Hard Money Lender Collier County
Rates Starting at 10%
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-14 days, although 1 day is possible
- Loan amounts up to $5 million
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Apartments
- Co-ops
- Retail
- Small Office Buildings
- Industrial & Warehouse
- Duplex
- Triplex
- Quadplex
- Mixed-Use
Lending Parameters
| Loan Size | $100,000 - $3,000,000 |
| Loan to Value | Up to 80% |
| Primary Residence | Not accepted |
| Rental status | Rented preferred but not required (can use market rents) |
| Term | Up to 30 years |
| Format | Fixed or Variable available |
| Rate | Varies by product, correlation with Treasury Rates |
| Points | Typically 2% |
Cities Covered
- Naples
- Marco Island
- Everglades City
- Immokalee
- Golden Gate
- Ave Maria
Palm Beach Gardens, FL
West Palm Beach, FL
Boynton Beach, FL
Why Use a Hard Money Loan
- Seeking urgent financing? West Forest Capital streamlines your loan experience with rapid same-day approval for hard money loans in Collier County, ensuring funding is processed swiftly within 3-14 days. For critical financial needs, we may be able to offer a one-day funding if title is already in place and the loan is very low LTV.
- In cases where a property isn’t stabilized, traditional banks may decline financing due to various reasons like the need for rehabilitation, lack of a Certificate of Occupancy (CO), or insufficient rental history. The good news is that we can provide funding for these types of real estate properties when banks cannot.
- Even if you have poor credit, West Forest Capital recognizes that certain life events may have led to a decline in your credit score. Therefore, we prioritize the value of the property over FICO scores or debt-to-income ratios when assessing loan funding.
- Choosing not to obtain a loan under your personal name? Traditional banks typically insist on providing loans only if the property is directly in the borrower’s name. However, for those preferring ownership through an LLC or for individuals with numerous properties beyond conventional bank policies, hard money loans in Collier County present an excellent alternative.
Why Choose a Collier County Hard Money Lender
Are you searching for a dependable hard money lender within Collier County? Our lending services extend from the vibrant streets and beaches of Naples to the communities of Golden Gate. We have a strong track record of delivering private money real estate loans throughout the region, including Pelican Bay, Naples Manor, and beyond. Our in-depth understanding of Collier’s diverse neighborhoods ensures swift financing for your investment property.
Whether you’re tackling a fix-and-flip project or dealing with commercial property, our firm stands ready to offer customized financing solutions throughout Collier County. Our recent success stories include financing unique properties in Marco Island, with expertise even in specialized scenarios involving distressed assets or Airbnb ventures.
Financing your Collier County Investment Property
Collier County’s population growth is on the rise, attracting a diverse range of businesses across various sectors. Tourism, once the primary economic driver, now shares the stage with burgeoning industries like technology, healthcare, and education. Collier County’s strategic position in southwest Florida enhances its appeal. Home to both vibrant streets and charming beaches, it caters to every lifestyle, making it an increasingly attractive destination for real estate investors.
Asset-backed Lender Focused on Customized Solutions
In the dynamic real estate arena of Collier County, our firm, West Forest Capital, leverages private capital to extend hard money lending services. Our loan offerings are primarily driven by property value, enabling us in certain circumstances to finance the entirety of both the acquisition cost and the property improvement expenses.
West Forest Capital is proud to present a unique lending solution with the longest term for a hard money loan in the industry—a full three-year period. This option is perfectly suited for investors who require additional time for property stabilization and serves as an excellent interim financial solution.
For a discussion of your investment property needs in Collier County, please feel free to contact us. West Forest Capital is here to serve both property owners and brokers with their financing requirements.
Frequently Asked Questions
What are hard money lenders?
Hard money lenders provide an alternative source of funding to traditional banking mortgage loans, particularly focusing on asset-based lending. They weigh the potential of the property itself more heavily than the financial history of the applicant, which provides greater lending flexibility. Applications move through the system substantially quicker with hard money lenders, who can fund loans in as little as a week, unlike the protracted processes of conventional banks. This speed is especially beneficial for those investing in real estate, such as foreclosure auction participants who must close deals quickly. Hard money lenders also cater to financing needs that banks might refuse, including properties lacking a Certificate of Occupancy. Plus, they offer financial solutions to those with less-than-perfect credit or those in the process of credit repair, as well as to those seeking to refinance or take cash out from owned property.
Hard money lenders exclusively provide loans for investment real estate and do not offer mortgages for residential purposes. Properties financed by hard money lenders are intended for investment purposes only and cannot be used as primary residences.
How do hard money loans work?
Hard money loans provide a quicker and more accessible financing option than traditional mortgages, which is why they carry a higher interest rate, typically ranging from 9-12%. Additionally, borrowers can expect to pay 1 to 3 points at the loan’s initiation. The loan duration usually spans 1 to 2 years and consists of two segments: the acquisition phase and the rehabilitation phase. For acquisition, you can borrow 65-85% of the property’s purchase price. For property rehabilitation to modernize it, lenders may cover up to 100% of the costs. However, if no renovation is needed, the loan will not include this aspect. Funds for rehabilitation are released incrementally based on the completion of different work stages. Take an example of a $50,000 rehab requirement; after the initial segment of work costing $15,000 is done, the lender reimburses this amount. This process is repeated until completion. The combined amount lent for purchase and rehab is calculated not to surpass 65% of the home’s value after repairs, termed the “ARV”.
What do hard money lenders look for?
Individual borrowers are not eligible for hard money loans; only LLCs can apply as these constitute commercial lending. Creating an LLC is a hassle-free process that can be completed solely by one person if needed.
Hard money lenders deliberate on both the acquisition cost and the potential ARV to secure their loan investment. A property’s eligibility for a loan is heightened when it’s listed at or less than the market value. In scenarios where the loan funds are also earmarked for property repair, lenders ensure that these works stick to the agreed-upon timeline. Clearing any existing liens or judgments is a must before the loan can be given.
The profitability of the borrower’s venture is of central importance to the lender, with the ARV needing to cover not just the costs but also allowing for a substantial profit on the deal.
What is hard money used for?
Common scenarios where a hard money loan is employed include:
- Rapid financing for property purchases traditional banks avoid due to condition or borrower’s credit history, primarily for subsequent selling — often linked with “fix and flip” projects.
- Acquiring and upgrading rentable properties not qualified for regular bank loans. Successful leasing leads to “stabilized” status, enabling refinancing at better rates.
- Securing quick real estate acquisitions like foreclosure auctions where traditional banking processes are too slow, with hard money lenders offering funding within days.
- Quick cash-out refinancing options for immediate financial needs using owned property as the collateral.
- Streamlined refinancing solutions for impending mortgages or for property purchases made with an LLC.