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Are you having difficulty finding conventional financing to quickly rehab your investment property? If your credit score is not perfect, a hard money loan might be the right option. 

To get the hard money loan, you can also look for South Floridas #1 hard money lender.

Hard Money Loans Florida - Hard Money Lenders South Florida

These are some facts that may prove to be helpful about hard money residential loans:

1. Hard money loans are usually secured by property with 30-50% equity. Investors are well protected.

2. A residential loan is a loan where the amount borrowed is determined by the property's value, rather than the traditional lending criteria banks use such as income statements, credit scores, and tax returns.

3. Hard money loans offer lower interest rates and loan to value ratios. Hard money interest rates may start at 15%, 18%, or higher.

4. Private lenders are not institutions, but private investors or commercial hard money lenders. Moneylenders are not required to follow any specific guidelines.

5. Residential hard-money loans can be used to finance real estate purchases, refinance, foreclosures and for investors who need to close quickly.

6. Hard lenders have the freedom to choose whom they wish to lend to and what terms they prefer. They don't need to adhere to the same underwriting guidelines as banks.

7. Private investors are seeking high returns and a safe investment.

8. These loans are based upon the equity of the property. Moneylenders typically cover a smaller area to be able to inspect the property and decide if it is worth the loan.

Be careful when you apply for a hard money loan. Be sure to do your research and verify the information. Referring to other people is a good idea.

The Truth About Hard Money Loans