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Malve Capital LLC
Fast And Easy Real Estate Loans. Closing as fast as 5 business days, subject to clear title.
Equity Lending Solutions LLC
Reliable Capital for Fix & Flip and Ground Up Construction Loans / Direct Private Lender
Florida Hard Money Stats
According to private lending data provider, Analytics Logics, the average interest rate for hard money loans in Florida is 11.05%. Lenders are charging an average origination fee (points) of 2.50%. The average loan-to-value (LTV) for hard money loans in Florida is 64%, and the average loan amount is $197,133. These stats are the average of all the loans which were funded between April 1, 2023 and September 15, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Funded Hard Money Loans in Miami Dade County
Capital Funding Financial, a direct lender, funded a $256,000 1st lien position hard money loan for the acquisition of a condominium in the Brickell neighborhood of Miami. We funded 65% of the $395,000 purchase price, while the Borrower contributed 35% cash at closing. The Borrower needed to close the loan in just 7 days which we were able to accomplish. The subject property was in good condition (recently renovated) and vacant at closing. The Borrower is an experienced real estate investor who plans on renting the condo out to maximize the cash flow and will refinance into a long-term loan. They had average credit. The interest rate was 10.99%, and we charged 2% origination points. The loan term was set at 12 months. This hard money loan was funded in September 2023.
Hard Money Loan for Purchase of SFR Rental in Miami, Florida
Capital Funding Financial, a direct lender based in Florida, funded a $1,170,000 1st lien position bridge loan for the acquisition of a recently renovated single-family home in Miami, Florida. The purchase price was $1,800,000. We funded 65% of the purchase price, and the Borrower contributed 35% cash at closing. The Borrower was a Brazilian foreign national with no US credit who needed to close in less than 10 days. His prior financing had fallen through and he did not want to risk his deposit. We were able to close the loan within the 10-day timeframe. The subject property was approximately 2,532 square feet. The Borrower intends to refinance the loan into a long-term rental loan once it is stabilized or there is a showing of short-term rental history. The interest rate charged was 10.99% and Capital Funding Financial charged 2% origination points. The broker earned a $11,700 (1%) commission. The loan term was set at 12 months. This SFR hard money loan was funded in August 2023.
Hard Money Refinance Loan for 4-Unit Property Rehab in Miami, Florida
Hard Money Loan Solutions, a direct Florida-based lender, funded a $370,000 1st lien position refinance loan secured by a 4-unit residential property in Miami, Florida. The property value was estimated at $770,000 so our loan-to-value was 49%. The purpose of the loan was to renovate the property to get it up to code. It was given to the Borrower because their aging relative could no longer manage it. We refinanced the previous mortgage balance of $234,000 and gave him cash out so that he could perform all the updates needed. His plan is to complete the renovations, increase rents, and refinance with a local bank. The renovation budget will be approximately $96,000 and the after-repair value is estimated at $880,000. The property is approximately 3,502 square feet set in a 5,044-square-foot lot (0.11 acres). The Borrower had an average credit rating. The interest rate was 12% and we charged 3% origination points. The loan term was set at 24 months. This hard money rehab loan was funded in May 2023.
Gelt Financial, a direct lender based in Palm Beach County, funded a $300,000 hard money loan secured by a single-family home in the Coconut Grove neighborhood of Miami. The Borrower had recently purchased the property for $300,000 cash, so it was owned free-and-clear. We provided $150,000 just to recapitalize the Borrower, and the remaining $150,000 was held back for the renovation budget. We expect the after-repair value to be around $700,000 to $800,000. Most of the homes in this neighborhood are being torn down and redeveloped, but this home was just taken down to the studs. The Borrower had a horrible credit history, which made it difficult to get a loan from other lenders. We saw there was huge potential with the project and there was plenty of equity. The loan term is 12 months, and we expect to be paid off with a sale of the home. This hard money rehab loan was funded in December 2021.