The perfect property investment is lined up and you are ready to make renovations so you can start generating revenue. The only snag is that the funding you initially requested is going to take a month or longer to disburse. This is an all too familiar situation for many property investors throughout Florida. Fortunately, there is a way to keep property acquisitions and renovations on track without getting caught up in the bureaucratic red tape of traditional lending institutions.
Florida Property Investors Need Faster Financing
Traditional lenders finance commercial real estate transactions in Florida. Yet over the past decade or so, banks and other institutions have been changing how they approach investment properties. Ever since the Great Recession – when traditional lenders handed out loans that caused the commercial real estate bubble to burst – banks have been tightening their requirements for borrowers. Higher credit and collateral requirements, combined with lower loan amounts, have made it more difficult for property investors in Florida to get the adequate financing for their commercial real estate projects. Add to this long processing times and the need to cover immediate expenses, such as closing costs, permits, and hiring contractors, and Florida property investors can feel marginalized at times.
Finding a Better Solution
When Florida property investors need ample funding without jumping through hoops to get traditional loans, they use bridge and hard money financing. Bridge and hard money loans are not dependent on credit histories or collateral. Instead, they are structured around the overall value of the property involved in the project. The faster processing times and higher lending ceilings allow property investors in Florida to get the financing they need for acquisitions, renovations, and even new construction. Bridge and hard money loans also allow local investors to cover time-sensitive costs to keep projects on schedule, so they can get to the finish line faster and start generating revenue from their properties.
Finding the Best Bridge and Hard Money Loans in Florida
Florida’s property market is unlike any other in the United States. Even between counties and cities, property markets are impacted by different micropressures which can greatly affect the financing needed for projects and transactions. Additionally, because every project is unique, there is no such thing as a “one size fits all” solution. Florida property investors need bridge and hard money loans from a lender who is intimately familiar with local real estate markets. That’s where HML Solutions comes in. At HML Solutions, we specialize in bridge and hard money loans specifically designed for Florida’s property markets. From Escambia County in the panhandle over to Nassau, on down to Miami-Dade, and everywhere in between, our team works directly with local property investors to tailor solutions so they can reach their goals quickly and efficiently. Since we handle all applications and processing in-house, we can make funds available much faster than traditional lending channels.
If you need financing to cover immediate expenses for your next property transaction or project, contact the people who know Florida better than any other lender. Contact the experts at HML Solutions.