Finding the best hard money lenders in Key West FL is crucial to your real estate investing success. Whether you’re new to real estate investing or you’ve been doing it years, your Key West hard money loans can end up costing you thousands of dollars if you don’t select your hard money lender carefully. Whether you’re looking for a fix and flip loan or a longer term rental loan for the BRRRR Method, a bad hard money loan can cost you thousands of dollars in profit if you don’t account for things like origination fees, monthly interest, prepayment penalties and more. On the flip side, a favorable hard money loan can provide the financing you need to make a deal possible and successful. Key West private money lenders can give you the financing you need to secure your deal.
Top 5 Best Hard Money Lenders in Key West FL
Birchwood Loans
Birchwood Hard money offers Hard money loans for Real Estate Investors in Tampa and surrounding areas. With Birchwood, you will find a fast and easy source of hard money lender funding for your real estate investments. They can finance up to 60% LTV for a period of up to 5 years and provide interest only payments. They can give you an approval within 24 hrs. The paperwork for the closing is typically 3-5 business days.
AHL Hard Money
AHL Hard Money offers the following niche programs: Hard money loans, private money loans, cash out refinance, bad credit loans, home equity loans. According to their website, they specialize in special needs. Whether that be for credit challenged borrowers, the self employed, or other unique circumstances.
Bridgewell Capital
Bridgewell Capital is a hard money lender based in Orlando. They offer rehab loans for flips and for rental properties. They also do multifamily loans and commercial loans.
Here are some of their fix and flip loan terms:
- Up to 100% of rehab costs
- Up to 75% ARV
- Closings in 10 days
- Damaged Credit Okay
- No interest on undrawn rehab funds
- No pre-payment penalty
Civic Financial Services
Our next hard money lender is CIVIC Financial Services. CIVIC is a best-in-class real estate lender that provides fast and simple financing to real estate investors. Whether the intention is to buy a single-family home to flip, to leverage an existing portfolio of rental homes to hold long term, or to acquire multifamily real estate for cash flow, they have a focused team and set of products that empower investors to build wealth through real estate.
A2Z Capital Lending
A2Z Capital Lending is a Florida based hard money lender. They have excellent reviews on Google and a professional website. They’ve been operating in Florida in many years so you can use them confidently.
Unlike traditional bank loans, the ability to obtain hard money financing isn’t determined by the borrower’s credit worthiness. Instead, A2Z Capital Lending uses the value of the property itself in determining whether to make the loan.
FAQ about the Best Hard Money Loans in Key West
What Do Key West Hard Money Lenders Charge?
Hard money loan rates in Key West range from 8-12% for most fix and flip and shorter term loans. Many hard money lenders in Key West also charge points or origination fees on a loan that range from 1-2.
Do Hard Money Lenders In Key West Require Appraisals?
With most hard money lenders in Key West, the loan to value (LTV) is determined through an appraisal or a broker opinion of value.
What Are Hard Money Loans In Key West?
Hard money loans in Key West are loans secured by real estate used to purchase or rehab that piece of property. These short term loans are used to purchase and/or rehab residential or commercial properties. They’re usually more expensive than traditional loans but can be closed faster and oftentimes with less credit requirements.
More About Key West Florida
Key West is a beautiful island located at the southernmost point of the United States. It is a popular tourist destination known for its stunning beaches, crystal-clear waters, and vibrant culture. Here is a detailed review of Key West, including the best things to do, places to see, food to eat, and more.
Best Things to Do:
1. Visit the Ernest Hemingway Home and Museum: This is a must-visit attraction for literature lovers. The museum is located in the house where Hemingway lived and wrote for over 10 years. Visitors can take a guided tour of the house and see the author’s personal belongings, including his writing desk and typewriter.
2. Take a Sunset Sail: Key West is famous for its stunning sunsets, and there is no better way to experience them than on a sunset sail. There are many companies that offer sunset cruises, and they usually include drinks and snacks.
3. Explore Duval Street: Duval Street is the main street in Key West and is home to many shops, restaurants, and bars. It is a great place to people-watch and soak up the island’s vibrant atmosphere.
4. Visit the Key West Butterfly and Nature Conservatory: This indoor attraction is home to hundreds of butterflies and exotic birds. Visitors can walk through the butterfly garden and learn about the different species.
5. Go Snorkeling or Diving: Key West is surrounded by coral reefs, making it a popular destination for snorkeling and diving. There are many companies that offer snorkeling and diving tours, and visitors can see a variety of marine life, including colorful fish, sea turtles, and even sharks.
Places to See:
1. Mallory Square: This is the place to be for sunset in Key West. Every evening, street performers gather here to entertain the crowds as the sun sets over the water.
2. Southernmost Point: This is a popular photo spot in Key West. Visitors can take a picture with the colorful buoy that marks the southernmost point of the continental United States.
3. Key West Lighthouse: This historic lighthouse was built in 1847 and is now a museum. Visitors can climb to the top for stunning views of the island.
4. Fort Zachary Taylor State Park: This state park is home to a historic fort and a beautiful beach. Visitors can take a guided tour of the fort and then relax on the beach.
5. Key West Cemetery: This cemetery is known for its quirky tombstones and epitaphs. Visitors can take a self-guided tour and learn about the island’s history.
Food to Eat:
1. Key Lime Pie: Key lime pie is a must-try when in Key West. This dessert is made with a graham cracker crust, tart key lime filling, and whipped cream.
2. Conch Fritters: Conch fritters are a popular appetizer in Key West. They are made with conch meat, which is a type of shellfish, and are deep-fried.
3. Cuban Sandwich: Key West has a strong Cuban influence, and the Cuban sandwich is a staple. It is made with ham, roasted pork, Swiss cheese, pickles, and mustard on Cuban bread.
4. Seafood: Key West is known for its fresh seafood. Visitors can try local favorites like grouper, snapper, and shrimp.
5. Key West Pink Shrimp: These shrimp are a local delicacy and are known for their sweet flavor. They can be found on many restaurant menus in Key West.
Overall, Key West is a beautiful and vibrant destination with something for everyone. Whether you want to relax on the beach, explore the island’s history, or try delicious food, Key West has it all.