FAST DECISIONS
Our Private Lenders are experienced decision makers who can close loans fast, often in 7 days!
Provisional approval in one business day
Final approval in one business day after receipt of independent appraisal*
OUR HARD MONEY LOAN PROGRAM
Fix & Flip Loans
Fix and Flip Loans for short-term finance of a property purchase where the property needs renovations before eventual resale at a profit after the completion of work.
Ground Up Construction
Ground Up Construction loans for experienced developers or builders who are looking to finance the build of a single or multi-family home.
Commercial Bridge Loan
Commercial Bridge Loans for short-term purchase or refinance of a property to quickly take advantage of an opportunity until permanent long-term financing is available.
Experienced Real Estate Investors preferred with good to excellent credit
Our Lenders loan locally in Tampa, Florida, in Hillsborough County and also Pinellas County
Requirements
- Minimum loan $175,000
- Single family homes preferred
- Put 5% cash down plus closing costs and an appraisal*
- Maximum 65% true, current loan to value
- Up to 100% of rehab costs financed
- 24-month loan paid monthly, then balloon
- Zero monthly payment option with all interest paid at payoff
- Option to extend loan for a further 12 months with 1% increase in interest rate
- No pre-payment penalty**
- NO Points. NO Admin Fees and NO other Lender Upfront costs
- No Broker Fees or Commission Payable to us
* Appraisal by an independent licensed Florida appraiser approved by us.
** No pre-payment penalty but must earn 3 months interest minimum. If you want to flip the house, you can either make 3 payments and wait 3 months or flip it sooner and make up the difference at closing.
PRIVATE LENDING FAQ
Who are Hard Money Lenders?
Hard money lenders are often individual private investors or a company who specialize in loans to real estate investors, such as those who buy, rehab and flip real estate. Tampa Bay Financing work with a panel of private hard money lenders providing fix and flip Tampa Florida hard money loans.
Our lenders have over 30 years experience in the Tampa area and know the potential of fix and flip real estate investments.
What are Hard Money Loans?
Hard money loans are different to conventional mortgages, as they are provided on the value of the underlying collateral meaning they are asset based loans. We only broker commercial Florida hard money loans that will NOT be a primary or secondary residence.
Our Lenders will loan to an LTV of 65%. Their decision is based on what equity there will be in the completed property.
Who are typical borrowers?
Our typical applicant is an investor who plans to purchase, rehab and flip real estate. Or, an investor who purchases a property, fixes it up and then rents it, before refinancing with conventional financing once the work is complete and a tenant is in place.
Should I be wary of Private Finance?
For the right investor, hard money loans can make all the difference between a profitable deal and no deal. Our underwriting criteria mean that if we agree a loan with our panel of lenders, both you and your project are suitable for such a loan.
The key is investment potential, not only for the investor but the private mortgage lender. Hard money loans are unlikely to be suitable for longer term residential owner occupied properties.
What's the difference compared to a Conventional Bank Loan?
In a word time! Hard money lenders can review a deal and agree financing much faster than a conventional bank. If you are an investor with a potential purchase, it might be long gone before a traditional bank has even made a preliminary decision. It can take 60-90 days for a conventional bank to fund a commercial loan.
We are agile and understand that speed is critical.
The second reason that time is important, is that the investor may only need the financing for their investment property for 6 months to 2 years, which is a short term timeframe a traditional bank may not provide.
A conventional bank may also not fund a property needing a full rehab, whereas hard money lenders will consider what the rehab and resale plan for the property is as the loan is asset based.
There is also far less paperwork, typically an appraisal, title insurance, hazard insurance and a credit report are all that is required along with the mortgage and note.
At Tampa Bay Financing, you will have a dedicated contact person.
Why do I need a recent Appraisal?
A recent independent appraisal is essential, as it provides our lenders with confidence of the value of the property and its LTV which allows them to better manage their risk.
In order to make money on a real estate investment, it is essential it is purchased at the right price for it to have any chance of future success!
What fees are there?
Hard money lenders typically charge a premium compared to conventional banks and often charge an origination fee of 2-4% of the amount of the loan. There will likely be other fees such as application, admin and loan processing fees. The interest rate will also likely be higher.
Tampa Bay Financing do NOT charge ANY Origination fees or points and there are NO hidden charges. Our typical interest rate is 9%. There are NO Broker Fees or Commission payable to us.
Tampa Bay Financing are Commercial Hard Money Mortgage Brokers working with select Private Hard Money Lenders in Tampa, Florida.
4532 West Kennedy Blvd
Unit 267
Tampa, FL 33609
Hard Money Loans
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