Florida has many hard money lenders. Some are in business for years. Others are brand new. Some are limited to Florida. Others are national. No matter where you live there are some important things to keep in mind when shopping for funds.
Although it may seem strange to shop for funds, smart investors know that funding costs can be as variable as other products. You can also hire South Florida's #1 hard money lender for private money lending.
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You should be cautious if you use the internet to search for a Florida hard cash lender. Before you give out any personal information, make sure it is a legit business. You must ensure that the form you fill out is secure.
This can be identified by the "https", at the end of the URL. It is not the normal http. You should ensure that they have a telephone number and a business address.
You should look for one that is transparent about their payment plans and what fees they charge. You should also be aware of fees for early repayment. Florida hard money lenders can charge whatever they wish.
Private lenders cannot charge more than 3% of the loan amount for early repayment. This is contrary to state regulations. These fees are not protected by Florida law. It is likely that you will be shocked at how high these fees can vary.
A lender that charges no fees for early repayment is your best option. You will make more money if you sell the property faster than you can pay the lender. However, if you have to turn in the property quickly, you may not get much.