Our FLORIDA COMMERCIAL Hard money lenders are private FLORIDA COMMERCIAL hard money lenders offering a specialized hard money equity-based mortgage loans. These FLORIDA COMMERCIAL Hard money lenders provide short-term loans that provide funding based on the value of FLORIDA COMMERCIAL property that is being secured by the hard money mortgage loan. Our FLORIDA COMMERCIAL Hard money lenders provide financing that does not have all the red tape or document requirements that borrowers normally incur with conventional bank financing. Hard money FLORIDA COMMERCIAL lenders provide hassle-free loans with higher interest rates to bad credit FLORIDA COMMERCIAL mortgage applicants with recent foreclosures and/or bankruptcies that do not conform to bank standards. Hard money FLORIDA COMMERCIAL mortgage lenders will offer a range of requirements based th (loan to value), what types of real estate (commercial, residential, multi-family, land) and minimum and maximum loan sizes.
FLORIDA COMMERCIAL HARD MONEY LOAN OPTIONS INCLUDE:
- BAD CREDIT – FLORIDA COMMERCIAL HARD MONEY LOANS
- NO CREDIT SCORE -FLORIDA COMMERCIAL HARD MONEY LOANS
- HARD MONEY REFINANCE CHAPTER 13 BANKRUPTCY
- STOP FORECLOSURE- FLORIDA COMMERCIAL HARD MONEY LOANS
- NO DOC FLORIDA COMMERCIAL HARD MONEY LOANS CLOSE 7-10 DAYS!
- HARD MONEY BAD CREDIT SECOND FLORIDA COMMERCIAL MORTGAGE
- HARD MONEY BAD CREDIT FLORIDA COMMERCIAL MORTGAGE REFINANCE
- ALL FLORIDA COMMERCIAL HARD MONEY LOAN PROPERTY TYPES
- CHECK FLORIDA COMMERCIAL HARD MONEY INTEREST RATES
ALL PROPERTY FLORIDA TYPES + ALL HARD MONEY SITUATIONS ARE WELCOMED!!
FLORIDA COMMERCIAL HARD MONEY LENDER CREDIT REQUIREMENTS-
Credit is not a major deciding factor for our FLORIDA COMMERCIAL hard money loan programs. We welcome all bad credit and no credit FLORIDA COMMERCIAL hard money loan applicant’s with all credit types and all bad credit situations. We provide hard money loans to stop foreclosure including hard money loans for borrowers in every type of bad credit loan situation. If you are purchasing a short sale, REO, a FLORIDA COMMERCIAL property in foreclosure, or you’re in need of rehab, a commercial property purchase, or you need to refinance to pay off a FLORIDA COMMERCIAL tax lien, including all other hard money FLORIDA COMMERCIAL loan request.
SUMMARY FLORIDA COMMERCIAL HARD MONEY TERMS
- 60-70% loan to value based on PURCHASE PRICE.
• Credit not a major factor in Hard Money Approval (unless refinance is your exit strategy)
• 50-65% on 1-4 unit FLORIDA COMMERCIAL investment properties cash out loans
• 50-60% on FLORIDA COMMERCIAL commercial properties
• Seller second mortgage allowed
• Gap funding 2nd-second FLORIDA COMMERCIAL Mortgage lien allowed.
- Hard money interest rates start at 8.95%.
FLORIDA HARD MONEY MORTGAGE LENDERS RISK
FLORIDA COMMERCIAL loan applicants with find that Hard money FLORIDA COMMERCIAL lenders are more expensive than traditional FLORIDA COMMERCIAL loans because they are not based upon traditional credit guidelines. Recently Hard money FLORIDA COMMERCIAL lenders have had high default rates and now are more cautious about FLORIDA COMMERCIAL home values. Some FLORIDA COMMERCIAL hard money lenders may not require the income verification that typical mortgage lenders require. As a result of hard money FLORIDA COMMERCIAL lenders experience higher default rates and, thus, charge a higher rate of interest to compensate for loses. FLORIDA COMMERCIAL hard money loan applicants obtain hard money FLORIDA COMMERCIAL home loans typically because they are bad credit FLORIDA COMMERCIAL mortgage applicants and they do not qualify for a traditional loan because they have acceptable credit or no credit score FLORIDA COMMERCIAL loan documentation typically required by conventional FLORIDA COMMERCIAL mortgage lenders. According to the new Dodd-Frank Act of 2010 enacted as a result of recent massive foreclosures, the federal law now requires that all FLORIDA COMMERCIAL hard money lenders verify “ability to repay” – on all residential property loans. In order to prove “ability to repay” hard money, FLORIDA COMMERCIAL lenders will be asking loan applicants to document the ability to repay the hard money loan. FLORIDA COMMERCIAL Hard money loan documentation requirements are not as stringent as the documentation required for a conventional loan, and the FLORIDA COMMERCIAL hard money lenders will use their own criteria to approval your hard money loan differently, but more than likely, you will still have to provide, W2s, pay stubs or a tax return to keep the hard money FLORIDA COMMERCIAL mortgage lenders compliant with the new FLORIDA COMMERCIAL hard money loan laws.
FLORIDA HARD MONEY LENDERS TERMS AND CONDITIONS
Hard money FLORIDA COMMERCIAL loan terms are typical of a shorter term than conventional loans, although you can find a FLORIDA COMMERCIAL hard money loan amortized for 30 years to keep your payments lower with balloon loan notes that become due in 5 to 10 years. As a result of the shorter term, FLORIDA COMMERCIAL hard money loan applicants should be sure that they have taken the necessary step to repairs their credit or to either refinance, pay off the hard money loan, or sell the property before the hard money loan term become due.
FLORIDA HARD MONEY LENDERS PREPAID LOAN INTEREST LAW
As a result of the new Dodd-Frank Act of 2010, it is illegal for a FLORIDA COMMERCIAL hard money lender to require a FLORIDA COMMERCIAL borrower who will be occupying the residential property as a primary residence to pay more than (2) two months of prepaid interest in advance. That means that the FLORIDA COMMERCIAL hard money lender cannot require a FLORIDA COMMERCIAL hard money loan applicants to pay more than a full year of payments in advance – called “prepaid interest”. However, the FLORIDA COMMERCIAL hard money lenders can require this on a non-residential FLORIDA COMMERCIAL hard money loan.
The below information is a summary of the minimum Texas stated loan documentation requirements for each Income Documentation Program. For additional documentation requirements, refer to the Income Doc Charts in this section of the Guide.
–ALTERNATIVE DOCUMENTATION / FLORIDA BANK STATEMENT MORTGAGE LENDERS STATED INCOME
(Must be able to verify self-employment income)
- Last twenty-four (24) months personal or business bank statements with all pages required for all months.
- Stated Texas Borrower Income is determined by using the gross monthly amount of deposits with the deduction of any itemized debts or other expenses that are verified by a tri bureau merged credit report.
- Max six (6) NSF checks in the last twelve (12) months.
- Acceptable documentation supporting the existence of the business for the most recent two (2) years must be obtained. (Refer to the Acceptable Evidence of Self-employed Business).
Our Florida Hard money lenders are private Florida hard money lenders offering a specialized hard money equity based mortgage loans. These Florida Hard money lenders provide short-term loans that provide funding based on the value of Florida property that is being secured by the hard moneymortgage loan.
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