Hard Money Lenders Hollywood, FL | Mortgages in Hollywood, FL

HARD MONEY LENDER

WHAT DOES EVERYONE MEAN BY HARD MONEY?

WHO NEEDS HARD MONEY?

Developers and house flippers, and individuals will use it to fund deals because you can often borrow up to 100%% of your purchase price! On the other hand, hard money lenders will frequently require you to back up your loan with real assets. If you know you can buy a property and turn it quickly at huge profit, and you can’t get a standard mortgage, it might be one way to go. Some investors use hard money to get into the property, do some quick fixes to raise the property value, then get a new loan (based on the property’s new, improved value) from a bank to pay off the hard money lender.

IN OTHER WORDS . . .

Hard money loans are easily accessed and cut through the red tape! If you can develop a relationship with a LOCAL hard money lender, you can get funds within a couple days, and sometimes with no appraisal or other costs (except for origination fees of course).The beauty of HML’s is that the loan is normally not based on your credit score (especially with local lenders) or at least not on your credit worthiness (assets and income), you can receive funding within a matter of days (normally about 7-14 days) rather than 30 days plus. HML’s on longer term investments are not a good idea, but for short term flips, rehabs, or for the initial purchase, they can be a very strong tool. I started my investing using HML’s, and have made very good money using them. I now use mostly a line of credit from the bank, but it took me several years to work into that. I also now do some local hard money loans to other investors.

BUSINESS PURPOSE LOANS

Business Purpose Loans are mortgage loans that can be taken out on your primary owner-occupied residence. They are intended for business owners to use for Business Purpose Loans, not for household, family or personal uses. These are loans for which applicants do not need to qualify for credit or for income. Business purpose loans are unique because you only need to own a corporation ( LLC, Inc. or Subchapter S ) to qualify.
Getting a business purpose loan is a terrific alternative for a business owner. If you are self-employed and have an LLC or a corporation, we can do a business purpose loan for you. You don’t have to qualify for credit or for income yet will still remain in full compliance. The only stipulation is that the loan has to go directly into your business and not be used for personal items. So if you have a free and clear home and a corporation – we won’t have to escrow taxes and insurance and you won’t have to worry about the RESPA guidelines.