Hard Money Loan Longwood Florida

What Is A Hard Money Loan?

A hard money loan is a loan from a private or non-traditional lender. The asset being purchased is used as the collateral for the loan, reducing risk for both the borrower and lender.

Alternate definition: A loan that bridges the gap between an investment purchase and long-term financing
Alternate name: short-term bridge loan

Hard money loans are used for quick turnarounds between the purchase and sale of a property. They can also be used for quick home financing until the buyer secures a traditional loan.

These loans are generally used in the real estate industry. Some investors buy homes in need of repairs, fix them up, and then sell them for a profit. This is known as flipping and can be hard to get financing for.

Other real estate investors might use hard money loans for commercial or rental properties if they can’t find conventional financing.

Longwood Hard Money Loans

Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!

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How Does A Hard Money Loan Work in Longwood, Florida?

A hard money loan is a way for you to borrow money for real estate without using traditional mortgage lenders. Instead, the funds come from individuals or investors who lend money based primarily on the property you’re using as collateral.

Traditional mortgage loans require proof that you can comfortably repay the debt. Lenders often review your credit scores and any income available to evaluate your creditworthiness. If you have plenty of income, savings, or can get another collateralized loan you might not need to worry.

However, the process becomes more challenging if you have a low credit score, an income source that is difficult to verify to your lender’s satisfaction, or a high debt-to-income ratio.

Hard money loans are generally short-term loans, lasting from one to three years. You use them as a quick way to get money for a purchase. However, you wouldn’t want to keep one of these loans for an extended period because interest rates for hard money are typically relatively high. For instance, the average interest rate for hard money loans in 2020 was 11.25%

Benefits of Hard Money Loan

Hard Money Loans Are Approved And Funded Quickly

Real estate investors who haven’t previously used hard money will be amazed at how quickly hard money loans are funded compared to banks. Hard money loans can be funded with 3-5 days if needed. Compare that with 30+ days it takes for a bank to fund. This speedy funding has saved numerous real estate investors who have been in escrow only to have their original lender pull out or simply not deliver. This is a perfect situation for a hard money lender to step in, provide financing quickly and save the deal.

Hard Money Loans Have Few Requirements

Banks also have a list of issues that will raise a red flag and prevent them from even considering lending to a borrower such as recent foreclosures, short sales, loan modifications, and bankruptcies. Bad credit is another factor that will prevent a bank from lending to a borrower. Most banks will not lend to a borrower who already has 4 mortgages even if the borrower’s credit is perfect with no other issues.

Hard Money Loans Provide Funding For Projects That Cannot Be Financed Elsewhere

Hard money lenders provide many loans that conventional lenders such as banks have no interest in financing. A good example of this is a fix and flip loan. These projects involve a real estate investor purchasing a property with a short term loan so that the investor can quickly make the needed repairs and updates and then sell the property. In most cases, the real estate investor only needs a 12 month loan. A 12 month term doesn’t work with a bank’s business model. Banks want to lend money for the long term and are happy to make a small amount of interest over a long period of time.

Get a Quote From Nation's #1 Hard Money Lender

Not just Longwood Hard Money Loans, we are offering following loans as well:

Loans Custom Built for Real Estate Investors

Whether you buy and hold, fix and flip, or build to rent, cambridgehomeloan.com has the capital for your investment needs
The nations #1 Lender for Fix and Flip and Fix To Rent Investment Loans
Fix & Flip Loans 90% LTC and up to 100% of fix up costs.

Fix To Rent Home Loans

- 1-500+ properties

- Single-family, 2-4 units, condos, townhomes, multifamily

- 5yr, 7, 10 and 30 year terms

- - Up to 90% of cost
- Up to 100% of rehab

- Up to 75% of completed value

- $70,000 – $100 million

Fix To Flip Home Loans

- 1-500+ properties

- Single-family, 2-4 units, condos, townhomes, multifamily

- 12 To 24 month terms

- - Up to 90% of cost
- Up to 100% of rehab

- Up to 75% of completed value

- $100,000 – $100 million

Multi Family /
Commercial Real Estate

- - 1-50+ properties
- - Multifamily, condos, student housing,
  - mixed use w/ majority residential
- - 12, 24 mo., 5,10,30,40 year terms
- - Up to 100% of cost

$1M – $50M

Bridge, Construction, Permanent, Refi.

CambridgeHomeLoan.com takes an active part in helping our customers achieve their long term goals. Fast closings and refinancing into better rates when it matters. Feel free to contact us with your loan scenario at 800-826-5077.
Fix and Flip or Fix To Rent Loans can be closed in just 5-7 days. If you would like to prepare for your first deal contact us for a soft quote and our due diligence check list.

From your first investment real estate loan to putting together a portfolio loan for all of your investment properties, CambridgeHomeLoan.com is the resource that can help you from the very beginning of your investment career.

CambridgeHomeLoan.com can manage all of your real estate loans from ground up construction, spec houses to fix and flip and fix to rent home loans. When you want to get your price and close in just a few days to easy rehab draws that can help you get your project done on time and in budget. Give us a call today with your project outline and we can give you the possibilities.

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Longwood is a city in Seminole County, Florida, United States. The population was 13,657 at the 2010 census. It is part of the Orlando–Kissimmee–Sanford, Florida Metropolitan Statistical Area.

At the 2010 census, there were 13,657 people and 5,244 households in the city. The population density was 2,438.8 per square mile (941.9/km²). There were 5,680 housing units at an average density of 1014.3 per square mile (391.7/km²). The racial makeup of the city was 74.10% White, 4.5% African American, 0.3% Native American, 3.3% Asian, 0.1% Pacific Islander, 0.3% from other races, and 1.6% from two or more races. Hispanic or Latino of any race were 15.8% of the population.

Things to do in Longwood

With a size of just 5.6 square miles and a population of around 13,500 at the last census, Longwood is one of the smaller towns in Florida. It is noted for being home to two of the oldest trees in the U.S, which date back over 2,000 years – The Senator and Lady Liberty, both used by the Native American tribes as reference points.

Located around 13 miles – a 30-minute drive – from Orlando, this is a nice, quiet place to establish yourself. It’s just far enough from the hustle and bustle of the city to enjoy the Florida countryside, but near enough to drive in if you want to explore an attraction there for half a day, or go out for dinner or drinks in the evening.

Here are the best 6 things to do in Longwood, FL.