Fast & Reliable Hard Money Lenders in Orlando
WHY CHOOSE THIS ORLANDO
Loans from $50K - $50MM
Money in 7 days or Less
No Prepayment Penalty
UP TO 85% LTV
Bad credit not a problem
Rates from 7.99%
0 – 36 months
Commercial Bridge loans
When someone acquires a commercial property, it frequently takes time to make necessary enhancements and upgrades required to lease to appropriate tenants.
When someone acquires a commercial property, it frequently takes time to make necessary enhancements and upgrades required to lease to appropriate tenants.
When someone acquires a commercial property, it frequently takes time to make necessary enhancements and upgrades required to lease to appropriate tenants.
Qualities of A Great Hard Money Lender
Communicative
A good hard money lender is someone who communicates well. We are timely and dependable with our communication. Our advisers are willing to answer questions about the loan process, the specific terms of the loan, what it will take to get approved, and what specific paperwork is required.
Diligent
As a borrower, you want a lender who will investigate every aspect of your application before approving it. This reduces the likelihood of surprises for you or your lender at closing or after the loan is in place.
Our hard money lenders are diligent and reputable and will only approve loans on deals we believe will prosper and for borrowers, we believe will repay; we do not want the hassle of having to foreclose on a property to recoup their investment.
Flexible
Hard money lenders, like hard money loans, differ from their conventional counterparts in that we are willing to tailor our loans to situations in which we and our borrowers can capitalize on opportunities that will yield substantial returns on both investments.
Credible
The best way to know how trustworthy a hard money lender is is to ask for referrals from people who have used their services in the past. Orlando Hard Money Lenders has numerous past clients who would be glad to take your call and give you a referral.
Experienced
Our lenders and advisors have years of experience under their belts which means that we have acquired the necessary knowledge in this industry to know the ins and outs as well as developing streamlined processes to make your loan experience as quick and painless as possible.
“Real professional outfit throughout the entire process from my loan application to getting funded. All my questions were answered. I’m now in the middle of a multifamily rehab which we are looking to sell within 6 months. And we already have a new deal we need more hard money for.”
“My husband and I were rejected by our local bank for financing for a fix and flip project on our street. A friend suggested Orlando Hard Money Lenders. They explained everything really clearly. I have no idea that hard money was actually better for us because of how fast we wanted to sell.
– Mark Barstow, Sponsor on a Ground-up project – ORLANDO
Don’t Let a Lack of Financing Be the Reason…
- You’re unable to close on a property.
- Your competitor’s portfolio grows faster than yours.
- You’re outbid on a deal that will generate you wealth.
- Your income stagnates.
Orlando Hard Money Lenders |
Simple & Fast 3 Step Process to Funding
Begin Application Online Today
Sign at Title Company
Receive Your Funds.
What is "hard money"?
Hard money is a type of financing that involves risky, short-term loans for people to purchase real estate. It is not based on the borrower’s credit or income, but it is based on the property itself.
The lender charges a higher interest rate than traditional loans because there is more risk involved. The term “hard” comes from the high interest rate attached to these types of loans.
What is a hard money loan?
A hard money loan is a type of asset-based lending where real estate is used as collateral against the loan.
A hard money lender might offer a mortgage in a shorter amount of time than a bank. They also charge higher interest rates and fees in comparison to that of a traditional lender.
It can also be used in cases where banks have low lending limits or when the borrower does not meet the criteria for conventional financing.
GET FUNDED
HARD MONEY.
Loan terms are usually between 6 months to 3 years.
TRADITIONAL MORTGAGE.
Loan terms are usually between 15 to 30 years.
Secured by the value of a home, apartment block, etc. and is backed by the borrower’s ability to pay back the loan in monthly installations.
But Why Would Anyone Need to Use a Hard Money Lender?
Hard Money tends to appeal to Orlando real estate investors and business owners for four distinct reasons.
SPEED
DISTRESSED PROPERTIES
FLEXIBLE LOAN TERMS
NO CAP ON # OF LOANS
Our Orlando based lending advisors are on hand to offer you unbiased advice so that you make an informed decision.
HARD MONEY LOANS ARE A TYPE OF PRIVATE LOAN.
The financing is provided by non-bank financial institutions and private lenders (like us), as opposed to government-regulated financial institutions.
Hard money loans can be a very appealing financing option for those with bad credit or those who are considered high-risk borrowers. And oftentimes hard money loans may be the only financing option.
That said, many people with high credit scores and perfectly good credit history will often prefer to make use of hard money loans for specific transactions and in specific situations. This is because hard money loans provide distinct benefits over traditional bank loans.
SHOULD I CONSIDER A HARD MONEY LOAN?
| If you fall into any of the buckets below, you likely should consider a hard money loan. |
Either in order to close on a property in time or for some other situation, then a hard money lender affords you the ability to get capital much faster than bank financing will.
Or a low credit score, then a hard money lender may be the best or even the only financing option available to you.
Or if the banks are unwilling to give you anymore loans, then a hard money lender allows you to secure financing quickly with much less red tape.
STILL NOT SURE?
WHAT ARE THE ADVANTAGES OF HARD MONEY LOANS VS TRADITIONAL FINANCING?
HARD MONEY LOANS ARE NOT EXECUTED THE SAME WAY
The amount of time to deploy the capital is decreased considerably.
