BiggerPockets

Have been looking for a hard money lender in Fl and have found a lot of lenders aren't doing single family under $250k anymore. We are a General Contractor in Tampa Bay and financed our first flip out of our own pockets, acq date: 4/1 for $24k, 40 days reno at $30k, closed cash for $79k on 6/16. We have two more deals under contract with better margins and are looking for hard money lenders to fund these deals, have good credit, income, etc.

There were a number of HMLs before the crash of 2008, but many went out of business and others are much more restrictive on loans. what makes florida a difficult state for HMLs is that it is a Judicial foreclsoure state, i.e. a lender must go to court to foreclose. This of course costs more, takes significantly longer, and is much less desirable than a state where a trustee can close without judicial proceedings.

There are quite a few actually, as long as you have "skin in the game".

The buyers that I deal with that are using hard money are typically still putting 35% down into the transaction. Of course that's better than 100% of your money tied up in the deal.

I can pass along names and phone numbers if you shoot me an email.