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Hard Money Loan Venice 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.
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Hard Money Bridge Loan and Fix and Flip Loan Summary
A “Fix and Flip” loan is a bridge loan, sometimes called a hard money loan used to purchase property with a goal of selling it for a profit or to refinance and rent it once repairs are completed. A Hard Money Loan works well in these situations.
1. For a Fast Closing (Quick Close in as fast as 5 Days!)
2. If you need high leverage or a low down payment
3. When you cannot provide verifiable income (No tax returns required)
4. Time is needed to rehab or lease up a property.
5. For a short term loan with no prepayment penalty
How Does A Hard Money Loan Work in Venice, 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. The key to a hard money loan is a good FICO and experience. New borrowers are possible but may take a 5% hit on leverage.
Hard Money Loan Venice Florida
Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!
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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 RequirementsBanks 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.
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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Venice is a city in Sarasota County, Florida, United States. The city includes what locals call “Venice Island”, a portion of the mainland that is accessed via bridges over the artificially created Intracoastal Waterway. The city is located south of Nokomis and north of Englewood. As of the 2020 Census, the city had a population of 25432. It is noted for its large snowbird population and was voted as a top 10 Happiest Seaside Towns by Coastal Living. Venice is part of the North Port–Sarasota–Bradenton metropolitan statistical area.
According to the United States Census Bureau, the city has a total area of 16.6 square miles (43.1 km2), of which 15.3 square miles (39.5 km2) is land and 1.4 square miles (3.5 km2), or 8.19%, is water. The climate of Venice is Humid Subtropical, bordering very closely on a Tropical Savanna climate and features pronounced wet and dry seasons.
Demographics of Venice- White: 95.12%, Asian: 1.86% , Two or more races: 1.72%, Black or African American: 0.62%
Venice is a booming town with a growing population and a great place to invest in Florida.
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