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Just because banks aren’t lending out money doesn’t mean the money lending trade went bottoms up. Smart investors are always searching for sources to invest their money into for profit. Financial Institutions… are not necessarily one of these. It’s no wonder they are trying to hang onto their money like a fat kid’s last toffee bar.
Do not fear, hard money is here. Hard money, or private money, is money loaned by an individual instead of a financial institution. Many loan takers don’t even recognize how there may be a private lender living in their own town. Private lenders are like you and me, the only difference is they know how to make their money work for them.
Right now hard money lenders are king. Banks are giving money to less then 1% of applicants right now. Sizeable areas do not just stand still though, and places like Miami, Florida are doing everything they can to maintain constructing.
As an example, I was hanging out in a print shop when a contractor came in for blueprints. I happened to mention I have a friend who’s a hard money Florida lender and he literally started drooling! His face lit up like a Christmas tree and he asked for my friend’s phone number. This type of situation is not uncommon, builders still want to build and people still intend to buy or refinance real estate in Florida.
There are a lot of advantages to receiving a hard money loan. One of the only disadvantages is a higher then prime interest rate. This is because the lender is taking added risks by not checking your credit or income tax. How to get around this? It’s easy; hard money to get started and refinance later.
There is one surprise though, private lenders can not promote on their own. It is against the law for a private lender to advertise without a mortgage brokers license and brokerage business licensed, so only do private lending though a licensed mortgage brokerage business. This requires a little study because you always want to deal with a trustworthy business.
I personally commend the the Franklin Karr Mortgage Company. They are a Florida Licensed Mortgage Brokerage Business and Franklin Karr is a FL Licensed Mortgage Broker. He is furthermore a Better Business Bureau member with an A+ Rating. They work only with private lenders and do no
t check credit. He doen’t check credit and only works with private investors in Florida, no banks. I have personally worked with Franklin and his company is top notch.
If you want to purchase, refinance, or build then a hard money lender can help you no matter what the economic situation. Keep in mind the differences between hard money and bank money and you are set. If in suspicion about your mortgage broker always check with the Better Business Bureau to see a company’s rating. Feel free to take advantage of Florida real estate because you can now use a hard money mortgage broker like Franklin Karr who makes it stress-free.