Renovation Loans In Miami
Rates Starting at 10%
West Forest Capital is a renovation lender, financing real estate investments up to $5 million. We have gained a reputation as the fastest renovation lender because we know how critical each day is in the competitive real estate market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-12 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 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
West Forest Capital lends in the following counties:
- Broward County
- Collier County
- Duval County
- Hillsborough County
- Martin County
- Miami-Dade County
- Orange County
- Palm Beach County
- Pinellas County
- Volusia County
Recently Funded Investment Property Renovation Loans
Play Video about Recently Funded Loans
Jersey City, NJ
Play Video
Newark, NJ
Play Video
Elizabeth, NJ
Why Use a Renovation Loan
- If You Need Rapid Funding: Unlike traditional banks that may take months to process your loan application, West Forest Capital offers same-day approval for investment property renovation loans, with funding available in just 3 to 12 days. In urgent cases, we can even provide funding within 24 hours.
- Because the Property Requires Renovation: Traditional banks often shy away from financing properties that need rehab, lack a Certificate of Occupancy (CO), or have other issues. West Forest Capital specializes in funding investment property renovation loans for properties that do not meet standard banking criteria.
- If You Have Less-Than-Perfect Credit: We understand that situations come up in life that might impact credit. That’s why we focus on the property’s value rather than your credit score when underwriting the loan.
- It’s Investment Real Estate: Typically, banks require loans to be made to individuals. But you are renovating your investment property and it should be treated as such by being in an LLC. This way, you get all of the benefits of owning an LLC, and the renovation loan is structured as a business-purpose loan to your LLC.
Why Choose Us For Your Renovation Loans
We’re passionate about supporting real estate investors with their renovation projects, providing specialized renovation loans tailored to meet your project’s unique needs. Our expertise spans beyond local regulations; we understand the critical elements involved in planning, budgeting, and structuring renovation financing for properties in various markets. With experience working alongside contractors, navigating permit requirements, and coordinating with city inspectors, we’re prepared to guide you through the entire renovation loan process. Let us be your trusted partner, helping you bring your investment properties to life with confidence and ease.
Finance Your Renovation Property
The market for renovating properties is strong, with high demand and a solid supply of homes ready for improvement. This setup offers a promising opportunity, with attractive spreads between purchase prices and renovation costs.
However, this active market also brings competition, as many real estate investors want to capitalize on these opportunities. Our team at West Forest Capital is here to help you gain an edge with committed, cash-equivalent capital and make sure your renovation process is as seamless as possible. Let us support you every step of the way to help make your project a success.
Asset-backed Lender Focused on Customized Solutions
We are guided by the current “as-is” market value, the renovation costs, and the “after repaired value.” We are easy to work with and typically provide a large amount of the purchase price and 100% of the rehab costs. We are also flexible: if you do the construction out of order from your original schedule, or have a budget overrun, we will work with you to make sure your renovation project is successful.
West Forest Capital also offers the longest hard money renovation loan available on the market (2 years), which is a great option for those projects that may take a bit more time.
Call us today, and let’s talk about your loan scenario. Most likely, we will be able to fund you.
Frequently Asked Questions
What are renovation lenders?
West Forest Capital in Miami specializes in asset-based loans for investment property renovations, meaning we lend based on the property’s value, not your credit score. This makes us a great option for investors needing quick access to funding. Our process is simple and fast, offering loan approvals and funding within a few days, making it perfect for properties that need rehab or are lacking a Certificate of Occupancy.
How do renovation loans work?
Getting a renovation loan with us is straightforward. Interest rates typically fall between 9% and 12%, with additional fees at closing. We offer financing for up to 85% of the property’s purchase price and 100% of the rehab costs, with funds released as work progresses. The loans are designed to be short-term, keeping the total financing below 65% of the after-repair value (ARV).
What documents or information will I need to provide to get pre-approved?
To get pre-approved, we’ll need property details, the purchase price, your renovation budget, and an estimated ARV. Unlike traditional loans, we’re more concerned with the property’s potential value than your credit score. Having your latest financial statements and proof of LLC ownership will help speed things up.
What do renovation lenders look for?
At West Forest Capital, we lend primarily to LLCs, focusing on both the purchase price and the ARV to ensure the investment’s viability. Key factors we evaluate include purchasing properties at or below market value, sticking to a rehab schedule, and having a clean title. Our primary goal is to support you in making a profitable investment with a higher likelihood of loan repayment.
What is a renovation loan used for?
Our renovation loans are designed for real estate investment scenarios where conventional banks may not be the right fit. Whether you’re renovating properties to sell, rent, or purchase real estate quickly at auctions, our loans give you the flexibility and speed you need. They are also great for cash-out refinancing, refinancing current mortgages, or purchasing properties under an LLC—options typically unavailable through traditional banks.
How is the home renovation loan budget assessed and approved?
We evaluate your rehab budget to ensure it aligns with your property’s improvement plan and estimated ARV. We fund 100% of the rehab costs if they meet our guidelines. If any unforeseen expenses come up during the renovation, we can work with you to adjust the budget, providing flexibility that’s often not available with traditional loan options.
What should I consider before applying for a renovation loan?
Before applying for a renovation loan, you’ll want to assess the property’s potential and ensure you have a detailed renovation plan in place. At West Forest Capital, we evaluate the project’s profitability and feasibility. It’s also important to understand the loan terms, so you can align them with your project’s timeline and budget.
How quickly can I access funds once approved for a renovation loan?
After approval, funds are typically available without delay. This quick access to capital allows you to proceed with purchasing and renovating the property without unnecessary waiting. Our fast funding process is a key factor in our popularity as a renovation lender in today’s real estate market.
Can I apply if I have had credit issues in the past?
Yes, we accept applications from individuals with credit issues. While we do review your financial history, we don’t have a strict credit score minimum. Our primary concern is the strength of the property’s ARV, allowing us to work with investors who may have experienced credit challenges.
Do I need to have an LLC before applying, or can I set one up after loan approval?
You will need to have your LLC set up before we can close on the loan. Since our renovation loans are considered business-purpose loans, they are available only to LLCs. If you prefer to pursue other financing options, such as personal loans or home equity lines, they don’t require an LLC, but they offer limited funding and flexibility for investment properties.
Can I use the loan to finance renovations for rental properties, or is it only for properties intended for resale?
Yes, our renovation loans can be used for both rental properties and properties intended for resale. Whether you are preparing a property for tenants or upgrading it for a potential sale, our loans provide the flexibility and support required for both scenarios. Personal loans or home equity lines may not offer the same level of financing for investment properties.
