right decision to make if you’ve opted to go the hard money lending route, but there is a world of difference when you stay local. To a national lender, you’re likely an account number. With local lenders, you have a potentially invaluable resource.
For starters, a local hard money lender will hear you out. Since it’s their money that’s being put at risk, the underwriting criteria is a lot more flexible than a national lender. This means they can create a financing solution that works for you versus a “one size fits all” approach.
A national lender may turn around and sell your loan to a buyer once you’ve signed on the dotted line which means their risk is little to none and they still win thanks to origination fees and interest. Hard money lenders want to see you accomplish your goals which means there is more of a personal investment.
You’re more than an account number to local lenders, not just because they are investing their money in you and your project. Most of the time, they meet with their individual borrowers in person or on the phone to answer questions, ease fears, provide useful tips, and provide other useful information.
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 Florida hard money lending or hard money lenders Palm Beach, please call 954-816-0388 or fill out our application.