Usually hard money lenders offer interest rates from 7% to 12% and origination fees from 1% to 3%. However, this will depend on the type of lending program you’re applying for and your financial needs. Ideally, you’ll agree on rates that are reasonable for you and your lender.
Even though you’ll still have to provide some personal information, as well as your credit score, hard money lenders are more focused on the value of the property and if the deal makes sense. So having in place details like an action plan and estimate costs of the project can be helpful.
The loan rates will be set by the lender once factors like loan to value, loan to cost or after repair value are evaluated.
Gainesville is a perfect destination for real estate investors. It’s located in Alachua County and has a population of 133,997 residents with a job growth of 1.60% and a per capita income of $23,018.
Real Estate in Gainesville
The cost of properties vary but the median home value is $192,324 and the average rate in the rental market is $1,110 per month.
There are a variety of programs that have subdivision of their coverage, some of them are:
- Emergency Roof Repair
- Minor Rehabilitation
- Major Rehabilitation
- House Replacement
- Disaster Mitigation
- New Construction
- Infill Housing
- Down Payment Assistance
- House Recycling
- Mortgage Foreclosure Intervention
- Homebuyer Education and Training
- Homeowner Education and Training
- Housing Counseling
- Credit Repair
- Rental Rehabilitation
- New Construction Rental
- Special Needs Housing
Gainesville also provides some programs designed to help local businesses that include:
- GRU’s Economic Development Rate
- Enterprise Zone Savings
- Enterprise Zone Manufacturing Retention/Expansion Incentive Program
- Qualified Targeted Industry Tax Refund Program
- Industrial Revenue Bonds
- Gainesville Community Reinvestment Area
Famous Places in Gainesville
Ironwood Golf Course and Butler Enterprises are some of the most notable places. But also the city has two important events every year: the Spring Arts Festival and Hoggetowne Medieval Faire.
To get a private money loan in Gainesville, Florida all you need to do is to contact one of the best hard money lenders from our list below.