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Our primary focus is non-owner occupied single family homes and residential income property (1-4 apartments). The approval through closing process can be a matter of days, simply because there is no personal qualifying necessary(asset based only). We have terms and conditions to suit either short or long term needs.
Property Geographic Area Details
Central and South Florida
Loan Amounts
$50,000 to $1,000,000
Interest Rates
12% to 15%
Max Loan-To-Value
70.00%
Max Loan-To-Cost
70.00%
Origination Fees
1% to 2%
Loan Terms
1 months to 24 months
Lien Position
- 1st
Loan Purpose
- Investment Acquisition
- Investment Refinance
- Improve Subject Property
Property Occupancy
- Vacant
- Tenant Occupied 100%
Property Types and Loan Types
Collateral Types
- Residential Property
Property Types
- 2-4 Units Residential
- Single Family Residence
Loan Types
- Private Money
- Hard Money
Purchase Loan
Max Loan-To-Purchase Price
70.00%Borrower Must Have Property Under Contract
noWill Provide Proof of Funds Letter
yesWill Consider Lending on Purchase from Auction
noAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Family
Details and Requirements
Typical Closing Time (Days)
7Fastest Closing Time (Days)
7Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
Payment Structure Details
Monthly interest only paymentsPre Payment Penalty
yes
1% in the first year onlyWill lend to a foreign national
yes
AnyWill Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
noWill Consider Collateralizing Multiple Properties in One Loan
yesWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- Individual(s)
- LLC
- Corporation
Documentation Required
- Loan Application
Personal Guaranty (Recourse) Required
AlwaysCredit Check Required
noAppraisal Required for Residential Property
AlwaysBroker Price Opinion (BPO) Accepted for Residential Property
NeverFees
Fees which are paid to a third party company
- Appraisal Fee
Monroe Funding Corp is a direct hard money lender specializing non-owner occupied first mortgages for real estate investors. We have been serving Florida since 2008. Our goal is to remove the limitations of conventional lending.
*No Credit Checks
*Foreign Nationals Welcome
*Property in any Condition
“Hard Money Lending Made Simple”
Year Established
2008
Office Locations
3015 N Ocean Boulevard, Suite 104, Ft. Lauderdale, Florida 33308Primary Capital Source
- Own Funds
Loan Structure for Majority of Loans
- One Investor One Loan
Percentage of company’s lending business focused on private mortgage
100%
Percentage of Loans Secured by Residential Property
100%
Percentage of Residential Property Loans Which are Buy and Hold
60%
Total Number of Loans Funded to Date
500
Total Loan Volume Funded to Date
$50,000,000
2017 Number of Loans Funded
35
2017 Loan Volume Funded
$3,500,000
