Hard Money Lender Volusia County
Ask about our low rates
- 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
- Daytona Beach
- DeBary
- DeLand
- Deltona
- Edgewater
- Holly Hill
- Lake Helen
- New Smyrna Beach
- Oak Hill
- Orange City
- Ormond Beach
- Pierson
- Ponce Inlet
- Port Orange
- South Daytona
Palm Beach Gardens, FL
West Palm Beach, FL
Boynton Beach, FL
Why Use a Hard Money Loan
- Get funded fast. At West Forest Capital, we provide same-day approval for hard money loans in Volusia County, with funding typically completed within 3-5 days if an existing appraisal is available and title is ready. For emergencies, we can accelerate funding in just 1 day!
- When a property isn’t stabilized or in good condition, traditional banks might decline financing due to reasons like the need for rehabilitation, absence of a Certificate of Occupancy (CO), or insufficient rental history. However, hard money lenders are equipped to provide funding for such real estate properties when banks cannot.
- If your credit isn’t ideal, don’t worry. At West Forest Capital, we understand that circumstances can affect credit scores. That’s why we emphasize the property’s value over FICO scores or things like debt-to-income ratios (we don’t even look at this) when determining loan eligibility.
- If you would like to own the property in an LLC (which we always recommend and require), a hard money loan is a great option. Banks often require you to personally own the property, which is not ideal from an asset protection standpoint. Also, banks may limit how many loans are given to a particular borrower, but there are no such limits with hard money loans.
Why Choose a Volusia County Hard Money Lender
As a hard money lender serving Volusia County, we prioritize efficiency and accessibility. With extensive familiarity stretching from Ormond Beach to Deland, including Port Orange, Deltona, and surrounding areas, we lend throughout Volusia County. Our portfolio includes private money real estate loans in Edgewater, and various other nearby cities and towns.
Our services encompass private money and hard money loans tailored to all property types in Volusia County. Whether you require a fix and flip lender or funding for a multi-family, mixed-use, commercial, or industrial property, we are your go-to choice in Volusia County.
Recent trends indicate heightened real estate investor activity in the area. Leveraging our specialized knowledge of these areas, we excel in financing challenging properties, providing assistance in distressed situations, and offering funding for Airbnb properties.
Financing your Volusia County Investment Property
The population boom in Volusia County has attracted a wave of businesses, reshaping its economic landscape. With tourism now just a portion of the economic engine, the county has diversified, with technology and healthcare emerging as key sectors. Well positioned on the coast and in proximity to major cities, Volusia County is a prime location for occasional commuters. As the desirability of the area has come to light, competition in the real estate investment market has also ramped up. Funding is a critical part of the overall real estate investor picture, and we are here to help you with a hard money purchase or a cash-out refi.
Asset-backed Lender Focused on Customized Solutions
Capitalizing on our intimate knowledge of the real estate market within Volusia County, West Forest Capital presents hard money loans powered by private investments. Our loans are structured around the intrinsic value of the asset, permitting us to fund as high as 100% of the purchase price and rehab costs (please understand this is not a typical loan, but it is possible if the collateral value is there).
Our standard loan is one year in duration, but we can provide loans up to three years, which is ideally suited to investors requiring an extended period for property stabilization. This loan offers a strategic intermediary financing option before seeking a long-term refinancing.
For a comprehensive conversation about your real estate investment projects in Volusia County, please reach out to us. We work closely with property owners and real estate brokers alike.
Frequently Asked Questions
What are hard money lenders?
Hard money lenders, unlike traditional banks, are non-bank asset-based lenders. Their lending criteria prioritize the property’s value over the borrower’s qualifications. This efficient underwriting process allows for quicker loan funding, often within a week, in contrast to the extended timelines associated with traditional bank loans, which can take 2-3 months or longer. Consequently, real estate investors, particularly those acquiring foreclosed properties at auctions, frequently rely on hard money lenders to meet the expedited closing requirements.
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?
The primary appeal of hard money loans lies in their accessibility and speed, contrasting with the longer processes associated with bank-provided mortgages. This is reflected in the higher interest rates attached to these loans, which vary from 10% to 12%, coupled with the points—ranging from 1 to 3—charged upon loan initiation. With a duration that doesn’t usually extend beyond two years, these loans are designed with two principal components: the financing portion for acquisition, which is often set between 65-85% of the property’s acquisition price, and the renovation portion, which may fund up to the entirety of the modernization costs; this is, however, contingent on the project needing renovation. Should there be such a requirement, funds are issued in arrears once a specified stretch of work is finished. For illustration, a $50,000 renovation estimate would result in increment funding, such as $15,000 after the $15,000 work tranche is completed. To mitigate risk, hard money lenders limit the aggregate loan value —the sum of purchase financing and renovation financing— to a maximum of 65% of the enhanced property value, commonly known as the ARV.
What do hard money lenders look for?
Only LLCs, rather than individuals, qualify for hard money loans due to their commercial loan status. Setting up an LLC is a simple task, which you can also do on your own, if necessary.
Hard money lenders critically evaluate a property’s purchase price and anticipated ARV to safeguard their investments. Procuring properties at market value or less weighs heavily during the loan consideration process. For loans encompassing renovation costs, lenders watch closely to ensure renovations meet the established timeline. Ensuring no existing legal claims or issues is vital prior to loan issuance.
Ultimately, the hard money lender’s goal aligns with enabling investors to profit, necessitating a sufficient ARV to comfortably cover the gamut—purchase, rehab, loan interest, and fees.
What is hard money used for?
A hard money loan is commonly utilized in the following scenarios:
- “Fix and flip” transactions: Buy and renovate unbankable properties for resale.
- Rental renovations: Invest in and refurbish properties for rental, followed by traditional bank refinancing post-rental stabilization.
- Timely property buying: Outpace bank loan procedures for time-sensitive real estate deals like auctions.
- Rapid refinancing: Obtain swift refinancing against owned property collateral for immediate funds.
- LLC real estate procurement: Access funds for real estate in LLC names, a challenging task with standard banks.