Florida has the largest concentration of condos and townhomes in the country. There are over 1.7 million condos in Florida with 30% of them in Just Broward and Miami Dade alone. Many northerners move to Florida to retire, divest themselves of large homes, and decide to streamline their life and buy a condo.
Florida condos offer luxury amenities and pools, with many on the beach and ocean in West Palm, Boca Raton, Miami, Hollywood, Deerfield Beach, Key West, Ft. Myers, Panama City, and Destin. As time passes, many residents need to do a Florida cash-out refinance on their condo or townhome.
Most residents do pay an association fee to the condo association which can vary as little as 75 dollars a month to over 2,000 dollars or more a month. We at AHL, along with our portal of private investors, have a vast pool of private and hard money to help condo borrowers who want to refinance but don't have the credit to apply at a bank or credit union.
Many condos have a condo board that allows members to vote on issues and have meetings once a month or every three months.
If you have been turned down by your bank or credit union, and you own your condo with equity, you might want to try getting a private money or hard money loan not based on your credit, but only on the equity in your Florida condo.
If you:
please give hard and private money a try. Our private investors will place a first mortgage lien on your condo or town home and only use the equity in your property for the loan.
The first step in getting your condo loan in Florida is to call your hard or private money lender. They will then take an application and view your property in person. Then they will determine the value of your condo and make you an offer. If you accept the offer, you will fill out an application and turn in income documents and insurance information, and they will order your title and appraisal.
Typical loan to value on condo hard and private money is up to 60% loan-to-value. Loan amounts vary from $30,000 to $5,000,000. Great terms. And a wonderfully experienced underwriting team that will guide you step by step through the whole loan process.
It usually takes about two weeks to get your loan closing with no upfront fees. Fast, easy, make sense underwriting, no bank hassles. And only based on the equity in your condo in Florida.
If this is something you are interested in, please contact us and we will put you in direct contact with one of our partners!
