Here are a few options for refinancing a hard money loan. 1. fixed Mortgage. If the hard money loan was taken so that you could purchase or retain a property, you might want to consider getting a fixed mortgage instead. Many people get hard money loans when they are close to foreclosure on their existing home. This is done because they cannot qualify for a traditional mortgage refinance.
Max terms for our loans are either 1-2 years depending on borrower and property type. Origination points are between 3-6% depending on the property type and state that the property is located in. Example: On a 100k loan in FL for a single family residential property the interest would typically be $12,000 if the loan is kept for an entire year.
AHL Hard Money Network-Marketing is a network that interfaces with Florida’s largest pool of investors, and we also serve clients as an educational resource about hard money. Our Investors offer a wide selection of florida hard money, private money, equity loans, bridge loans, and commercial loans for your refinance needs.
Florida Hard money loan documentation requirements are not as stringent as the documentation required for a conventional loan, and the Florida hard money lenders will use their own criteria to approval your hard money loan differently, but more than likely, you will still have to provide, W2s, pay stubs or a tax return to keep the hard money Florida mortgage lenders compliant with the new Florida hard money loan laws.
Florida hard money loans have become an essential tool for borrowing and investing in Florida. Even well qualified borrowers are having trouble getting banks and traditional mortgage lenders to approve and close their loans. Banks have gone so far as to reduce interest rates on deposit accounts in order to drive cash away from their companies.
Private Money Interest Rates do not fluctuate like institutional loans that are tied to common interest indices. The lender, the private investors, and we who fund the loans set the rates. The interest rates for 1st position mortgage notes are typically between 9.9% AND 13%.
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LendingHome is a modern mortgage lender. We offer short-term hard money loans, and easy access to a portfolio of high-return real estate investments.
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