One of the most common situations, when real estate investors look for hard money lenders, is when they want to fix and flip a property. Some hard money lenders are only focused on this type of loan and most of the time they base their loans on a percentage of the after repair value or AVR.
But you can also expect loans on certain amounts depending on:
- Loan to Value (LTV), which is the amount of funding you’re getting compared to the value of the property.
- Loan to Cost (LTC), unlike LTV, with LTC hard money lenders consider the total cost of the project and make a decision on how much to lend.
- History of borrowing, if you’ve borrowed in the past with no issues and the deal was successful, a hard money lender is more likely to approve a loan quicker or for a higher amount.
This can always be different, depending on the hard money lender you choose.
Lauderhill is part of Broward County and has a population of 71,868 that maintains a per capita income of $20,588. The city has seen job growth of 1.87% in the last year.
Investing in a property in Lauderhill can cost an average of $162,119 for a median home, while the estimate for the market rent is $1,696 per month.
Education stats show that 83.5% of people in Lauderhill have a High School Diploma or higher and 20.2% have a Bachelor’s Degree or higher.
Lauderhill is one of the cities where culture plays an important role, so among the famous places you can find are the Cultural Museum, Lauderhill Performing Arts Center, and Broward Stage Door Theatre.
The City of Lauderhill Grants Division offers housing assistance programs administered under the State Housing Initiatives Partnership (SHIP) and HOME Investment Partnership (HOME) Programs. The assistance is provided with a term of up to 15 years and secured by a first or second deferred, zero-interest, and loan secured by a mortgage.
Some of those programs include:
- Homeowner Owner-Occupied Rehabilitation Assistance
- Homebuyer Purchase Assistance
Hard money lenders in Lauderhill are experts at paying close attention to your needs, so they can offer you the best solutions. You can contact some of them here: