When I moved to Florida, I planned to spend my golden years enjoying a laid-back life in Orlando. Little did I realize that my idle life would push me to start a new career. One thing led to another and soon I was a professional real estate investor, making my own hours. It’s been a few years since, and I wouldn’t change a thing. That’s why I spend a good chunk of my time now advising others who are feeling done with retirement for a second career.
Time and again, the major concern I hear about this new career is about funding. They do not want to exhaust IRA funds for investments. Traditional loans such as Fannie Mae Homestyle or the 203(k) are off-limits because their timelines are too long. They are looking for investment property lenders in Florida to meet their investment goals. Luckily, I can tell them just where to look.
Funding Deals With Investment Property Lenders in Florida
Thankfully, there are plenty of hard money lenders to choose from. But, some are better than others. You’ll find some that cater to wholesalers and others who are happy to fund fix-and-flip deals. But, before taking the time to send in an application though, you should get to know some of the terms the best ones offer.
Here are the Florida investment property lenders that I’ve worked with and trust.
While RCN Capital has a range of loan products, I especially like their options for fix-and-flip deals. As a new investor, you do need at least two fix-and-flips in your portfolio in the last three years to qualify for a loan. Though the terms are more favorable for experienced investors, you can get 100% funding on renovation costs even if you are new to the industry, if the loan to value (LTV) does not exceed 70% of the after repair value (ARV). The loan term is a fairly standard 12 months but they offer an option to extend it for another six months.
RCN Capital is a great option for experienced investors as we can qualify for a cool 8.25% interest rate. With the interest charged only on the outstanding balance, you can benefit by finishing the repair works quickly and prepaying the loan amount without being penalized.
Finance of America
The best part about the Finance of America is their low-interest rates, starting at 6.75% and depending on loan-level pricing adjustments. With a standard loan term of 12 months, you can get a maximum loan amount of $1 million. The fix-and-flip loans fund 100% of repair costs, not exceeding 90% of the loan to cost (LTC) and 85% of the purchase.
While you do need to have rehabbed and sold at least three houses to qualify, Finance of America’s loan options don’t necessarily cut out investors who haven’t yet solidified their professional business. They will fund both individuals and LLCs. And, and a nice perk, the loan can cover soft costs like contractor’s fees and permits.
If you’ve got leads, LendingHome has the funds. They can help you scale your real estate investing business by funding multiple deals simultaneously. And, even though they are practically your neighbor here in the Sunshine State, they have nationwide reach. So, if you find a virtual wholesaling deal in NY that you can’t pass up, they are able to partner with you on that, too.
When you’re working all those deals, speed matters even more. That’s why it’s a great benefit that LendingHome is also fast. They can get you the funding in just five days.
For each of these investment property lenders in Florida, if you can show that a deal holds the potential for solid ROI, they will find a way to work with you. But, when you’ve got deals to work, you won’t have time to sort through all the options they offer. It’s much easier to do it in a ‘one-stop shopping’ style.
One-stop Shopping For Funding Investment Deals In Florida
In this business, time is money. I grew my real estate investing business by not wasting either. To make the most of them, I found the most efficient and effective way of getting investment property funding for all my Florida deals. You see, as an independently owned and operated HomeVestors® franchisee, I have access to a proprietary tool.
This online platform in UGVilleSM allows me to simply input my deal on my iPad and very quickly, I have funding offers coming in on my qualifying property purchases from the Florida investment property lenders mentioned above and more. They are some of the best hard money lenders in the state, and they plainly let me know their terms. Since I’m pre-qualified as a HomeVestors® franchisee, I get to pick the offer that best suits my deal.
If you’re ready to qualify for the best investment property funding here in Florida, too, contact HomeVestors® today to get more information about franchise opportunities.
Each franchise office is independently owned and operated.