The real estate market in Florida has expanded substantially in the last few years. Especially in the multi-plex field. Apartment complexes are selling quickly and people are missing out on the opportunities and why? Getting quick hard money quickly can be a problem. The situations where you need it can be many. For example maybe you need to close fast on a new purchase. Conventional lenders can take as long as six months before they are ready to disburse.
TempBridge Offers you Best Private Lender Florida Service.
Best Private Lender Florida: This is where a private lender can be of assistance. A private hard money lender is generally quicker with conditions that are less onerous than convention banks or using a Fanny Mae/Freddy Mac backed mortgage. No a private lender will not lend on future value. What they will do though is lend you the money you need to acquire the property, or during your transition period, and allow you to repay the loan in a shorter period of time without heavy penalties.
For an example you have purchased a commercial building that needs some upgrades and the upgrades will give you a better quality of tenant and much higher revenue. You go to your bank but they want to lend you 75% of the current value and for a minimum of a five year term. Should you repay the loan early the penalties can be outrageous. Yet you know that within one year you can finish the upgrades and rent to a much higher quality of tenant for double what the revenue was before. So what can you do except either be stuck with a lot of capital invested in a property that could be used elsewhere, or pay a huge fee to cancel the mortgage.
The answer is a private hard money lender. Yes their rates are higher, but the term is much shorter. Once your work is completed and you have doubled your revenue you then go to the conventional lender and lock in long term at a lower rate, and repay the private lender for a fraction of the fees you would have had to pay to a conventional lender for the same service. The needs are different and Bankers are just too ridged to adapt to those needs. TempBridge can help fill that need. We are a hard money lender with experience in the Tampa market. Being property owners in the area the principles of Tempbridge are well aware of the difficulties you face and we are here to help. Speed, efficiency and experience are what TempBridge offers to you, along with the flexibility not offered by conventional lenders.