Florida Mortgage Corporation offers
a variety of Hard Money loans.
We specialize in a
wide range of credit score and non-credit score driven residential and
commercial loan
products.
Florida Mortgage
Corporation offers immediate approvals and quick closings. Our professional and
experienced hard money/hard equity loan consultants will be happy to discuss any
problem and will make every effort to make those difficult deals work.
The Buyer must have a "CASH"
down payment to be Eligible for a Hard Money loan regardless of appraised value.
Typically, a 40-50% CASH down payment based on the Sales Price.
The "EQUITY" in a home belongs to
the existing homeowner and NOT to the Buyer. The current value of the
home belongs to the existing homeowner and NOT the Buyer.
RESIDENTIAL & COMMERCIAL
Until
recently, many Hard Money lenders were willing to base their LTVs
on property appraised value, rather than purchase price. As the
market continues to contract, this practice has become almost
non-existent. The logic behind this change is simple. Properties being
sold far below appraised value are typically distressed sales. If
a hard money lender ends up foreclosing on a property, they need to get
it off their books as soon as possible. This means they will be in
the same position as the bank who is selling the distressed property.
To a hard money lender, a property is only worth what they know they can
liquidate it for. If the bank is liquidating a property for
$50,000, a hard money lender has to assume this is the same threshold
where they would be able to liquidate the same property.
The
PURCHASE
Price is the guideline. This means the
Loan-To-Value (LTV) is based on the purchase price and NOT
the appraised value. The rule of thumb has always been, purchase
price or appraised value, WHICHEVER IS LOWER.
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Seller Financing:
If you have a
cooperative "Seller", we will allow the "Seller" to
hold a 2nd mortgage (Seller held 2nd), in combination with our 1st
position mortgage, up to a combined maximum of 90% CLTV. In all cases, you
must have at least 10% of your OWN funds in the
transaction.
PURCHASE
- Cash down payment based on Purchase Price and NOT
Appraised Value
Purchase ▪ Refinance
▪ Cash-Out Refinance
Commercial Hard Money
Bad Credit Not A Problem
Bankruptcy - OK
Foreclosure - OK
LAND
Seller Held Second Mortgage - OK
Cash Out Refinance - OK
Construction Loan - OK
Fixed & Adjustable Rates
No IRS 4506 Form
Up to Five Million Dollars Loan Amount
Rehab Loan
Seller Financing:
If you have a
cooperative "Seller", we will allow the "Seller" to
hold a 2nd mortgage (Seller held 2nd), in combination with our 1st
position mortgage, up to a combined maximum of 90% CLTV. In all cases, you
must have at least 10% of your OWN funds in the
transaction.
Bad Credit
Mortgage - Click Here (For Not Perfect Credit)
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