Terms of hard money loans are flexible and negotiable, and can often be worked out between the loan provider and the borrower. The absence of strict loan conditions is a key differentiator to traditional bank financing. The main reason for this is because hard money loans use the property as collateral, more specifically the “ARV” (after repair value).
Don’t Delay Your Projects, Start The Process Now
Is there more than one type of hard money Loan?
A hard money loan is a hard money loan despite the type of property the cash is secured against.
Whether the loan is for a flip project or an apartment building the essential characteristics are present, i.e. the cash does not come from a bank, the decision to provide money is not based on credit history or credit rating alone and typically the lending decision is based on the After Repair Value of the property.
Within the industry it is not unusual to categorize different types of hard money loans based on the type of property the money is loaned against.
Hard Money Loans CAN BE Classified AS…
Commericial Bridge loans
When someone acquires a commercial property, it frequently takes time to make necessary enhancements and upgrades required to lease to appropriate tenants.
Residential Bridge Loans |
| Residential bridge loans are the type of loans that a homeowner gets when they need money from the sale of their existing home to put towards a new home, but they need the money to close on the new home before they have sold their existing home. |
Fix n’ Flip Hard Money Loans |
| House flippers and buyers of properties that require purchases to be made completely in cash or hard money. Hard money loans can offer approximately 75%-85% of the purchase cost and cost of rehab. These loans sometimes have no prepayment, which means that borrowers can put the money to work, faster. For Fix and Flip loans (Florida), call the local hard money lenders with access to a nationwide lending pool. |
Residential Rehab Hard Money Loans
A residential rehab loan is used by people who have found a house whose value can be significantly increased after rehab work, and are looking to enjoy the passive income earned as a result of getting tenants and leasing the property at a higher rent thanks to the rehab.
Because of the speed at which funds will be in your bank account, a resi rehab loan will enable you to purchase properties when markets are hot and there is inevitably a lot of competition.
Buy & Hold Hard Money Loans |
| Investors who wish to reap the benefits of passive income as a result of rental income can certainly benefit from our buy and hold hard money loans. In a hot market or when you see a deal you really like, acting quickly thanks to having liquid cash is vital to close on those deals. Our process to apply and get approved can be all done in just a couple of days. This speed of financing puts you in a strong position to negotiate with sellers, especially when you’re competing against people relying on slower, traditional bank financing. |
Cash-Out Refinance Loans
| Traditional bank financing has restrictions which prevent many people from being able to refinance their existing mortgage for a higher dollar amount. |
Airbnb & VRBO Real Estate Hard Money Loans |
| Airbnb and VRBO rental residential or commercial properties offer a really attractive means of earning passive rental income – in many cases delivering returns much higher than what’s typically from single-family and multifamily properties. This is due to the premium short term renters are willing to pay. |
LOANS for Distressed Properties Needing Significant Rehab
Distressed residential or commercial properties provide fantastic financial opportunities for both buyers and investors.
Foreign Real Estate Investor Hard Money Loans
Foreign nationals and residents who come to the U.S. from other nations should not be unable to invest in local real estate. Yet banks make it difficult to secure financing in order to purchase real estate in the United States.
As a hard money broker we strongly believe that purchasing the American dream shouldn’t be hard and not limited to U.S. citizens. The purchase and improvement of real estate helps the greater good.
We provide loans as long as your investment is for the purposes of making money from it and it makes sound financial sense. This is just once reason why we specialize in hard money loans for real estate investors, foreign investors included!
Hard Money Loan Requirments
| In general, there are three requirements for a hard money loan: |
The main requirement is producing the required downpayment or equity in a specific property to use as collateral for the hard money loan. The minimum amount usually ranges from 25% – 305 for residential properties and 30% – 40% for commercial ones.
A borrower also needs to have the necessary cash reserves to make monthly costs and holding payments. The higher the amount in reserves, the higher the chances of getting approval for the loan.
Lenders will also take a look at how much experience/exposure a borrower has with the real estate market. A first-timer might have a harder time obtaining a loan than someone who is a veteran or has at least has considerable experience in the industry.
Frequently Asked Questions (FAQs)
How much do hard money lenders charge?
One point is equal to one percent of the loan amount. Points on hard money loans can range between 2 and 10% of the total loan amount. Points are typically paid once when the loan is initiated, whereas interest is paid monthly.
What types of deals should hard money loans be used for?
This type of loan is frequently used by house flippers or real estate developers who want to renovate or develop a property and then resell it for a profit. Private lenders, rather than traditional financial institutions such as banks, make hard money loans.
When does it make sense to use a hard money loan?
Hard money loans are used when there is a short period of time between the purchase and sale of a property. They can also be used for short-term home financing until the buyer can obtain a traditional loan. Typically, these loans are used in the real estate industry.
What are hard money loan rates like?
It varies based on geographical location but for Orlando, the rates are typically between 7.5% to 15%.
How long are the loan terms?
Hard money loans are typically for 3 to 12 months, depending on your needs. They can be extended in some cases, but this will result in higher costs or a higher interest rate.
Can I use the money for repairs?
Yes. Most lenders will require you to provide documentation of all completed home repairs, as well as invoices from contractors and subcontractors.
Will my credit score make a difference?
Yes, in some cases. Because the loan is secured by real estate, lenders examine the property’s value more closely. Nonetheless, some lenders conduct credit checks to look for previous bankruptcies, foreclosures, charge-offs, and collections.
Let’s Get Your Project Going
Give our team a call right now to discuss your financing needs. Or if you’d rather, complete the form below and a member of our team will be in touch.
