Banks are the prominent financial institutions you consider when you need financing, whether you need an auto loan or a mortgage. But approaching a bank for a loan can be a long shot, especially if you have zero or poor credit history. Getting a bank to finance you is even more complicated when you are an international investor or a new U.S. citizen with no Social Security number.
But not to worry because if you fit that bill. Thanks to private financial firms like Benworth Capital, you still have a fighting chance.
At Benworth, we provide loans to purchase, refinance, or cash out of a real estate property, and we couldn’t care less about your credit score. We’re your surefire alternative to traditional lenders like banks. As long as the property you want to own is in Florida and has a 65% loan to value ratio, we’ll finance you to buy it and grow your real estate portfolio.
Benworth capital is your go-to investment firm for hard-money loans at any credit score. If you’re an individual investor looking to own your home in Florida, a professional house flipper, or a commercial real estate developer and want to skip the red tape that comes with bank financing, follow our lead.
Here’s why our hard money loans are your best bet at closing fast and refinancing that Florida property you’ve been eyeing:
The approval time for hard money loans is much shorter than for bank loans
Real estate investors in Florida can attest that our hard money loans are the secret to buying hard assets in record time. You can approach us today for one of our hard money credit facilities. If the property you want to buy qualifies and everything else in our approval process checks out, you’ll get the funds in a few days, if not 24 hours.
Such a turnaround would be impossible when dealing with a bank. And don’t stress over the terms of the hard money loan. You get up to two years to repay the loan. But remember, the goal is to acquire property fast and refinance for even better term lengths and interest rates. Besides, we double up as your financial literacy partner and work in your best interest to help you build your credit.
You don’t need a high credit score
Benworth Capital takes you in as a real estate investor regardless of your credit rating. The catch is that you must have stable cash flows or enough cash reserves to make monthly payments, as that’s leverage to secure lower interest rates.
On the flip side, pay a higher down payment to increase your chances of approval and lock in low-interest rates on your hard money loan.
How to refinance your real estate investment loan
Financial experts will tell you that hard money loans have relatively high-interest rates, making them a bit risky.
While there’s some truth in that, these bridge loans are your alternative to traditional lenders. In addition, a bank loan isn’t an option when you’re about to lose an opportunity to acquire a lucrative property or when you need real estate cash out.
The interest rates on hard money loans are generally higher than those of traditional loans. However, in light of recent Federal Reserve interest rate hikes, conventional financing rates are much closer to those we charge on hard money loans, but they’re still way harder to secure.
As the economy recovers, the Federal Reserve will lower base lending rates and make bank loans cheaper. Now is the best time to buy a hard money loan product from us and secure that real estate property you’ve had in your sights for a while. And when traditional lending rates are much lower, we’ll guide you to refinance your hard money loan with the best available option in the market to get better rates and build your credit while at it.
One last thing: as much as we advocate for refinancing your real estate loan, Benworth Capital has no prepay penalty. It makes sense to partner with us to fund your investment properties so you can refinance the loan with much cheaper traditional financing later on.
For more information on hard money loans and refinancing your real estate loan, visit our website or call us on +1 (305) 676 9632.