Faster approvals: Real Estate Investors in Pembroke Pines can get pre-approved for a hard money loan within one to two hours. The primary focus of a hard money loan is on the asset that they are financing. It is possible to fund a hard money loan in less than one week, compared to traditional loans which could take a month or even more. Funding quickly can provide an opportunity to obtain a better price on the acquisition.
Flexible payments: Private lenders in Pembroke Pines provide greater flexibility in modifying your repayment schedule. Loans can be provided with no pre-payment penalties. Be wary though, the lower the pre payment penalty the higher the rate. By understanding the options you will better know how to get a hard money loan in Pembroke Pines Florida that fits your needs. For instance, if you wanted a 3 year pre payment penalty vs a 5year your rate may be an 1/8 point higher. There may be interest only and longer amortization options as well. Check with us for rates and terms that fit your needs.
Fewer Requirements: When applying for a hard money loan from a normal financial institution, you will be expected to meet a number of requirements that are set in stone including financial history, work experience and more. Bank approvals can be lengthy. You are likely to find that borrowing hard money has much less rigid requirements. As a result, the process is smoother and faster.
Other Benefits: How to get a hard money loan pembroke pines Florida
Zero penalties for prepayments When you take out an installment loan from an established bank, you will be penalized for prepaying your loan prior to the maturation date. Prepayment penalties are not usually applied by fix-and-flip loans in Pembroke Pines and are optional for DSCR loans. As previously mentioned, the longer your pre payment penalty, the lower your rate will be. No prepayment penalty comes with a higher interest rate which works if your plans are to sell the property quickly.
Credit history Your credit history has a significant bearing on whether or not you are granted the loan. Hard Money lenders put less emphasis on poor credit history and have a lower FICO score requirement than a conventional depository bank. With hard money more emphasis is put on the value of property, borrower equity, etc.
As shown above, you should know how to get a hard money loan in Pembroke Pines Florida. If you would like to discuss a scenario with an expert loan officer, call 800-826-5077. If you would like to submit a loan scenario, Click Here!