Five Stars has been serving Jacksonville's Hard Money needs since 2006. As a leading provider of Hard Money in Florida, Five Stars believes that Hard Money loans provide an important niche for real estate investors in Duval, Clay and St. Johns County. Below we will discuss some important information real estate investors should know when picking a Hard Money provider.
First, a Florida Hard Money Loan is a specific type of asset based mortgage financing in which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are generally geared towards Florida investors that purchase, rehab and / or flip houses. Hard money loans are much more streamline and don't require jumping through all the "hoops" of conventional bank financing. As a result, hard money loans typically come with interest rates than conventional loans and are primarily based on the future value of the asset rather than the current value.
When looking for a hard money lender, prepare to deal locally as many Hard Money lenders like to "touch and feel" the property they are lending on in person. Five Stars is a local Florida based Hard Money loan provider serving Jacksonville, Orlando, Tampa, Miami and all stops in between. As with any financial transaction, practice extreme caution when dealing with Hard Money companies, especially those out of state. Fraud and predatory lending can be an issue with certain so called Hard Money providers.
At Five Stars we offer a verify of different loan options depending on your needs. Are you looking to fix and flip? Keep the property long term? , etc. Most of our terms are really safe and secure especially by Hard Money standards. We offer many options that are 5 year balloons with 30 year amortizations and no pre payment penalty. Interest rates generally run about 7-12% depending on the situation and most importantly loan to value. Our max loan to value (LTV) as of 2015 is 80% again depending on the scenario. Some situations can require more equity. All programs are streamlined documentation, after all that is the primary reason for doing Hard Money in the first place.
If you are a Florida investor and want to discuss a Hard Money scenario, please contact us 7 days a week. For quick service please submit the short Request Info Form here.
Please also be sure to visit www.FiveStarsMortgage.com or call ph: 800-871-2636 for more details.
Serving all Florida real estate investors in Jacksonville, Miami, Tampa, St. Petersburg, Orlando, Hialeah, Fort Lauderdale, Daytona Beach, Flagler Beach, Cocoa Beach, Kissimmee, Coconut Creek, Cooper City, Coral Gables, Virginia Gardens, Trenton, Treasure Island, Panama City, Sunny Isles Beach, Delray Beach, Jupiter, La Belle, Lantana, Kenneth City, Seminole, Ormond Beach, Fruitland Park, Atlantic Beach, Bradenton Beach, Fellsmere, Gulfport, Bowling Green, Miami Springs, Tallahassee, Cape Coral, Pembroke Pines, Naples, Sarasota, Brandon, Miami FL
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