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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
RBI Private Lending
Direct lender, specialized in Bridge, Fix and Flip and Construction. FN and new investors welcome.
Equity Lending Solutions LLC
Reliable Capital for Fix & Flip and Ground Up Construction Loans / Direct Private Lender
Florida Hard Money Interest Rates
According to the hard money loan documents software company, Lightning Docs, the average interest rate for Florida hard money loans in the 4th quarter of 2023 was 11.31%. The average loan amount was $381,149. These stats are the average of 510 short-term loans (including bridge, rehab, and ground-up construction) funded for investment properties in Florida between October 1, 2023 and December 31, 2023 by multiple hard money lenders that use Lightning Docs as their preferred software provider to prepare loan documents.
According to private lending data provider, Analytics Logics, the average interest rate for Florida hard money loans in the 4th quarter of 2023 was 11.11%. Lenders charged an average of 2.2% points (origination fee). The average LTV (loan-to-value) for private money loans in Florida was 65%, and the average loan amount was $340,316. These stats are the average of all the loans which were funded between October 1, 2023 and December 31, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Funded Hard Money Loans in Florida
Refinance Bridge Loan for Investment Condominium in Daytona Beach, Florida
Gelt Financial, a direct CRE lender, funded a $575,000 1st lien position refinance cash-out loan on an oceanfront investment condo located in the Ocean Villas condominium building in Daytona Beach, FL. The condo’s value was estimated at $868,000 so our loan-to-value was 60%. The Borrower will be using the loan proceeds to pay off a maturing existing loan of $384,000, complete a light renovation to the unit, and cash out for a new real estate acquisition. The Borrower had excellent credit. They plan on using this loan as a short-term option and will be refinancing with a conventional lender within the 12–month loan term. The condo unit is approximately 2,136 square feet featuring two master bedrooms. The building was built in 2006 and features Class A amenities including a fitness center, business center, clubroom, and concierge services. The unit is currently leased out to a tenant. The interest rate was 13% and we charged 3% origination points. This refinance cash-out bridge loan was funded in November 2023.
Hard Money Loan for Newly Built Condo Purchase in Clearwater, Florida
Capital Funding Financial, a direct lender, funded a $1,075,000 1st lien position hard money loan for the acquisition of a brand new condominium in Clearwater, Florida. We funded 74% of the $1,449,876 purchase price, while the Borrower contributed 26% cash at closing. The Borrower was in need of fast & flexible financing to maximize the loan-to-cost. She needed to close the loan in just 5 days from receipt of notice by the Developer’s receipt of the Certificate of Occupancy which we were able to accomplish for her. The property was vacant at closing. The Borrower is an experienced real estate investor who plans on selling the unit in the near future or utilizing it for short-term rental to maximize the cash flow. They had good credit. The interest rate was 10.75%. There was an experienced broker involved with whom we have funded 10+ loans. The loan term was set at 12 months. This hard money loan was funded in September 2023.
Hard Money Refinance Loan for Vacant SFR in West Palm Beach, Florida
Capital Funding Financial, a direct lender based in Florida, funded a $1,800,000 1st lien position hard money loan secured by a renovated single-family home on Singer Island, near West Palm Beach, Florida. The home has a deep water dock with a boat lift and is valued at over $2,750,000. Our loan-to-value was 65%. The Borrower needed to close in 7 days to use the proceeds for another real estate investment purchase. We were able to close the loan in just 7 days. The Borrower had good credit. They intend to sell the property in the near future to pay off the loan. The subject property was in excellent condition and vacant at closing. The interest rate charged was 10.99% and we charged 2% origination points. There was no broker involved. The loan term was set at 12 months. This SFR hard money loan was funded in August 2023.
Hard Money Loan for 5-Unit Multifamily Property in Lake Worth, Florida
Gelt Financial, a direct CRE lender, funded a $710,000 1st lien position refinance and light rehab hard money loan secured by a 5-unit multifamily property in Lake Worth, FL. Roughly $150,000 was put into renovation draws as the work was completed. The property value was estimated at $1,192,000 so our loan-to-value was 60%. The Borrower approached Gelt Financial because they needed to refinance and rehab 2 vacant units. Their extensive background in real estate flips and holds gave them enough credibility. The subject property was partially occupied at closing and contained 1 two-bed unit, 1 one-bed unit, and 3 studio apartments. It was owner-managed with annual leases in place and on-site parking. It was built in 1929 and was in good condition but needed a light rehab in order to lease up the remaining vacant units. The lot was approximately 6,750 square feet. The Borrower plans to sell it as an exit strategy upon completion of the rehab. The interest rate was 12.50% floating and we charged 3% origination points. The loan term was set at 12 months. This multifamily hard money loan was funded in March 2023.
Hard Money Loan for SFR Rental Purchase in Bradenton, Florida
Gelt Financial, a direct lender, funded a $221,000 hard money loan for the purchase of a single-family residence in Bradenton, Florida. The purchase price was $315,700. Gelt Financial funded 70% of the purchase in 1st lien position, and the Borrower contributed a 30% cash down payment of $94,700 plus closing costs. The property was in good condition and was already rented. The Borrower knew the sellers, so it was an off-market purchase. They needed quick and easy financing. We funded within 10 days and did not require an appraisal. Our interest rate was 11% with a term of 2 years. The Borrower plans to refinance into a long-term rental loan before the end of the loan term. This hard money loan was funded in September 2022.
i Fund Cities, an alternative lending platform built for investors, funded a $700K hard money refinance for a single-family rehab project in a vacation area of Sarasota, Florida. This client found our great reviews online and gave us a call! The investor had received previous loans on this project through other lenders. Unfortunately, he ran into some issues and needed to refinance to gain additional funds. First, due to a mistake, his original lender made on the property insurance post-closing, the investor could not get a draw completed and had to come out of pocket roughly $100K before refinancing. Then, on the refi, that lender told him right before closing that the numbers had changed, and they were not sure they could close the loan. That’s when he came to us.
We quickly put him into a bridge loan to increase his holdback amount since his budget had increased. We also gave him an initial draw for all of the money he had already put into the deal. So the client received a new loan with an increased budget, along with reimbursement for all of the funds he already had invested into the project. He received all of this quickly and efficiently while having the confidence to work with a lender he knew would actually be able to close. The loan term was set at 12 months. The plan is to complete the renovations, secure a tenant and then refinance into a long-term loan. This hard money loan was funded in August 2022.
Hard Money Loan for Central Florida Automotive Property Purchase
Gelt Financial, a direct hard money lender based in South Florida, funded a $100K hard money loan for the purchase of an automotive light industrial property in Winter Haven, FL. The Borrower had worked at an auto body shop for over 20 years and wanted to start his own business. He found a local auto repair shop that went up for sale for $200,000. He was able to get half of the purchase money from his family members, and we funded the rest. Our 1st mortgage was a very conservative 50% LTV, so we did not require an appraisal. Since it was a new business, there was no verifiable income yet, but the Borrower had lots of experience. He quickly repurposed the auto repair shop for his new auto body business to start generating income. The mortgage broker who brought us the deal will help the Borrower get a long-term SBA loan within the next 24 months. This hard money loan was funded in June 2021.