#1 Hard Money Lender Milton
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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%
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.
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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.
Milton is a city in Santa Rosa County, Florida. It is the county seat of Santa Rosa County, and is located in the Pensacola–Ferry Pass–Brent Metropolitan Statistical Area, also known as the Pensacola Metropolitan Area. Milton is located in the geographic center of Santa Rosa County, it is bordered by Pace to the west, and Navarre to the South. As of April 1, 2020, the population of Milton was 10,197.
The town was incorporated in 1844 and is home to Naval Air Station Whiting Field. The population was 7,045 at the 2000 census. In 2004, the population recorded by the U.S. Census Bureau was 8,044. The population estimate for 2013 was 9,323.
Milton is part of the Pensacola–Ferry Pass–Brent Metropolitan Statistical Area.
The city of Milton is located in the west Florida panhandle just to the northeast of Pensacola.
At the time of the last census, Milton was home to about 9,500 residents. Its proximity to the Gulf Coast, as well as a variety of historical and natural attractions, makes it the perfect place to hang your hat while visiting the area.
Fort Walton Beach, Destin, and Panama City are all beautiful coastal towns that are perfect day-trip options, and some of the state’s most magnificent beaches are less than an hour away by car.
The neighboring states of Alabama and Mississippi offer a variety of convenient urban and natural attractions as well, so staying busy shouldn’t be a problem.
We are serving all of Milton zip codes including 32570, 32572
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