Explore a comprehensive comparison of Florida's top hard money lenders, highlighting loan terms, interest rates, fees, and capital capacity. Perfect for real estate investors seeking quick, asset-backed funding options with favorable terms. Understand the key differences and requirements to make informed borrowing decisions in Florida's market.

The Basics of Hard Money Loans in Florida

Hard money financing in Florida involves loans secured by the borrower's property, primarily used by real estate investors and businesses. These short-term loans typically last from 1 to 3 years, unlike conventional mortgages that extend over 15 to 30 years.

Here’s an overview of three leading Florida hard money lenders:

LendingHub: Focused on quick residential property funding, including single-family homes, multi-family properties, and condos, LendingHub offers up to 90% Loan-to-Value (LTV) and 75% of After Repair Value (ARV). Loans usually last about a year, with interest rates between 7% and 12%. Fees include lender charges of 1.5-2.5% and closing costs of 2-5%, with no prepayment penalties. They have over a billion dollars in capital, processing applications in roughly 10-15 days.

Investor Finance: Covering both residential and commercial projects like office buildings and retail centers, Investor Finance provides up to 80% LTV and 70% ARV, with loan terms from 12 to 36 months. Interest rates are fixed between 7.99% and 13%. Fees include lender costs of 2-5% and closing expenses of 2-5%. They also hold over a billion dollars in capital, with a 10-15 day turnaround.

Capital One Lending: Serving residential and commercial sectors, Capital One Lending offers short-term loans for houses, apartments, offices, and shopping centers. They provide up to 80% LTV and 70% ARV, with durations from 1 to 30 years. Fixed interest rates range from 4.99% to 12%. Additional fees include lender charges of 1.5-3.5% and closing costs of 2-5%, with no prepayment penalties. Their capital pool exceeds a billion dollars, usually processing within 10-15 days.

Most lenders require a minimum credit score of 550 and proof of funding, with LTV ratios of 10-30% and ARV coverage of 25-30%.

Note: This information is compiled from market research, expert insights, and publicly available data. Variances may occur depending on individual lenders and market conditions. Always consult a financial advisor before proceeding with any loan agreement.