Miami Private Money Lenders for Real Estate Investors
Seeking a private money loan secured by real estate in the Miami metro area? On this page you'll find a list of direct private money lending companies that offer fast funding for a Miami property purchase, refinance, or equity cash out in 1st lien position. Private money loans are for short term (3-24 months) and primarily qualify based on equity in the subject property, at least 30% for most lenders. So you'll need a 30%+ down payment for a purchase, and for a refinance, the maximum loan-to-value is 70%.Searching...
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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 Private Money Interest Rates
According to the private money loan documents software company, Lightning Docs, the average interest rate for Florida private 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 private lending companies 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 private 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.
Private Money Loan Transactions in Miami
Private Money Loan for Short-Term Rental Conversion in Miami Beach, Florida
$5,200,000
BridgeInvest, a direct CRE private lender, funded a $5.2 MM 1st lien position private money acquisition and rehab loan for a 12-unit apartment building on Collins Avenue in Miami Beach, Florida. The Borrower plans to convert the existing, over-sized units into 18 short-term rentals. The property is located steps from the beach in one of the premier tourist destination submarkets of Miami. Built in 1941, the property benefits from its historical significance, which may necessitate certain design features. The facility allowed for various possibilities pending final planning board approval. The loan includes a capital improvement reserve for the total gut renovation of the property with a revised layout to maximize efficiency for the new use. The Borrower plans to operate the property as short-term rentals. BridgeInvest was able to underwrite the transaction to the Borrower’s needs despite the limited information available on the asset class. This CRE private money loan was funded in October 2018.
BridgeInvest funded a $1,100,000 private money loan for the acquisition and rehab of a single family residence on Bay Road in Miami Beach, Florida. The Borrower is an experienced real estate investor who has completed similar rehab/construction projects in the area. Our creative financing not only disbursed funds for the acquisition of the property but also provided additional funds towards the renovation. We were able to close the loan on a tight deadline with a fixed closing date despite the seller not allowing inspections of the property. Built in 1925, the home has 6 bedrooms, 4 bathrooms and approximately 3,500 square feet of livable area. The historical house, located one block west of the Miami Beach Golf Club will be completely rebuilt with luxurious finishes and a pool in the backyard. The Borrower plans to sell the home upon completion of the rehab to pay off this loan, which was funded in June 2015.
BridgeInvest funded a $3,000,000 private money loan secured by two waterfront units at the Trump Palace Condominium Building in Sunny Isles Beach. The high-leverage loan represented over 75% of the original purchase price of the units. The Borrowers needed to recoup most of their equity in the properties to execute the purchase of another investment property. Each unit is a 3-bedroom, 3.5-bathroom condo with over 2,000 square feet featuring expansive water views from multiple balconies. Both units are used as investment properties and are currently cash flowing. The Borrowers plan to refinance in 1-2 years to pay off this private mortgage, which was funded in February 2015.
$3.7MM Private money loan for the acquisition of a 1.4-acre parcel in Sunny Isles Beach for the future development of 15 high-end luxury homes. The Borrower is an experienced real estate developer who had a plan to transform the 8 single-family lots previously approved for low-rise multifamily to a high-end development just steps away from the beach. BridgeInvest was able to creatively underwrite the property and provide the Borrower with a significant portion of acquisition capital in less than 20 days. We tailored the loan to the Borrower’s needs, paying particular attention to minimal termination fees, limited reserves and loose restrictions on use of proceeds. This 1st trust deed private mortgage was funded in May 2013.