Miami Hard Money
Office Address Not Available
Miami Beach, FL 33162
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About Miami Hard Money
Miami Hard Money is a Miami Beach, FL based private lender. They provide loans in Miami-Dade County, Broward County, and Palm Beach County. They offer short term fix and flip loans and commercial loans. Their lending guidelines are versatile, including loans with a maximum LTV of 65%. They will lend money to all borrowers based on the property value and not on a minimum credit rating. They offer loans on the following types of properties: single family, multi family residences, apartment buildings, office units, retail storefronts, hotels and motels, storage facilities, senior housing facilities, mixed use spaces, warehouse buildings, industrial facilities, medical facilities, and raw land.
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Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans
Property Types Covered: Single Family, Multi Family, Apartment, Office, Retail, Hotel, Storage, Assisted Living, Mixed Use, Warehouse, Industrial, Medical, Land
Areas Served: Miami-Dade County, Broward County, Palm Beach County
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Lending Guidelines for Miami Hard Money
Below are the general loan guidelines published on the Miami Hard Money website. Please confirm all terms and rates directly with the lender.
Fix and Flip Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): 80%
Owner Occupied Allowed: NO
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/ACommercial Hard Money Loans
Loan Amounts: N/A
Available Rates: N/A
Typical Terms: N/A
Points Charged: N/A
Max Loan-to-Value (LTV): 65%
Max Loan-to-Cost (LTC): 80%
Owner Occupied Allowed: NO
Interest Only Loans: N/A
Prepayment Penalties: N/A
Minimum FICO Score: NO
Time to Close: N/A -
Loan Examples
The following loans are for education purposes only. They do not represent actual loans executed by Miami Hard Money.
Loan Example 1
Kelly takes a hard money loan from Miami Hard Money in order to rehab a townhome to resale in Miami, FL. The list price of the property is $270,000. The terms of the deal include a 70% loan to value (LTV), so he must contribute 30% of the price as cash to closing, which makes the principle note amount $189,000. The parameters of the deal also include a five percent origination fee that is to be paid at the closing and a 18 month, interest only note with a 11% rate of interest.
Kelly will have to contribute a total of $32,400 upon closing to cover the $81,000 down payment in addition to the $9,450 origination fee. Once the loan closes, he will need to pay Miami Hard Money $1,733 in monthly interest payments, or 11% multiplied by $189,000 divided by 12 months in the year. Kelly's intention is to complete the rehab by the end of the 18 months and re-sell it for $364,500. If he succeeds he will earn a profit of $53,865 ($364,500 price - $189,000 principle - $81,000 cash at closing - $9,450 origination points - $31,185 in total interest.
Loan Example 2
Miami Hard Money issues a hard money loan to Concepcion for a rehab project in Miami, FL. The loan includes the following:
$350,000 purchase price
70% loan to value (LTV)
18 month term
8% interest rate
2% origination feeConcepcion plans to sell the property when the note expires for $420,000. If she accomplishes her goal, the final numbers will be as follows:
$420,000 sales price
- $245,000 principle (70% LTV)
- $105,000 down payment (30% on 70% LTV)
- $4,900 origination points (2% of the $245,000 principle)
- $29,400 interest payments (18 months x 8% interest)
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= $35,700 gross profit (does not include taxes or rehab costs) -
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