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Hard Money Loan West Palm Beach Florida
#1 Hard Money Lender in West Palm Beach!
CambridgeHomeLoan.com is #1 Hard Money and Bridge lender in West Palm Beach Florida, we have gained our reputation as the fastest hard money lender in multifamily, investment and bridge loans because we know how critical each day is in the competitive West Palm Beach real estate market.
West Palm Beach Hard Money Loans
Commercial Real Estate Hard Money Loan. Great Rates! Fast Close!!
Hard Money Loan Application
How Does a Hard Money Loan Work?
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.
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. You can borrow up to 90% of the acquisition on certain property types and 100% of the construction costs so long as the ARV (As repaired value) does not exceed 75% of the total loan.
Benefits of Hard Money Loans
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 West Palm Beach 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.
CambridgeHomeLoan.com is #1 Hard money and Bridge lender in the US, we have gained our reputation as the fastest hard money lender in multifamily loans and bridge lending because we know how critical each day is in the competitive real estate market.
We are serving all of West Palm Beach zip-codes including- 33401, 33402, 33403, 33405, 33407, 33408, 33409, 33410, 33411, 33412, 33413, 33414, 33415, 33416, 33417, 33418, 33419, 33420, 33421, 33422.
With our knowledge of West Palm Beach’s hard money loan market, CambridgeHomeLoan.com is able to work out and structure creative solutions that fit your hard money financing needs in West Palm Beach. We fund loans based on the value of the asset so in some cases we were even able to finance more than 100% of the purchase price and rehab amount.
Why Use a Hard Money Loan
If you need to close fast. While applying for a loan at your typical bank may take months for them to review your loan application, CambridgeHomeLoan.com offers the same day fix and flip | fix to rent |hard money loan approval, and we can fund within 5 days. In an emergency situation for current customers, we can even fund a deal in 1 day!
If the property isn’t stabilized. Many times, it’s not just a question of time, but it’s the actual property or asset that you are purchasing that a traditional bank just will not finance. Some examples include a property that requires additional funds to rehab, ones that are missing a Certificate of Occupancy (CO), or others that do not have a strong rental history. Hard money lenders such as CambridgeHomeLoan.com will be able to fund the property when a bank can’t.
What if my credit is poor. CambridgeHomeLoan.com understands that there are events in people’s lives that negatively influence their credit score. Therefore, we are mostly concerned with the value of the real estate asset, rather than debt-to-income ratios when considering funding a loan. FICO always plays a role, but not nearly as much.
What If I don’t want to have a loan in my personal name. A traditional bank is most likely to require that your investment property be owned directly by the individual they are making the loan to. This is a liability risk to any investor. Setting up a property in an LLC. is just good business sense and whether you are buying your first property or your fiftieth, setting up an LLC. helps protect you from a myriad of pitfalls if one were to occur. Obtaining a hard money loan to acquire your property in an LLC. will help you protect your assets for the long term.
Expert Mortgage and Investment Real Estate Advice
Cash Grants for First Time Home Buyers When was the last time somebody credible offered you thousands of dollars in free money? For most of