For Benworth, this means loans with terms of up to 2 years to purchase or refinance property. For a second mortgage, borrowers can take up to 5 years to pay back the loan. 

It compares the size of a loan to the value of a property that you want to buy or already own. You can calculate this by taking your current loan balance and dividing it by the current value of the property.

No difference at all. The difference is only in the words that you use to describe the loan.

The past is in the past. A bank’s previous decision will not affect your ability to qualify for a Benworth Private Loan.

If you’re looking to purchase property, do any of these scenarios sound like you?

•       You’re looking for short-term financing until another property is sold or leased.
•       You’re waiting for a lump sum payment from an investment or legal matter to buy a property for cash.
•       You want to close on a transaction quickly to avoid competitive bids, secure a property or lock-in an attractive price.
•       A bank or credit union has declined your request for a loan.

If you said yes to any of the above, a Benworth private loan may be right for you.

If you’re looking to refinance or get a second mortgage, do any of these scenarios sound like you?

•       You need cash to upgrade your property.
•       You just bought a property and are looking for cash to do some renovations.
•       You own property and are looking for cash to cover the cost of repairs or upgrades.
•       You need cash for a large purchase, tuition or other life event.
•       You just bought a property and are looking to buy some new furniture or home electronics like a really big screen TV.

If you said yes to any of the above, a Benworth private loan may be right for you.

Hard money loans are ideal for situations such as fix and flips, land loans and construction loans. This type of loan is also ideal for foreign investors seeking low-documentation loans, borrowers with less than perfect credit or buyers who need to close quickly. Hard money loans can be funded within days instead of weeks.

Yes! Unlike with a traditional loan, qualifying for a private loan is based primarily on your ability to repay the loan and less on your credit score. Even if you’ve experienced adverse credit events, a short sale or even some types of bankruptcies, you may still qualify for a Benworth Private Loan.

You just need to have sufficient equity in the property you’re using as collateral. Calculate your borrowing ability.

Buy

Refinance

Second Mortgage

First, a faster approval process means you’ll usually get a loan decision within hours.

Additionally, with faster closings funds are usually available in a matter of days. In many instances, you can get a competitive edge by having the funds available to secure a favorable price on real estate.

The rate is also fixed. That means you can plan to repay a fixed amount every month instead of a variable amount. And if you want to pay the loan off early, no problem. While some lenders charge a penalty for prepaying the loan, Benworth Capital doesn’t charge a prepayment penalty.

As we don’t have to perform extensive credit checks or review your credit history, a loan decision can be made much more quickly.

The documents you’ll need will vary by loan type. What we can tell you for sure is that it won’t be a lot. You’ll need a valid government ID to validate your identity. If you’ll be holding the property in an LLC or other legal entity, we’ll also need articles of organization at closing.

No, but you can if you choose to.

No worries. Benworth Capital Private Loans don’t require a lot of documents which may not be issued in your country. We will just need a valid government ID and other documents to verify your identity.

You can get a hard money loan for residential and commercial property in Florida, including single-family residential, commercial, land and industrial.

You can borrow funds to purchase residential property, acquire property to operate your business, or invest in income-producing real estate projects.

You would need to give a down payment that’s equal to 35% of the property value.

Your loan-to-value ratio must be no more than 65%.

Here’s a quick way to calculate:

Current loan balance divided by Current Value of property = LTV

Multiply the LTV by 100 to get a ratio (or percent)

If your LTV ratio is too high, you can pay down your current loan amount to qualify. Or consider a second mortgage for an amount up to $25,000.

Your loan-to-value ratio must be no more than 70%.

Here’s a quick way to calculate:

Current loan balance divided by Current Value of property = LTV

Multiply the LTV by 100 to get a ratio (or percent)

If your LTV ratio is too high, you can pay down your current loan amount to qualify.