ASSET BASED LENDING SOLUTIONS FOR THE GREATER EDGEWOOD, FL AREA
Edgewood is currently a booming little city that recently got promoted from a town to a city. There are ample business opportunities for you to help grow this city. Edgewood offers residents a sporadic suburban feel where most residents are permanent homeowners.
If you are still a renter in Edgewood, why not become a homeowner and make this quiet suburban area your permanent home? It is not only a safe area, but it also has excellent schools.
Are you looking for hard money and bridge financing solutions in Edgewood, FL? If so, we offer a wide variety of loan types to meet your needs. Our team is here to provide personalized attention and guidance through the process of obtaining a private or commercial hard money loan. We’re confident that our services will be beneficial to the residents of Florida and those from out-of-state who are interested in finding a solution for their funding needs.
What is a hard money loan?
A hard money loan is a specific type of asset-based loan financing secured by real estate. Hard money loans are typically used to finance short-term needs, such as fixing up and flipping a property. Because the lender is taking on a higher level of risk with a hard money loan, interest rates are typically higher than traditional bank loans.
Some benefits of using a hard money loan include:
-Faster funding times – since the approval process is based more on the value of the underlying asset rather than on credit history or income levels, funding can be completed in days rather than weeks or months
-Less stringent qualification requirements – as a short-term loan, the borrower’s credit and income levels may not be as essential to qualify for a hard money loan
-Flexibility – since there are no limits on how funds can be used, borrowers have more freedom than other types of loans. The costs associated with traditional bank loans, such as appraisal fees or origination charges, don’t apply to complex money financing.
For commercial real estate transactions, which typically require larger loans of $500k+, bridge financing provides temporary funding until permanent lenders (banks) finance the deal. It also enables buyers who do not currently own any real estate assets to purchase property without having significant cash reserves at their disposal. Bridge loans usually range between 12 months and 24 months, and interest rates are typically higher than a loan’s long-term rate.
Commercial hard money lenders will make loans on almost any type of commercial property: office buildings, industrial warehouses, retail strip malls, and even self-storage facilities. The key is that the borrower must have strong personal credit and a verifiable source of income to repay the loan. In addition, most hard money lenders require at least 50% LTV (loan to value) for bridge financing loans.
There are many different types of hard money loans available to borrowers, but some of the more common ones include fix-and-flip loans, construction loans, and purchase loans.
Undeniably Excellent Loan Terms and Interest Rates
Our company believes that if a new business has real promise to succeed, we should be fair and give the business access to excellent financing terms.
- LOAN AMOUNTS: $100K – $50M+
- LOAN TYPES: Single Family, Multi-Family, Bridge Loans, Real Estate Acquisition, Short Sales, Construction Loans, REOs, Bank Foreclosed Properties
- LTV: Up to 75% of the as-is value or purchase price (whichever is lower)
- TERM: 1 – 5 Years
- RATE (APR): 6.99% – 12.00%
- CLOSING: 1 – 2 Weeks
- AMORTIZATION: Interest only
As you can see, our company’s bridge and hard money loans are designed to be flexible. Therefore, we can customize your loan conditions to fit your financial situation best.
Get in touch with our team today to see how we can help you with your hard money or bridge loan!
Note: All submitted information is kept in strict confidence and used solely for the purpose of obtaining a hard money loan and/or bridge loan. We do not share your information with any third parties without your consent.