Florida Hard Money Lenders
Macoy Capital is your trusted hard money lender in Florida. We provide short-term loans to meet your investment real estate capital needs, including bridge loans, construction loans and fix and flip loans. Our flexible hard money solutions are tailored to meet each client’s unique needs.
APPLY FOR HARD MONEY LOAN IN FLORIDA
Key Benefits of Hard Money Loans in Florida
Streamlined Loan
Approvals
Streamlined Loan Approvals
Macoy Capital is a private money lender serving real estate investors in Miami, Florida and other communities. We recognize the importance of quick loan approvals and closings. Our team always works diligently while avoiding delays to fund loan requests as soon as possible.
Competitive Interest
Rates
Competitive Interest Rates
As private money lenders specializing in commercial property and residential rental property, Macoy Capital strives to support your profitable investments. We offer competitive interest rates with flexible terms, and we can tailor your loan to suit your project’s specifications.
Experienced Florida Hard Money Lending Team
Experienced Florida Hard Money Lending Team
When you apply for private money loans in Florida at Macoy Capital, you will benefit from our team’s expertise and support. We have more than 40 years of combined experience and will guide you through our streamlined lending process when you apply for a hard money loan, from Fort Lauderdale to Pensacola.
What Is Hard Money in Florida?
Florida hard money loans are asset based, short-term loans that are well suited for many types of real estate investment projects. Loans are approved based on the property and project details. This is compared to traditional loans, which are based on the borrower’s credit scores and financial strength. Hard money lenders Florida provide these specialized loans for a variety of investment needs. These include fix and flip projects, construction projects, projects that require a fast closing and other types of projects. These are generally riskier projects to lend on, so a hard money loan Florida has a short term and comparatively high interest rate.
How Does Hard Money Differ from Traditional Loan Programs?
Both private lending programs and traditional loan programs use the real estate as collateral. However, approval for hard money loans is primarily based on the property. This is compared to traditional loans, which focus on the applicant’s income and creditworthiness. In addition, the loan processing and closing times are often significantly quicker than with traditional loan programs. This makes hard money a preferred option for many real estate investors who need to close quickly. Florida hard money lenders provide capital for riskier projects than traditional lenders do. This results in higher rates and short terms for hard money loans.
What Are the Terms of Florida Hard Money Loans?
Hard money loans in Florida are short term loans and are not intended to be permanent financing. These loans typically have a term between six months and two years. During this time, the borrower completes planned construction or renovations. The borrower also either sells the property or takes out a permanent loan. Term extensions are available on a case by case basis. Rates for hard money loans are higher than for traditional loans. Market conditions and other factors impact specific interest rates. However, the rates generally run between 7% and 13%. Usually, a hard money loan in Florida has interest-only payments.
When Should You Use Florida Hard Money Loans?
Hard money loans are used for the purchase, refinance and cash-out refinance of commercial and investment properties. Because of their quick timeline for processing and closing, Florida investors use them when capital is needed without delay. Traditional loans take months to complete while hard money loans can close in a matter of weeks. Hard money loans are also used for bridge financing or fix and flip projects. Unlike with traditional loans, hard money loans are based on the collateral’s value rather than on the borrower’s creditworthiness and financial strength. Therefore, hard money loans are a suitable financing option when a borrower has lower credit scores.
What Are the Pros and Cons of Hard Money Loans in Florida?
Investors commonly used hard money loans in Florida because of their quick closings. In some instances, an investor must act promptly to take advantage of a lucrative opportunity. Hard money loans are also beneficial as asset based loans. This allows applicants with lower credit scores to obtain financing for their projects. In addition, hard money loans have interest-only payments with flexible terms. Hard money is suitable for short-term lending needs and fix and flip projects. However, the higher interest rates and short terms may not be suitable for all investment financing needs.
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FREQUENTLY ASKED QUESTIONS (FAQ)
Unlike with a traditional mortgage, a hard money lender Miami is typically a small investment firm or a private individual. Some hard money lenders are specialized lending companies. These lenders have the flexibility to review and approve each loan request on its merits. They also can tailor loan terms to suit the project’s parameters.
Hard money loans are used for investment real estate projects. These include both residential and commercial property. In addition, land and industrial properties are considered.
A loan-to-value ratio describes the loan amount in relation to the property’s value. For hard money lending, this is based on the as-is or current property value at the time of purchase. The max LTV for a hard money loan is dependent on the property type and other factors. It is generally between 50% to 70% of the value. As a result, borrowers are required to make a sizable down payment.
Many of the fees for traditional mortgage loans also apply for hard money loans. For example, loan underwriting, processing and origination fees apply. Appraisal fees and other fees are also be collected. The origination fee is 1.5%. The remaining fees range from 1.5% to 4.5%.
Hard money loans are usually used for investment properties. This is because of their short terms and high interest rates. However, hard money lending can be used for a primary residence under special circumstances.
Our Happy Clients
Macoy Capital is amazing. Mitch and Chris are hyper focused on growing their business the right way. We here at Geraci respect them for their dedication, focus, and honesty. As their attorney, I can also tell you they are serious about operating their business with integrity.
Kevin KimEsq., Partner at Geraci LLP. 
I have worked with Macoy Capital for many years and they have consistently demonstrated their commitment to their customers and the private lending industry. They work tirelessly to deliver both outstanding execution and creative lending solutions for their clients.
John BeachamCEO of Toorak Capital 
As a niche vendor in the construction lending industry we work with hundreds of banks, lenders and investors across the United States and when we work with great clients we like to tell everyone. The team at Macoy provide insight into the process, offer transparency, and speak in layman’s terms people understand and gain their trust and respect. I’m proud to call the team at Macoy friends, colleagues and clients!
Brian MinghamPresident at CFSI Loan Management 
"I'd like to thank you and your team for all the actions taken and work put forth on this over the past year that made it possible to achieve such an excellent final outcome - Great Work!!!"
Steve CInvestor 
Mitch Ohlbaum and Macoy Capital are my #1 and only referral resource for any
investor and developer clients looking for hard money, new construction financing,
bridge loans and fix and flip products. They offer very attractive terms and rates,
make the process easy and virtually seamless from one step to next, and are an
absolute pleasure to work with.
Corey Nelson
Mitch & Chris got our loan funded in less than 10 days. They saved my deal and
my clients were happy!
Chris Q.
