8 Best Hard Money Lenders in Florida

Florida’s location along the Atlantic and Gulf of Mexico helps make it one of the more desirable places to live in, with good access to everything from beaches to a thriving tourism economy. The state is home to over 21.5 million people and spans 65,758 square miles. 

Though Tallahassee is the state’s capital, Jacksonville is the largest city itself. Miami offers the largest urban and metro area in the state. The state also has one of the largest economies that focus heavily on tourism, agriculture, real estate, and hospitality. Noted for its amusement parks, resorts, and coastline, it is an international tourism destination.

The median sales price of a home in Florida is currently $375,000, which is up 23% from the previous year. Existing condo and townhome sales saw a median statewide price of $285,000 and a nearly 24% increase from the previous year. While home prices have grown over the years, Florida remains rather affordable overall, given its size and overall desirability. 

When it comes to rental property, there is a strong draw here. In Florida, about 67.9% of people own their homes, while 32.1% rent, according to U.S. Census Bureau data. Of all available rentals in the state, about 8% of them are vacant. There is a significant amount of demand here and limited available rental properties, especially in some communities. Florida also has a snowbird population, where people move into the area during the winter months and leave during the summer. This creates another avenue for prospective rental property owners. 

How hard money loans work in Florida

Hard money loans are a type of asset-based financing that allows buyers to purchase real estate, including single-family homes and condos. These loans are typically from private investors or companies called hard money lenders. Often, these loans provide borrowers with better access to the financing they need for sometimes hard-to-finance purchases. For example, hard money loans may help borrowers to purchase rental real estate, fix and flip homes, and commercial property development. 

As a hard money loan, the value of the property secures the loan. That means if the borrower defaults on the loan, such as stops making payments, the lender is then able to force the sale of the property through the foreclosure process, allowing them to recoup some of the money they put into the loan. Because there is this type of security in place, these lenders are more willing to offer loans to these harder to finance projects, which makes it easier for borrowers to obtain the loan. Interest rates on these loans are often higher than your average home loan.

There are a few details about hard money loans that make them different from other loans. For example, they tend to be short term with the loan requiring repayment between 1 and 5 years, unlike mortgages which typically offer loans with 15-to-30-year terms. In a fix and flip situation, the loan is only in place while the property is purchased and repaired, with repayment occurring at the time of sale.

Other times, these loans work as a bridge loan, where the borrower secures a new loan, often with a lower interest rate within that short term. Each hard money lender comes with their own requirements on underwriting and application details, so it’s a good idea to do your research first whether you’re looking for loans in Orlando, Tampa, Palm Beach, Fort Lauderdale, or somewhere else in Florida.

Property loans for new construction with hard money lenders might be a great fit for your next project. Read on to learn more about loan products and hard money lenders in Florida.

8 Top Florida hard money lenders

If you’re ready to learn more about the best hard money lenders lenders in Florida, here are the top options we’ve found through our research.

1. New Silver

New Silver started in 2019 by Kirill Bensenoff and Alex Shvayetsky. They offer a variety of private money lending products like fix and flip, rental, ground up and personal loans.

We contacted New Silver Lending to learn more about their private lending business and here are some of the highlights:

• Origination fee from 1.875%
• Loan to cost up to 90%
• 100% construction financing available
• Loan to ARV up to 80%
• Terms are typically 24 months
• Loan amounts are from $100,000 to $5 million
• Minimum FICO score is 650
• No hard credit pull required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. Capital Funding Financial

Capital Funding Financial is a nationwide direct private money lender that offers the typical suite of private money products. They have a primary focus on Florida.

We contacted Capital Funding Financial to learn more about their private lending business and here are some of the highlights:

• Hard money loans from $75,000 to $25 million with an LTV up to 80%.
• Fix and flip loans from $75,000 to $10 million with an LTV up to 90%.
• Rental investment loans from $75,000 to $5 million with an LTV up to 80%.
• Ground up construction loans from $500,000 to $150 million with an LTC up to 90%.
• Commercial bridge loan from $500,000 to $150 million with an LTV up to 75%.
• Foreign national loan from $150,000 to $10 million with an LTV up to 80%.

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

3. Perfecto Capital

Perfecto Capital is based out of Boca Raton, Florida and mainly focuses on the Florida market as a mortgage lender, although they are willing to lend in other states on a case-by-case basis. Started by Lukas Samuels, Perfecto Capital has been in business since 2014 and focuses on residential (1-4 units) and commercial multi-family (5+ units).

