Real estate transactions can move quickly. When traditional banks are unable to provide financing in time, a hard money loan can be the right solution. With a hard money loan, you get the funding you need when you need it. So if you require cash in a hurry, the loan specialists at Lord Mortgage & Loan based in Boca Raton, FL have got you covered. We service all of Florida, call us for a free consultation.
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WHAT DOES EVERYONE MEAN BY HARD MONEY? WHAT IS HARD MONEY?
Hard money lenders (HMLs) are typically private individuals or small groups that lend money (Hard money) based on the property you are buying and not on your credit score.
HOW TO PURCHASE REAL ESTATE WITH NO (OR LOW) MONEY! READ UP!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties.
PRIVATE FUNDING WHEN YOU NEED IT
A hard money loan is a type of loan used to purchase or refinance/cash-out when banks aren't able to provide financing. At Lord Mortgage & Loan, we’re your source for hard money loans in Florida. We offer the private funding options you need to acquire your property; and because we work differently than a bank, we’re able to offer a quick, hassle-free closing.
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 of 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 creditworthiness (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.
You can also check out conventional-vs-non-conventional.
Call Lord Mortgage & Loan in Boca Raton, FL today to learn more about our hard money loans and find out whether private funding is the right option for you.
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.
Lord Mortgage and Loan serves business owners from Pompano Beach to Boca Raton, from Delray Beach to West Palm Beach, from Palm Beach Gardens to Stuart and Port St. Lucie and throughout South Florida.
Trusting firm, done a lot of business with Lord & Mortgage and plan to for years to come! - Marc E.
I feel that Lord Mortgage is very diligent in providing the absolute best possible service and highest quality private loans possible. I have always had excellent results with the loans that they have placed on my behalf. I would highly recommend investors looking to provide bridge loans on real estate properties give them a try.