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Hard Money Loan Margate Florida
Margate 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 Margate, 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 Margate 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.
Margate is a city in Broward County, Florida, United States. As of the 2020 census, the city had a population of 58,712. Margate is part of the Miami metropolitan area, which was home to 6,166,488 people in 2020.
Margate was founded in the 1950s, when much of it was still either part of the Everglades or farmland. It became a town in 1955, when land development became prominent due to an influx of people moving to Margate. In 1961, it was officially incorporated as a city. The name Margate is a portmanteau of the first three letters of the founder’s last name, Jack Marqusee, and the first four letters of gateway, since it was considered a “gateway” to western Broward County. The city has a waterpark called Calypso Cove and two golf courses: The Carolina Golf Club and the Oriole Golf and Tennis Club.
Things to do in Margate
Located on the southern portion of Florida’s eastern Atlantic coast near Coral Springs and Coconut Creek, Margate is a principal city in the Miami Metropolitan area which is home to more than six million residents.
Unlike other cities directly on the ocean, Margate lies just inland of Pompano Beach to the west, and between West Palm Beach and Miami to the north and south respectively.
Known for its golf, theme parks, and seemingly endless expanses of beautiful beaches, the area is a magnet for nature lovers, thrill seekers, and sportsmen of all stripes.
Below are 6 things to do in and around Margate, Florida.
- Calypso Cove Aquatic Center
- Oriole Golf Club
- Fern Forest Nature Center
- Tradewinds Park and Stables
- Butterfly World
- Hillsboro Lighthouse and Museum
We are serving all of Margate zip codes including 33063, 33068, 33093
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