Home : Finance : Comparison Of Hard Money Lenders In Florida

Comparison Of Hard Money Lenders In Florida

Hard Money Loans is an asset-based financing where the loan is given to a borrower, by securing it with his property. Hard Money Loans are issued mainly to investors or companies. While traditional loans are taken for 15-20 years, hard money loans are an alternate way of funding and have a period of 1-3 years.

There are few parameters one has to check before taking a hard loan. The comparison of three lenders are given below:

Comparison Of Hard Money Lenders In Florida

LendingHome : LendingHome gives short-term residential loans for single and multi-families, Apartment, condos etc. The maximum amount is given by LendingHome 90% Loan to value(LTV) and 75% After Repair Value(ARV). The average term loan is about 12 months with interest rates 7%-12%. There are other fees involved in Lender fees of 1.5-2.5% and closing costs of 2-5%, however, there is no prepayment penalty. They have 1+ billion available capital with a processing time of 10-15 days.

Patch of Land : Patch of Land gives short-term residential loans and short-term commercial loans for mixed-use, offices and shopping centers. The maximum amount given is 80% LTV and 70% ARV with an average term loan is about 12-36 months. The interest rates are fixed between 7.99%-13% with additional fees involved in Lender fees of 2-5% and also closing costs of 2-5%, however, there is no prepayment penalty. They have 1+ billion available capital with a processing time of 10-15 days.

Lima One Capital : The company gives short-term residential loans for single and multi-families, Apartment, condos etc. and offer short-term commercial loans for mixed-use, offices, and shopping centers. The maximum amount given is 80% LTV and 70% ARV with an average term loan is about 1-30 years The interest rates are fixed between 4.99%-12% with additional fees involved like Lender fees of 1.5-3.5% and also closing costs of 2-5%, however, there is no prepayment penalty. They have 1+ billion available capital with a processing time of 10-15 days.

All the above require a credit score above 550 with proof of funding of LTV of 10-30% and ARV of 25-30%.

Disclaimer:
The information available on this website is a compilation of research, available data, expert advice, and statistics. However, the information in the articles may vary depending on what specific individuals or financial institutions will have to offer. The information on the website may not remain relevant due to changing financial scenarios; and so, we would like to inform readers that we are not accountable for varying opinions or inaccuracies. The ideas and suggestions covered on the website are solely those of the website teams, and it is recommended that advice from a financial professional be considered before making any decisions.