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:
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%.