TampaBayHardMoney.net

About TampaBayHardMoney.net

TampaBayHardMoney.net is a Tampa, FL based private lender. They provide funding in Tampa, Plant City, Brandon, Valrico, St Petersburg, Clearwater, and Sarasota. They provide lending solutions for many different needs and situations, including private commercial loans and short term fix and flip loans. They issue terms up to 2 years, rates ranging between 11% and 14%, and loan amounts up to $1,000,000 with a maximum LTV of 80%. They will lend money to all borrowers based on the value of the property and do not require a minimum FICO score. They will make loans on many types of properties, including single family homes, multi family, offices, retail storefronts, industrial buildings, mixed use spaces, apartments, and warehouse spaces.

Loan Types Offered: Fix and Flip Loans, Commercial Hard Money Loans

Property Types Covered: Single Family, Multi Family, Office, Retail, Industrial, Mixed Use, Apartment, Warehouse

Areas Served: Tampa, Plant City, Brandon, Valrico, St Petersburg, Clearwater, Sarasota

Licenses: FL State License #0862873, NMLS #325148

Lending Guidelines for TampaBayHardMoney.net

Below are the general loan guidelines published on the TampaBayHardMoney.net website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by TampaBayHardMoney.net.

Loan Example 1

Bill is a real estate investor in Tampa, FL. He discovers a run-down property for sale and decides to rehab it and flip it for a profit. The house has a cost of $260,000 but he doesn't have the full amount so he obtains a fix-and-flip loan with TampaBayHardMoney.net. The loan-to-value (LTV) on the note is 80%. This means Bill will need to bring 20% of the sales price to the closing and the principle will be $208,000 on the deal. The interest rate on the loan is 8% for a term of 18 months and the company requires a four point origination fee at the close. The interest is to be paid on a monthly basis and the principle will be returned after the property sells.

The borrower will have to bring a total of $32,400 upon closing to cover the $52,000 down payment plus the $8,320 origination fee. Once the loan closes, he will need to pay the lender $1,387 in monthly interest fees, or 8% multiplied times $208,000 divided by 12 months in the year. Bill's plan is to complete the remodel within the 18 months and resell it for $351,000. If he succeeds he will make a profit of $57,720 ($351,000 price - $208,000 principle - $52,000 cash at closing - $8,320 origination fee - $24,960 in total interest payments.

Loan Example 2

Edna takes a hard money loan from TampaBayHardMoney.net so she can renovate a townhouse to resell in Tampa, FL. The deal has the following parameters:

a) A $350,000 sales price, b) a 85% loan to value (LTV), c) a 18 month term, d) a 12% interest rate, and e) a 1% origination fee.

Edna plans to list the property at the end of the term for $437,500. If she succeeds, the deal numbers will be as follows:

$437,500 sales price
- $297,500 note principle (85% LTV)
- $52,500 down payment (15% on 85% LTV)
- $2,975 origination fee (1% of the $297,500 principle)
- $53,550 total interest paid (18 months x 12% interest)
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= $30,975 total profit (does not include taxes or rehab costs)

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