Hard Money Lender Pinellas County
Rates Starting at 10%
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-5 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
- St. Petersburg
- Clearwater
- Largo
- Dunedin
- Tarpon Springs
- Seminole
- Safety Harbor
- Oldsmar
- Pinellas Park
- Belleair
- Belleair Beach
- Belleair Bluffs
- Belleair Shore
- Indian Rocks Beach
- Indian Shores
- Kenneth City
- Madeira Beach
- North Redington Beach
- Redington Beach
- Redington Shores
- South Pasadena
- St. Pete Beach
- Treasure Island
Palm Beach Gardens, FL
West Palm Beach, FL
Boynton Beach, FL
Why Use a Hard Money Loan
- When time is of the essence, waiting months for a bank’s loan review isn’t an option. West Forest Capital provides same-day approval for hard money loans in Pinellas County, with funding available in 3-5 days with an existing appraisal and title work. In emergencies, we can expedite funding in as little as 1 day!
- In situations where a property isn’t stabilized, traditional banks might reject financing because of issues such as the need for rehabilitation, lack of a Certificate of Occupancy (CO), or weak rental history. Fortunately, hard money lenders in St. Petersburg and the surrounding area can offer funding solutions for these types of real estate properties when banks are unable to do so.
- Don’t let poor credit deter your real estate investments. West Forest Capital acknowledges that various factors can influence credit scores. That’s why we prioritize the property’s value over FICO scores or metrics like the debt-to-income ratios (in fact we don’t calculate these at all) when assessing loan applications.
- Looking to buy your investment property in an LLC? Traditional banks typically require direct ownership of the real property by the borrower. If you prefer to own the property through an LLC or have too many properties for conventional financing, a hard money loan in Pinellas County, Florida presents an attractive solution.
Why Choose a Pinellas County Hard Money Lender
Operating as a hard money lender in Pinellas County, we pride ourselves on our efficiency and accessibility. With a thorough understanding of the region from St. Petersburg and Clearwater and Largo to Palm Harbor, we navigate Pinellas County with ease. Our track record includes successful private money real estate loans in Tarpon Springs, Dunedin, East Lake, and numerous other nearby cities and towns. In fact, our expertise extends up and down the coast, and across Pinellas County, allowing us to offer the best terms available.
Our services encompass private money and hard money loans tailored to any property type in Pinellas County. Whether you’re in search of a fix and flip lender or require funding for a mixed-use, commercial, or industrial property, we are the preferred choice in Pinellas County.
Financing your Pinellas County Investment Property
Pinellas County’s population growth has led to an influx of businesses, transforming its economic landscape. Once reliant mostly on tourism, the county now benefits from a diverse economy supported by technology, healthcare, and education sectors. Its central location on the West Coast of Florida and proximity to Tampa makes an attractive location. The diversity in housing stock also allows real estate investors to benefit from a wide variety of demand in terms of price range and product. As such, good deals get swept up fast, and having a reliable investment partner is paramount.
Asset-backed Lender Focused on Customized Solutions
Leveraging specialized knowledge in Pinellas County’s realty markets, West Forest Capital provides hard money loans via private funding channels. We structure our loans focusing on the asset’s value, allowing the possibility to completely finance the purchase and renovation costs in select circumstances.
Although our standard loan is one year in term, what is unique to West Forest Capital is our extended three-year hard money loan term, tailored for investors who need a longer period for property stabilization.
To discuss your real estate investment needs in Pinellas County, don’t hesitate to contact us. We engage with both property owners and mortgage / loan brokers.
Frequently Asked Questions
What are hard money lenders?
Hard money lenders differ from traditional banks as they are non-bank, asset-based lenders. Unlike banks, hard money lenders focus more on the property’s value rather than the borrower’s qualifications. This streamlined approach results in a much quicker underwriting process, with loans often funded within a week, compared to the lengthy process typical of traditional banks, which can take 2-3 months or more. Real estate investors, especially those purchasing foreclosures at auctions, frequently turn to hard money lenders due to the need for a swift closing process dictated by auction terms.
Hard money lenders focus solely on providing 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 utilized as primary residences.
How do hard money loans work?
Borrowers who choose hard money loans benefit from the expedited application and funding process, as opposed to traditional bank mortgages, but it’s important to note that this comes with a premium in the form of interest rates between 10-12%. At the outset, these loans also attract 1 to 3 points at closing. The terms are short, usually just a year or two, and comprise two funding stages: one for purchasing the property, accounting for 65-85% of the buy price, and another for any necessary refurbishments, where up to 100% of costs can be covered by the lender. Renovation financing is awarded only when required and paid out in stages following the completion of work. For example, in a scenario where $50,000 is allocated for repairs, the borrower will receive funds in increments, like $15,000 upon completion of each phase of the work. Furthermore, the combined total of the purchase and renovation funds granted by the lender is capped at 65% of the property’s value once repairs are done, known as the “ARV” to maintain a conservative lending approach.
What do hard money lenders look for?
Reserved for LLCs due to their commercial classification, hard money loans exclude individual applicants. Yet, creating an LLC is a straightforward process, even for individuals.
Hard money lenders perform thorough evaluations, contrasting the initial purchase price with the intended future value—ARV—to guarantee loan recovery. A property that mirrors or undercuts the prevailing market price stands a better chance at securing a loan. When loans include funds for renovation, punctuality and adherence to the repair schedule become paramount for lenders. Clear title attainment precedes the release of loan funds.
Lenders seek assurance that the investment’s ARV can absorb all costs, ensuring profitability for the borrower and secure repayment for themselves.
What is hard money used for?
A hard money loan is typically utilized in the following situations:
- Hard money loans cater to fix and flip projects by financing repair-needy properties for resale.
- Secure and upgrade rentable properties with hard money, refinancing them easily once they’re leased.
- Opt for hard money loans to promptly close on properties, especially in competitive scenarios like auctions.
- Receive funding within a week from hard money lenders, reducing the turnaround time compared to traditional banking.
- Optimize your assets’ value with immediate cash-out refinancing via hard money loans.
- Expedite the refinancing of looming mortgage payments by turning to reliable hard money loans.
- Establish property ownership under an LLC by opting for hard money loans when traditional banking is not an option.