Even though most hard money lenders don’t have a minimum credit score or personal qualifications requirements, that doesn’t mean they’re not necessary at all. In fact, having a good credit score can help you close a deal faster because hard money lenders will consider you as a low-risk option.
Hard money loans are provided for a short-term but they can be extended depending on the situation and the type of property. The terms of the deal can be flexible and totally customizable to your own needs as well as the lender’s.
What’s important is that you remain both transparent and make sure you’re working with conditions that are beneficial for both parties.
Hollywood is a city located in Broward County, Florida with a population of 154,817 residents where you’ll get amazing investment opportunities. Some places it’s known for include Hard Rock Cafe Hollywood Florida, Hollywood North Beach Park and Anne Kolb Nature Center.
The city recently had a job growth of 1.87% and a per capita income of $30,898.
There are two Opportunity Zones designations in Hollywood:
- Liberia – Oakwood Plaza – South Florida Design & Commerce Center
- Young Circle – Hollywood Boulevard – South Federal Highway
So if you have a property located in one of these places, you can take advantage of a Qualified Opportunity Zone Fund (QOF) and get some tax benefits to support the economic growth of those areas within the city.
Also, there are some other incentives for businesses the City provides which include:
- Commercial Property Improvement Program (CPIP)
- Economic Development Ad Valorem Tax Exemption
- Local Alternative Economic Development Incentive Program
- Hotel Improvement Program
- Property Improvement Program
- Paint Only Program
What the Real Estate Market in Hollywood, Florida Looks Like
There are many options of property investment in Hollywood, FL and you’ll find that the median home value is $267,721 and the average rent per month is $1,780.
To invest in a property in Hollywood, Florida whether it’s for residential or commercial purposes, you can contact a hard money lender to make the process easier. Take a look at the ones we listed below.