As a real estate investor, building relationships with hard money lenders is a good option to present yourself as a reliable person. That way, the moment you need a hard money loan to close a deal fast, it’ll be easier for you to get an approval because you already touched base with them.
You may still require some documentation of course, but you’re halfway there since you earned a little bit more of trust.
This city is a perfect place for commercial investment because of the many incentives and financing programs, some of them are:
Commercial Revitalization Program (CRP)
This program offers up to $100,000 to new or existing commercial buildings that improve business districts by redeveloping properties.
Grow Smarter Job Creation and Talent Attraction Program
The program awards those companies that have up to 49 employees and hire at salaries above Pinellas County’s.
Ad Valorem Tax Exemption for Economic Development
This one is for businesses that create new full-time jobs in the city.
HUBZone Empowerment Contracting Program
This program looks forward to encouraging economic development for small businesses located in HUBZones.
Ad Valorem Tax Exemption for Historic Preservation
This program exempts eligible property owners from local taxes whose business is located in a historic district.
Small Office Home Office Program
The goal of this program is to provide a $5,000 loan with a 7-year term to small business owners.
It’s a short-term loan of up to $5,000.
Direct Loan Program
Provides fixed rate loans from $5,000 to $20,000.
Guaranteed Loan Program
This program provides up to 50% or $75,000 of the total amount.
There are some other facts you’d like to consider to invest in St. Petersburg:
St. Petersburg city is in Pinellas County and its population is around 265,351 residents. The per capita income is $36,266 and job growth is 2.30%.
91.4% of the residents in St. Petersburg have a high school diploma or higher and 35.7% have a bachelor’s degree or higher.
The price for a median home in the marketplace of St. Petersburg, Florida is $263,745 and the average rent per month is $1,527.
Private money loans are one of the best ways to close a deal in St. Petersburg, Florida for a property. Some private lenders that can help you make that happen are listed below.