A number of reasons have placed a hard money lender, Florida at an advantageous position today. The “Sunshine State” with its long coastline has been attracting thousands of tourists annually and encouraging many to move in. Most of the financial transactions are localized in the few opulent cities. The state’s unique minimum wage law which is adjusted according to the rate of inflation has deep implications for the thriving real estate industry. Loans that do not conform to the banks and other formal lending institutions are willingly given by private lenders who operate on a large scale in the metropolitan cities.
Prospective borrowers who are faced with time restraints yet wish to make a huge profit through a business deal in the horizon no longer need to fret in Florida. The main advantages of borrowing from a hard money lender, Floridaare speed and hassle-free closing. People who have been turned down by conventional lenders come knocking at the doors of private hard money lenders. These people have the comfort and satisfaction of the clients at heart and make many allowances to cater to their need. Such lenders are their own masters, set their own rules, standards and conduct brisk business. They do not try to make too many unwanted investigations into the history or present financial conditions of the approaching customer. Paperwork has been almost done away with.
The only focus of a hard money lender, Florida is on the property that is being offered as collateral. Hard money is given as bridge loans, commercial loan or for residential projects. This asset-based hard money carries a heavy interest rate tag but people in the grip of a financial distress find a haven in it. Besides, the lenders are very flexible, seldom resorting to foreclosure and offer leeway to the borrower to ease his task.
Loans as large as 60% of Loan-to-Value ratio are freely given and defaulters are dealt with understanding. Often monthly payments are deferred by a hard money lender, Florida to assist the borrower. Transactions and deals are completed within a very short time. The short-term loans are completely customer-friendly and a boon for real estate industry in the state.