Private Money Lenders West Palm Beach
Rates Starting at 10%
As a direct lender, West Forest Capital specializes in financing real estate investments. We understand the urgency of the competitive real estate market and pride ourselves on being the fastest private money lender in the state.
Key Features:
- Direct lender, not a broker
- Same day pre-approval
- Funding typically provided in 5-12 days, with the potential for 1-day funding
- Loan amounts available 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 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Counties Covered
Recently Funded Hard Money Loans in Florida
Palm Beach Gardens , FL
- Location: Palm Beach Gardens, FL
- Purchase Price: $325,000
- Rehab Budget: $65,000
-
Loan Amount: $243,750 at Closing
+ $65,000 Rehab = $308,750 - ARV: $525,000
- Exit Strategy: Sale
- Investor Capital: $81,250
- Equity Created: $135,000
- Investor Return on Capital: 166%
Our client is an experienced investor in the Palm Beach County area and found this off-market home after contacting homeowners in the vicinity of another project. While the home was livable, it was not updated, and needed significant repairs (kitchen, floors, bathrooms, paint, roof, HVAC). Utilizing a Palm Beach County hard money loan in Palm Beach Gardens, our client completed the work and sold the home in a 9 months period, yielding nearly a 200% gain on his original investment.
West Palm Beach, FL
- Location: West Palm Beach, FL
- Purchase Price: $290,000
- Rehab Budget: $30,000
-
Loan Amount: $232,000 at Closing
+ $30,000 Rehab = $262,000 - ARV: $400,000
- Exit Strategy: Rent & Refinance
- Investor Capital: $58,000
- Equity Created: $80,000
- Investor Return on Capital: 138%
This was our client’s first real estate deal. Our client sought to take advantage of the momentum in West Palm Beach’s real estate market and anticipated rent increases in the area. Although this was a new real estate investor, they received 80% of the purchase price and 100% of the rehab costs. As a local Palm Beach hard money lender in West Palm Beach, we were comfortable that our client was buying below market in this building. After doing cosmetic repairs (primarily removing the carpet and updating the kitchen), our client found a great tenant and refinanced into a rental loan.
Boynton Beach, FL
- Location: Boynton Beach, FL
- Purchase Price: $437,500
- Rehab Budget: $55,000
-
Loan Amount: $339,000 at Closing
+ $55,000 Rehab = $394,000 - ARV: $570,000
- Exit Strategy: Sale
- Investor Capital: $98,438
- Equity Created: $87,500
- Investor Return on Capital: 89%
Our client obtained a Palm Beach County hard money loan in Boynton Beach to booster his offer for the property which beat out several other offers with conventional financing. After the needed repairs were completed, the exit strategy was flexible: either a sale or a conventional refinancing once the property was stabilized and rented. Ultimately, our client came across another fix and flip opportunity and elected to sell the rehabbed original property to raise cash for a down payment on the next deal.
Why Use a Private Money Loan
- Get Funding Fast: At West Forest Capital, we offer same day private money loan approval and funding within 3-5 days. In emergency situations, we can even fund in just 1 day!
- Finance Challenging Properties: If your property requires rehab, is missing a Certificate of Occupancy (CO), or lacks a strong rental history, traditional banks may not finance it. But don’t worry, West Forest Capital specializes in funding properties that banks won’t.
- Poor Credit? No Problem: We understand that life can throw curveballs that impact your credit score. That’s why at West Forest Capital, we prioritize the value of the property over your FICO score or debt-to-income ratios when considering funding a loan.
- Expand Your Options: If you prefer to own a property in an LLC or if you own too many properties for a bank to finance you individually, a private money loan from West Forest Capital is the perfect solution. Don’t limit yourself when it comes to property ownership.
Why Choose a West Palm Beach Private Money Lender?
In 2013, we started our lending journey and are proud to be a local private money lender in the state. We have extensive knowledge of the rent regulations in Elizabeth, Rahway, and West Palm Beach. If necessary, we can guide you through the permit application process in Planview, Jersey City, and Union City. We are well acquainted with the distinctions between the Oranges and can give you an authentic description of the Jersey Shore. Additionally, we have a beloved pizza spot in Passaic.
Financing your West Palm Beach Investment Property
Asset-backed Lender Focused on Customized Solutions
At West Forest Capital, we specialize in providing private money financing for fix and flip projects in the market. Our expertise allows us to create unique and tailored loan solutions to meet your needs. We base our funding on the value of the property, meaning we can even finance more than the total purchase price and rehab costs in some cases.
Additionally, we offer the longest private money loan available on the market – a three-year term. This makes it ideal for investors looking to buy and hold properties.
Contact us today or apply for a loan to take advantage of our services.
Frequently Asked Questions
What is a private lender?
Private money lenders, unlike traditional banks, are asset-based lenders who focus more on the property itself and less on the borrower. This means that their loan requirements and lending criteria differ significantly from those of banks. The advantage of working with a private money lender is that the loan process is much faster, often taking only a week to fund, compared to several months with a traditional bank.
Real estate investors who purchase foreclosures at auctions often rely on private money lenders due to the quick closing requirements of these auctions. Additionally, private money lenders are willing to fund loans on properties that traditional banks wouldn’t, such as those without a Certificate of Occupancy.
Private money lenders are an ideal choice for individuals with poor credit or those looking to rebuild their credit, as they are more lenient with credit scores. They also offer loans for refinancing existing lenders or as a way to access cash from a property.
It’s important to understand that private money lenders only provide loans for investment real estate, not for residential purposes. Meaning, you cannot live in a property that has a mortgage from a private money lender.
How do private money lenders differ from banks and credit unions lending for real estate investing, and what are the pros and cons of using their services?
What are the qualifications for a private money loan?
Get funding for your real estate rehab projects with private money loans. No credit score or income requirements. Here are the qualifications:
- Down Payment: Use the property as collateral with a down payment ranging from 20% to 40%. For a $400K residential property with a 75% LTV ratio, you’d need a $100K down payment.
- Appraisal: Ordered by West Forest Capital.
- Insurance Policy: West Forest Capital as the loss payee and additional insured.
- Builder’s Risk Insurance: For extensive rehab projects.
- Lender Title Insurance: West Forest Capital as the beneficiary.
- Credit Score: Projects can still be funded with a credit score below 600.
Can I get pre-approved for a private money loan?
Get pre-approved today! Call 212-537-5833 or text 917-267-9523 for a pre-approval letter on the same day you apply.
What can private money loans be used for?
Private money loans offer flexible financing options for various real estate needs. They can be used for:
- Acquiring and renovating properties that traditional banks won’t finance, whether it’s due to your credit or the property’s condition.
- Quickly refinancing an existing mortgage on a property that is nearing its maturity date.
- Obtaining immediate cash-out refinancing by using an already-owned property as collateral.
- Financing real estate transactions that require a fast closing, which traditional banks may not be able to accommodate.
- Acquiring a property under the name of a Limited Liability Company (LLC). Since traditional banks often don’t extend loans to LLCs, a private money loan can be a suitable alternative.