A hard money loan is a workable option if money is needed quickly for less time than a conventional loan. Often, borrowers prefer a hard money loan when they want to buy a property for a quick turnaround. A few of the factors affecting the loan and the approval odds include the amount of the property's equity and the repayment plan. Another factor that is often taken into account is the appraisal.
Fort Lauderdale, FL -- (SBWIRE) -- 08/21/2020 -- An appraisal is fairly easy to understand. Property value is calculated by taking into account the sales of neighboring properties. A broker's valuation may also be used for pricing. Searching for a broker with a strong reputation offering honest recommendations to ensure full accuracy is a wise decision. When you want to make sure the price is accurate and realistic, you can consider reviewing the original appraisal by another appraiser.
If an estimate suggests that the value of the property will grow after the loan has been approved and the planned repairs are completed, it is more likely that a hard money lender will provide funding. Conversely, if the calculation shows that the property's value won't dramatically increase, the chances of approval may be diminished.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on hard money lenders Miami or Orlando hard money lending, please call 954-816-0388 or fill out the application.