Florida Mortgage Corporation offers
a number of Hard Money loans for Florida property. Florida
Mortgage Corporation will consider most situations and give you a prompt answer.
We specialize in a wide range of credit score and
non-credit score driven residential and commercial loan products.
Corporation offers immediate approvals and fast closings. Our professional staff
of experienced loan consultants in Hard Money loans will be happy to discuss any
problem and will make every effort to make it 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.
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.
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.
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
- Cash down payment based on Purchase Price and NOT
Purchase ▪ Refinance
Bad Credit History - Not A Problem
Bankruptcy - No Problem
Foreclosure - No Problem
Seller Held Second Mortgage - OK
Cash Out Refinance - OK
Construction Loan - New & Existing ( Run Out Of Funds? )
Fixed & Adjustable Interest Rates
No IRS 4506 Form To Sign - None
Loan Amount: Up to Five Million Dollars
Rehab Loan - Call for Details
No Money Down? - Seller
Can Hold Second Mortgage