Recommendations for a hard money lender in Florida?

Question

Any recommendations for lenders that would consider loans as small as 50k-80k on some properties in Jackson County, Fl. No current liens but these properties have tax deeds, not warranty deeds if that matters.

thanks

Levi

thanks

Levi

Jason Taken · Answer

We're direct in Florida. No minimum loan amount. Hard Money Loans in Florida all day. No Appraisal.

Edwin Epperson · Answer

@Levi Collins what is your purpose for the property?

Will you live in it?

Will you purchase it in your personal name?

Are you looking for a loan longer than 12 months?

If you answered NO to all of these I may be able to help.  Please reach out if this is an investment property, and you plan on purchasing to flip or refinance within 12 months.

Michael Kinsella · Answer

Any recommendations for lenders that would consider loans as small as 50k-80k on some properties in Jackson County, Fl. No current liens but these properties have tax deeds, not warranty deeds if that matters.

thanks

Levi

That as-is value is going to make obtaining financing more difficult for sure.

Financing options drop off pretty steeply below a certain dollar amount because foreclosure costs for lenders can be significant.

Your best bet may be to connect with some local private lenders (local investor meetups/referrals are a good starting point for this) or local banks.

Mike Klarman · Answer

Most lenders like to see an as-is of 100k.  Finding lenders in this price range can be a long search.  Lots of times, because the loan amount is so small, they will charge extra points to pad their fee.

Erik Estrada · Answer

Yes. There are some hard money lenders that do not require an appraisal, rates range from 7-9%, and at 65-70% LTV. Alternatively there are also asset based lenders that do not require DSCR calculation or income verification, that can be less costly than hard money, and fully amortizing. Either or might benefit you. Just PM'd

Jessyka Mathews · Answer

You have some options for hard money for sure and even more for private. I had a client of mine go hard money and than he refied 6 months later out of the hard money loan. Loan amount is low enough but be prepared for higher rate and sometimes pay a flat fee for the loan. Or try to go seller financed.

Levi Collins · Answer

@Wayne Brooks What about a tax deed certification service? Such as Cleartosell or TaxTitleServices. Have you had any experiences with either of these companies?

thanks,

Levi

Wayne Brooks · Answer

@Levi Collins Unless the tax deeds have had a Quiet Title action done, or you’ve had them over 4 years….No.

Dave Spector · Answer

@Levi Collins: As long as the tax deed clears title process, that should not be an issue. However, many private lenders have minimum loan criteria.