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There are a variety of hard money lenders available, so it can be difficult to know which one is right for your needs. Before you decide to borrow from a hard money lender, it’s important to understand the different types of loans they offer.

Business Loans: Hard money commercial loans in Florida are often used to finance businesses, as they offer higher interest rates and more flexible repayment terms than traditional loans. business loans typically have shorter terms (two to five years) and lower interest rates than personal loans, but come with additional fees and terms, such as prepayment penalties or balloon payments at the end of the term.

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Revolving Credit Loans: A revolving credit loan is a type of hard money loan that offers borrowers the ability to borrow against future income or profits. This type of loan has high-interest rates and requires regular payments, usually bi-weekly or monthly.

Bridge Loans: A bridge loan is a short-term loan that is used to help borrowers bridge a temporary gap in their income or financial situation. A typical term for a bridge loan is six months, but some lenders may offer longer terms if you demonstrate good credit history and adequate financial stability.

Real Estate Loans: Hard money loans are often used to finance real estate purchases and improvements, as they offer higher interest rates and more flexible repayment terms than traditional loans. real estate loans typically have shorter terms (two to five years) and lower interest rates than personal loans.

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