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Posted on October 21, 2009 by justinkunst | Posted under Mortgage Refinance
Hard Money Vs. Bank Money in Florida
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Just because banks aren't lending out money doesn't mean the money lending trade went bottoms up. Smart investors are always searching for places to invest their money into for profit. Financial Instiutions... are not necessarily one of these. It's no surprise they are trying to hang onto their cash like a fat kid's last candy bar. Do not fear, hard money is here. Hard money, or private money, is money loaned by an individual instead of a financial organization. Many loan takers don't even understand how there may be a private lender living in their own neighborhood. Private lenders are like you and me, the only difference is they know how to make their money work for them. Right now hard money lenders are king. Banks are giving money to fewer then 1% of applicants right now. Sizeable areas do not just stand still though, and places like Miami, Florida are doing everything they can to carry on constructing. As an instance, I was hanging out in a print shop when a contractor came in for blueprints. I happened to point out I have a colleague who's a hard money Florida lender and he literally started drooling! His face lit up like a Christmas tree and he asked for my friend's phone number. This type of circumstance is not uncommon, builders still would like to build and individuals still desire to buy or refinance real estate in Florida. There are a lot of advantages to getting a hard money loan. One of the only disadvantages is a higher then prime interest rate. This is as the lender is taking added risks by not checking your credit or income tax. How to get around this? It's easy; hard money to get started and refinance later. There is one catch though, private lenders can not promote on their own. It is unlawful for a private lender to promote without a mortgage brokers license and brokerage business licensed, so only do private lending though a licensed mortgage brokerage business. This requires some research since you always want to do business with a dependable business. I personally commend the the Franklin Karr Mortgage Company. They are a FL Licensed Mortgage Brokerage Business and Franklin Karr is a FL Licensed Mortgage Broker. He is also a Better Business Bureau member with an A+ Rating. They deal only with private lenders and do not check credit. He doen't check credit and only deals with private lenders in Florida, no banks. I have personally worked with Franklin and his business is top notch. If you want to purchase, refinance, or build then a hard money lender can help you no matter what the economic situation. Keep in mind the differences between hard money and bank money and you are set. If in doubt about your mortgage broker always check with the Better Business Bureau to see a company's rating. Feel free to take advantage of Florida real estate because you can now use a hard money mortgage broker like Franklin Karr who makes it simple. Be sure now to Comment below. About The Author: Hard Money FloridaExecutive Assistant Justin Kunst does everything within his power to help people get mortgages in Miami and all of Florida. |
Tags: HARD MONEY FLORIDA, HARD MONEY MIAMI, PRIVATE LENDERS, FL
