Hard Money Lender Tampa

Hard Money lender Tampa : The real estate market in Tampa has expanded substantially in the last few years. Especially in the multi-plex field.  Apartment complexes are selling quickly and people are missing out on the opportunities and why? Getting quick hard money quickly can be a problem.  The situations where you need it can be many. For example maybe you need to close fast on a new purchase. Conventional lenders can take as long as six months before they are ready to disburse.

Maybe you need to upgrade the property, replace tenants or improve revenue streams before going to a bank. Most conventional lenders will not take any of these situations into account and yet they will want you to lock in to a long term mortgage at an amount that is only a fraction of the possible value of the property, and then charge heavy penalties if you repay early.

Hard Money lender Tampa : This is where a private lender can be of assistance. A private hard money lender is generally quicker with conditions that are less onerous than convention banks or using a Fanny Mae/Freddy Mac backed mortgage. No a private lender will not lend on future value.  What they will do though is lend you the money you need to acquire the property, or during your transition period, and allow you to repay the loan in a shorter period of time without heavy penalties.

For an example you have purchased a commercial building that needs some upgrades and the upgrades will give you a better quality of tenant and much higher revenue.  You go to your bank but they want to lend you 75% of the current value and for a minimum of a five year term. Should you repay the loan early the penalties can be outrageous.  Yet you know that within one year you can finish the upgrades and rent to a much higher quality of tenant for double what the revenue was before.  So what can you do except either be stuck with a lot of capital invested in a property that could be used elsewhere, or pay a huge fee to cancel the mortgage.

Source: http://www.tempbridge.ca/blog-post/hard-money-lender-tampa/