When a wealthy person or business lends money to another person or business, this is called “private money lending.” The use of private money loans is popular in the real estate industry. Investors can get loans from private money lenders to help them buy and fix up houses to rent out or resell. As opposed to traditional lending institutions like banks, private money lenders enjoy more freedom and leniency in their lending practices. To determine if a private money loan is in your best interests, consult a financial planner.
What is a private money loan
Private money loans are typically short-term loans that are used for real estate transactions such as purchasing an existing property or refinancing an existing mortgage. The majority of the time, it is used to purchase real estate with the intention of turning that purchase into an investment.
Private lenders, as opposed to more conventional banking and lending organizations, make the loans available. Unlike these more established financial institutions, private money lenders have to go through fewer regulatory and administrative hurdles before they can lend money.
In most cases, the duration of a term is 12 months. A loan extension of 2–5 years is possible, though. Naturally, the value of the property being used as collateral determines how much of a private money loan the borrower can obtain. Depending on the circumstances, the property in question may be one that the borrower already owns or one that the borrower intends to buy.
When is the right time to use a private money loan?
If you don’t have the equity to fund a real estate investment opportunity, private money loans can be quite helpful. As the acquisition of financing via conventional means can be time-consuming and fraught with many potential obstacles, these loans can be a useful alternative. And as any savvy property investor will tell you, timing is important.
In addition, there are many distinct types of them, each of which has a certain function.
Where can you get a private money loan in Florida?
First, you should know that traditional lending institutions like banks and credit unions do not provide this kind of loan. Locate a private money lender, also known as an individual investor or a group of investors, Invest in the Florida real estate market with the help of a private loan. If you want help making your goals a reality and realizing your dreams, BridgeWell Capital LLC is here to help you invest in commercial real estate.
BridgeWell Capital: Partners in Florida Commercial Real Estate Investing
Most hard money lenders in Florida and the rest of the US only lend money for residential construction. The few lenders who will consider commercial projects stick to strict rules. These banks are part of Florida’s prime commercial, which is a subset of the retail lending market. People with a lot of cash coming in and good credit can use their services. Also, many prime commercial lenders have a minimum loan amount of $2 million and require their borrowers to live in at least half of the properties they are financing. They won’t give money to properties that are in trouble. Real estate investors in Florida are understandably upset by this change, which has caused them to miss out on a number of good opportunities.
Here, we will discuss how BridgeWell Capital LLC may help real estate investors in Greater Florida with some of the investment opportunities that a prime commercial or institutional lender would not consider.
- It is essential that the work be finished on time, and BridgeWell has the ability to finish in ten days or less. Because you are a direct lender and have capital on hand, you have access to the cash that you need to finance your company.
- The property needs renovation and is either totally or half unoccupied. BridgeWell does not need owner occupancy when funding commercial properties that are either partially or completely unoccupied. A part of the loan might be used to create a Rehab Credit Line for properties that are in distressed or shell condition.
- The Florida property investor does not meet the requirements for conventional financing. When assessing a loan request, BridgeWell takes the big picture into account. A person can still get a loan even if they have bad credit, no W-2 income, or no work experience.
- The amount of the loan sought is significantly lower than two million dollars. BridgeWell Finance provides funding for commercial loans with small balances ranging from $150,000 to $2 million.
- It is necessary to quickly sell off an asset that is currently owned by the company. BridgeWell has the ability to return cash on properties that do not have any liens on them, and they also have the ability to refinance properties that do have liens.
BridgeWell Capital is different from other hard money lenders
BridgeWell Capital is widely considered to be the most reputable and convenient option for commercial real estate lenders in Florida for investment. Some of the distinctive aspects that contribute to this reputation include the following:
Excellence as a Priority:
Those interested in commercial real estate can find the help they need from BridgeWell Capital. Our job is to make sure your investment goes off without a hitch by arranging for suitable funding. We are dedicated to conducting business with the utmost integrity and fairness in the hopes that all parties involved will come out ahead.
We’ve got over 45 years of experience between us, and we’ve already shown that we can reliably fund excellent Florida investment opportunities.
Insurance and Permits:
You can feel safe working with BridgeWell Capital because of its credentials. When will this be important? BridgeWell has been investigated by numerous regulatory bodies to guarantee that our practices are honest and transparent. Our licensed agents are required to renew their NMLS licenses every year, which includes taking a continuing education course and getting fingerprinted and checked twice a year by the FBI. Our bonding and insurance policies both require that we submit audited financials and keep a minimum amount of net worth on hand.
We offer commercial bridge loans to customers in the greater Central Florida metropolitan area, which includes, but is not limited to the following locations: Altamonte Springs, Mt. Dora, New Smyrna, Apopka, Casselberry, Deltona, Dr. Phillips, Eustis, Hunter’s Creek, Kissimmee/St. Cloud, Clermont, Daytona, Debary, Deland, Lake Buena Vista, Leesburg, Melbourne, Ocoee, Florida
For real estate investors, the use of private money lenders is a fantastic business opportunity. Having an experienced asset-based private money lender in Florida can be a good strategic move if you need to move quickly on your investment or if you have financial problems that keep you from getting traditional types of financing.
You are going to need a well-defined exit strategy as well as the ideal property in order to put private money to work for you. However, other than that, you should consider adding them to your investment portfolio as another building block or the first stepping stone.
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