What's a Hard Money Loan?
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A hard money loan, also known as a bridge loan, is a short-term loan used before an individual or company either secures permanent funding or reduces the responsibility by the selling of the property. Hard-money loans typically have higher interest rates than traditional or bank loans and are written off over shorter amounts of time. Typical hard money loans or bridge loans run for 12 to 18 months. The loan should not surpass 60 percent of the estimated valuation of the loan-backed property.
Who usually uses a Hard Money Loan
- Company owners seeking to remove cash from current properties
- People who wish to shut down easily
- Borrowers with several properties seeking to cross-collateralize
- Investors seeking to lease residential properties
- Investors who acquire, restore and immediately resell their property (“flippers”)
- Borrowers who are reluctant to refinance through a conventional bank
- Builders
Hard Money Lenders of Miami-Dade County
In the “fix and flip” environment, seeking a quality supply of funding that can keep up with the fast-paced dynamics of Miami’s housing market can prove to be a problem that has contributed to strong demand for hard money lenders servicing Miami-Dade County. Sometimes unable to fulfill the stringent criteria of traditional lenders (or the exhaustive timeline), Miami real estate developers can find themselves losing out on opportunities and gains because financing is not appropriate or efficient.
Will you require a loan to carry out your real estate project?
Hard money lenders in Miami have lending solutions that are perfectly matched with the desires of “fix and flip” borrowers, providing a shorter timeframe and looking at the valuation of the real property to be used as loan leverage.
The need for quality, affordable housing remains constant in Miami—especially as the flood of work seekers, students, and young talents is drawn to the metropolitan areas of the state. This is becoming more intense in the Miami market, with baby boomers opting to remain longer in their households, further limiting the affordable availability of homes. These developments are driving the thirst for property in the city and placing hard money lenders in high demand in Miami. And, as the property becomes available, the consumption rates (how fast the home is purchased) show quickly.
With these patterns, it’s easy to see why hard money lenders in Miami are seeing an uptick in operation as more developers are trying to “fix and flip” real estate in the region and nearby cities.
Miami Hard Money Loans
Having a typical loan is a long, frustrating and exhausting process, that’s why our hard money loans are tailored for real estate investors who prioritize pace, quality, and clarity. Offering home fix-and-flip, fix-to-rent, and cash-out refinancing loans, our team of seasoned real estate professionals is ready to help you get money and assist you with any hiccups that could arise along the way.
We are distinct from other hard money lenders in Miami-Dade County. As accredited real estate investment specialists, we know what real estate borrowers need: simple and convenient online applications, terms of up to twenty-four months, and most of all, fast loan closing and competitive rates. We specialize in hard money loans for single-family residential developments at Commercial Real Estate Loan Pros of Miami, but we can also cater for multi-family and commercial real estate projects. Contact our Florida hard money lending team today to find the right loan tailored to your next real estate project.
In the end, if you need fast, reliable, affordable interest-rate financing solutions, our company is the hard money lender for you.
FAQ’s
Yes, we are a non-bank direct lender offering on-scale asset-based loans. For asset-based lending, the underwriting method can be more lenient than traditional borrowing. This is since the intrinsic valuation of the asset (real estate) is more important than the investor's financial history when setting the conditions of the loan. As a consequence, the criteria for credit ratings are less strict, income verification is not needed, and the debt to the borrower's income ratio does not apply. Plus, we will have you certified and closed within seven days. Yes. We provide ground-up development loans to real estate developers who create single-family (1-4 unit) residential properties. Is Commercial Real Estate Loan Pros of Miami a Private Money Lender?
Do you provide new construction loans?
As a Miami Hard Money Lender, we think more about Real Estate being purchased than the Credit score.
Asset-based lending ensures that we decide the amount of our loan based on real estate valuation, not only on credit ratings and debt-to-income thresholds. We’re not restricted to strict bank specifications. Commercial Real Estate Loan Pros of Miami is proud of its common sense, equity-based lending. As a hard money lender in Miami, we’re prepared to tackle perhaps the most difficult of lending cases. Unlike conventional lenders, we worry most about real estate being owned or refinanced, and our underwriting phase will take place in a matter of days, rather than weeks or months. Our team specializes in hard money loans for investment properties and commercial real estate in Miami and around the country.
Qualifying for Miami Hard Money Loans
We have made it as convenient as quickly as possible for entrepreneurs in Miami to apply for hard money loans. Applicants with a minimal credit rating follow the specific criteria, and our staff will expedite the procedure to guarantee that you have the financing you need when you need it. Unlike conventional lending platforms, we slice across red tape because we know how necessary it is to meet deadlines for commercial real estate developers in Miami. Our experts know first-hand how to best assist you to get the mortgage loan you need to purchase that commercial property. Let them walk you through the process step by step so you don’t feel overwhelmed.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.
We service all counties and cities throughout South Florida. However, if you need any of these services in other cities throughout the state of Florida, please contact us. See what services we offer below: