1. Hard Money Acquisition Loan. This is usuallyoffered for borrowers who wish to use the loan proceeds to acquire real estate.
2. Asset-Based Hard Money. You can use the proceeds for a variety of purposes and you need to put up collateral in the form of equipment, property, inventory, and the like for security.
3. Hard Money Bridge Loan. This loan offered by most hard money lenders in Florida is useful for a shorter period of time unless permanent financing is already available. This is most ideal for opportunities that require faster financing process. Among the best examples of circumstances thatgreatly require this type of loan are foreclosures, commercial business opportunities, construction and buy-outs.
4. Hard Money Construction Loan. The loan amountis mainly used for building construction or improvements made on real properties. You will need to use the improvements or the land as collateral. Note that there are plenty of reliablehard money lenders in Florida who are willing to loan up to 65% of the total construction cost basing on the determined value after all improvements are completed. This is favorable for you especially if you need a large amount for the construction or improvements.