We contacted Perfecto Capital to learn more about their private lending business and here are some of the highlights:

• Up to $2 million per property
• Loans up to 70% of the property’s after-repair value (ARV)
• Direct lender with control of its own funds and decision making
• Residential (1-4 units) and commercial multi-family (5+ units) ok
• Does not lend on primary residences, co-ops, raw land, mobile homes or other commercial property.
• Cross-collateralization of properties ok
• No experience required for most loan programs, however experienced investors and repeat customers may have better terms.
• No income requirements
• No credit check
• Construction financing only available to experienced contractors or builders

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

4. EquityMax

EquityMax is based out of Florida and most of its business in the state but is able to lend throughout the United States. Founded by Brad Emmer in 1990, EquityMax has decades of experience as a hard money lender.

We reached out to EquityMax to learn more about their hard money loans and these are the key highlights that you need to know:

• Single Family Homes
• 1-4 Multi-Unit Properties
• Condos and Townhomes ok
• Commercial property and Industrial Warehouses OK
• Direct lender that has decision making over financing deals.
• Can originate loans to individuals, LLCs, corporations, land trusts and self-directed IRAs.
• No prepayment penalties
• No minimum credit score required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

5. Fund That Flip

Fund That Flip is a hard money lender based in New York that focuses on short term bridge loans for real estate investors looking to flip properties. Founded by Matt Rodak in 2014, Fund That Flip lends in most states.

We contacted Fund That Flip to learn more about their bridge loan program and here is what we found:

• Up to 80% LTC and 70% ARV ratios for your project
• Rates start at 9.99%
• Direct lender with discretionary capital
• Construction projects ok
• 10% down payment required

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

6. HouseMax Funding

HouseMax Funding is based out of Austin, Texas but has a national footprint when it comes to real estate industry lending. Started by Jeff Fetcher and Alex Morris, HouseMax provides asset-based loan financing to investors for real estate transactions.

We reached out to HouseMax to learn more about their hard money lending program and here is what we found:

• Minimum loan amount is $75,000
• Lends up to 75% of the after-repair value (APV)
• 1-3 points origination charge
• 3 months reserves required
• Direct lender that approves loans internally and funds using their own private capital.
• Lends in urban and suburban communities in all 50 states.
• Goal is to close loans in 10 days or less.
• Specializes in fix & flip loans, construction and rental loans
• Multi-family and commercial properties are ok

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

7. Stratton Equities

Stratton Equities is a nationwide direct hard money lender for real estate investors. Founded by Michael Mikhail in 2017, Stratton Equities has over five years of experience in the private lending market.

We reached out to Stratton Equities to get more information about their hard money lending program and here are some highlights:

• Loan amounts from $100,000 up to $5 million
• Investment properties only
• Single-Family, Condos, Townhomes, Multi-Family, Commercial, Mixed-Use, Office, Retail, Industrial and Warehouse are all ok
• Up to a 75% LTV
• Rates start at 7.25%
• Interest only payments
• Loan terms are 9-24 months
• Foreign nationals are eligible
• No prepayment penalty option is available

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

8. Easy Street Capital

East Street Capital is based in Austin, Texas but lends nationwide except in North and South Dakota. Founded by Stephen Hagerman in 2016, Easy Street Capital has over six years of experience in the real estate investing world.

We reached out to Easy Street Capital to learn more about their hard money loans and this is what we found:

• Interest rates range from 6.9% – 10.9%
• Points range from 2-3
• There is a $1495 document fee
• No minimum credit score required
• Down payments of at least 10% required
• Renovation financing ok
• Fix and Flip loans do not typically have prepayment penalties

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

What are the main advantages of a Florida hard money loan?

A hard money loan allows borrowers to obtain access to the funding they need when purchasing higher risk real estate, such as fix or flip homes. These homes are typically in need of significant upgrades or repairs, and traditional lenders may be unable or unwilling to provide financing for their purchase. With a hard money loan, the after repair value is considered. That means that the borrower can borrow more than what the home is currently worth to have the funds available to make upgrades to it.

Another advantage of hard money loans is that they are available for shorter terms, which helps to keep the total cost of borrowing lower. For example, in the purchase of rental property, the borrower can work towards paying down the loan during the shorter term (when interest rates are higher) as a bridge loan. Then, when they qualify for a lower interest rate loan, it may be possible to refinance into a newer loan term.

Florida hard money lenders do require credit qualifications as well as proven income, but they may not have as stringent of guidelines for the borrower to follow. There is a lot of risk for the lender because they are taking on a loan with fewer guarantees of repayment. Yet, some are more lenient in providing loans to those who have less than perfect credit nonetheless. 

There is a need for a down payment. However, most lenders have a significantly reduced down payment requirement. While conventional loans, for example, may require up to 20% down, many hard money lenders only require 2% down, though this may differ from one investor to the next. The key here is that hard money lenders often offer more accessible loans for bigger risk projects, but that helps to make them more desirable to borrowers who want to purchase investment property. 

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