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Hard Money Loan Marco Island 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.
Marco Island Hard Money Loans
Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!
Hard Money Loan Application
How Does A Hard Money Loan Work in Marco Island, 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.
Not just Marco Island Hard Money Loans, we are offering following loans as well:
Loans Custom Built for Real Estate Investors
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.
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.
Marco Island is a small sea island, or barrier island, on the Gulf Coast of the United States. Located 20 miles (32 km) south of Naples in Collier County, Florida it is 198 nautical miles to Havana. It is the largest of the Ten Thousand Islands. Marco Island is a beach and boating resort island with a small-town character. It is home to the JW Marriott Marco Island Beach Resort and Hilton Marco Island Resort, a golf club, a yacht club, a country club, several parks, and nature areas. The six-mile crescent beach on Marco Island is among the widest in Florida and features bright white, sugar sand and bountiful shelling opportunities. There are two public access locations with parking and amenities (Tigertail and South Beach), a private beach complex for residents (Residents’ Beach) and a private parking area for residents (Sarazen Park at South Beach), and two other public access points (with no amenities). Access to offshore island beaches, such as Keewaydin, are conveniently accessed by boat or tours. Marco is close to the shopping and restaurants of Naples.
Marco Island is a principal city of the Naples–Marco Island Metropolitan Statistical Area. The population was 16,413 at the 2010 census. It was ranked as the sixth most affluent metro area in the nation. The population more than doubles in size during the winter season. A daily ferry connects the island to Key West.
Marco Island is the largest barrier island within Southwest Florida’s Ten Thousand Islands area extending southerly to Cape Sable. Parts of the island have some scenic, high elevations relative to the generally flat south Florida landscape. Like the city of Naples to the north, Marco Island has a tropical climate; specifically a tropical wet and dry or savanna type (Aw under the Köppen system). It is known for its distinct wet and dry seasons, with most of the rainfall falling between the months of June and October.
Things to do in Marco Island
Located on the southwest portion of Florida’s Gulf Coast, Marco Island is a small city of about 16,000 residents. It’s one of the largest islands in the region of the state that’s often referred to as ‘10,000 Islands.’
Marco Island and the surrounding areas are particularly well-known for their beautiful beaches, abundance of exotic shells, and laidback lifestyles, and the island draws sun-seekers from all over the country.
In addition to natural splendor, Marco Island offers guests a number of cultural, artistic, and festival attractions, so staying engaged and entertained on your trip shouldn’t be an issue.
Below are 6 things to do in and around Marco Island, Florida.
- South Marco Island Beach
- Marco Island Historical Museum
- The Marco Island Princess
- Marco Island Seafood & Music Festival
- Marco Island Center for the Arts
- Otter Mound Preserve
We are serving all of Marco Island zip codes including 34145, 34146
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