Hard Money Lender West Palm Beach

Rates Starting at 10%

West Forest Capital serves as a hard money lender in West Palm Beach, offering financing for real estate investments of up to $3 million. Known as the fastest hard money lender in Florida, we understand the importance of efficiency in West Palm Beach’s competitive real estate market, ensuring prompt transactions for our clients.

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

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%

Towns Covered

West Forest Capital lends in the following municipalities/towns in West Palm Beach:

Palm Beach (town)
Palm Beach Gardens
Lake Worth
Wellington
Royal Palm Beach
Greenacres
Riviera Beach
Jupiter
Boynton Beach
Delray Beach

North Palm Beach
Lantana
Juno Beach
Atlantis
Lake Clarke Shores
Palm Springs
South Palm Beach
Tequesta
Haverhill
Mangonia Park

Recently Funded Hard Money Loans in West Palm Beach

Naples, FL

We made a Florida hard money loan to a client who purchased a three-bedroom, three-bathroom condo in a sought after building in Naples, Florida. Our client’s strategy was to generate returns by using the property for seasonal and short-term Airbnb rentals, which would generate higher ROIs vs. an annual lease. We provided a hard money loan of 71.8% of the purchase price, and our client self-funded light rehab, mostly cosmetic in nature. Our client repaid our loan with a paydown generated from the sale of another property. At the time of paydown, the property experienced appreciation of nearly $63k.

Boynton Beach, FL

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.

Miami, FL

Our client utilized a hard money loan in Miami, Florida to fix and flip this property in Surfside. We funded 72.5% of the purchase price, and 100% of the $110,000 rehab budget. Our client spent approximately 5 months renovating the house, and thereafter, the property sold within a week of being on the market. The closing took place approximately a month later, and although the loan was only outstanding for 6 months, there was no prepayment penalty assessed. Our loan was paid back with a portion of the proceeds from the sale, netting our client north of $200k after accounting for all holding and closing costs.

Why Use a Hard Money Loan

When you need funding promptly, waiting months for a bank’s loan review isn’t feasible. West Forest Capital offers same-day approval for hard money loans in Palm Beach, with funding typically finalized within 3-5 days. In critical situations, 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 West Palm Beach, such as West Forest Capital, can offer funding solutions for these types of real estate properties when banks are unable to do so.
Facing challenges with your credit? West Forest Capital understands that life events can impact credit scores. That’s why we place greater emphasis on the property’s value rather than FICO scores or debt-to-income ratios when considering loan approvals.
Want to avoid taking a loan in your personal name? Traditional banks often insist that the borrower directly owns the real property. If you prefer to own the property through an LLC or have too many properties for conventional financing, a hard money loan in Palm Beach offers a suitable alternative.

Why Choose a West Palm Beach Hard Money Lender

Serving as a hard money lender in West Palm Beach, we prioritize seamless transactions and swift assistance. With a deep understanding of West Palm Beach, spanning from Hollywood to Deerfield Beach, including Fort Lauderdale and Pompano Beach, we navigate the region with ease. Our track record includes successful private money real estate loans in Miramar, Pembroke Pines, Tamarac, Margate, and numerous other neighboring cities and towns. Moreover, our expertise extends to suburban areas such as Davie, Weston, Sunrise, and Coral Springs, enabling us to finance real estate investment properties across the entirety of West Palm Beach.

Our lending services encompass both private money and hard money loans for all property types within West Palm Beach. Whether you’re seeking a fix and flip lender or require funding for a mixed-use, commercial, or industrial property, we stand ready to fulfill your financial needs in West Palm Beach.

Recent market trends indicate a surge in activity in Coconut Creek, Plantation, and Parkland. Leveraging our in-depth knowledge of these areas, we excel in financing challenging commercial properties, offering support in distressed situations, and providing financing solutions for Airbnb properties.

Financing your West Palm Beach Investment Property

In West Palm Beach, steady population increases have paved the way for a varied business climate, no longer solely reliant on tourism. Industries such as technology, healthcare, and education are now foundational to the County’s financial stability. Its mid-South Florida location is ideal for commuters working across the metro area. The variety of city sizes within the County appeals to different preferences, marking West Palm Beach as prime real estate territory.

Asset-backed Lender Focused on Customized Solutions

We at West Forest Capital tap into our detailed understanding of the West Palm Beach real estate territory to provide hard money loans through our private funds. Our loan process considers the asset’s fairness in value, occasionally allowing us to fund the complete costs of buying and rehabilitating the property.

We distinguish ourselves in the financial marketplace with a hard money loan that has an exceptionally lengthy term of three years, ideal for investors requiring more extensive stabilization phases and those seeking a median financing option.

We welcome you to contact us to go over any real estate investment queries you may have in West Palm Beach. Our client base spans both property owners and real estate brokers.

Frequently Asked Questions

What are hard money lenders?

Hard money lenders, unlike traditional banks, are non-bank asset-based lenders. Their lending criteria focus primarily on the property’s value rather than the borrower’s qualifications. This streamlined underwriting process enables rapid loan funding, often within a week, compared to the lengthy timelines typical of traditional bank loans, which can take 2-3 months or more. Consequently, real estate investors, especially those purchasing foreclosed properties at auctions, commonly opt for hard money lenders to meet the accelerated closing requirements.

It’s essential to recognize that hard money lenders exclusively lend on investment real estate and do not provide mortgages for residential purposes. Properties financed by hard money lenders are designated for investment use and cannot be occupied 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 70-85% 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?

Hard money loans, falling under the commercial lending umbrella, are exclusively for business entities like LLCs, not individuals. However, forming an LLC is straightforward and allows for single-member ownership, enabling you to qualify for the loan.

In assessing loan viability, hard money lenders examine the property’s buying price and predict its value post-renovation, known as ARV. A property’s attractiveness for a loan increases when priced at or below market value. Should the loan also cover rehabilitation efforts, lenders rigorously ensure the renovations stay on track. A prerequisite for loan disbursement is a property that has a clear title, free of any legal complications.

Lenders have a vested interest in their clients’ profitable deals, confirming that the ARV provides ample coverage for acquisition, rehabbing, and additional costs, while still offering a substantial return on investment.

What is hard money used for?

Common scenarios where a hard money loan is employed include:

Employ hard money loans for effective fix and flip operations, focusing on properties that are unattractive to banks.
Strategize the refurbishment and rental of bank-rejected properties using hard money loans, proceeding with bank refinancing upon stabilization.
Engage hard money lending for prompt and efficient closings in time-sensitive property acquisitions like foreclosure auctions.
Experience the agility of hard money lenders who can finance deals within a week, as opposed to the lengthy processing of banks.
Leverage your property swiftly for cash-out refinancing with the strategic use of hard money loans.
Refinance existing mortgages effectively before their due dates by tapping into the expediencies of hard money loans.
Navigate the purchase of LLC-held properties with the financial flexibility of hard money loans, sidestepping traditional bank restrictions.