At Rock East Group, we pride ourselves on being direct hard money lenders for investors looking to fix and flip residential and commercial properties across Florida. Completely family owned, Rock East Group is able to provide you with personal and individualized customer service and specializes in working out loans that satisfy your needs and situation.
What Kind of Loans Do Rock East Group Offer?
We offer loans to buyers in need of funds to purchase and renovate a family home or multi-family home with two to four units. Specifically, we specialize in renovation loans for those interested in flipping houses in Florida. Additionally, we provide commercial loans for residential buildings and apartment complexes across the state. We have done loans in Volusia County, Miami (Miami-Dade County), West Palm Beach (Palm Beach County) and West Fort Lauderdale (Broward County).
What is the Florida Real Estate Market Like?
Florida has long been a sought-after destination, and it’s no wonder that the real estate market here is on solid footing like many major cities in the Northeast. For those looking for a bargain, buyers should be glad to know that the average cost of a home in Florida remains below the national average. However, do note that prices in cities such as Miami, Palm Beach, Orlando and Tampa are going to be higher.
What Does an Acquisition/Renovation Loan Entail?
An acquisition/renovation loan differs from a traditional mortgage in that this kind of loan is designed to fund the costs of not only purchasing the property but also its estimated repair expenses. This type of purchase and renovate loan essentially puts two loans into one, making it simpler for the lender and investor. Rates are typically around the same as a traditional mortgage, and the option for a variable or fixed interest is available.
What is Entailed in a Commercial Loan?
Commercial loans, unlike residential mortgages, are not insured by a government entity, as these are largely seen as investments that carry risk. Thus, interest rates are higher. Your credit score has a huge impact on your ability to obtain the loan, as well as on how high or low that interest rate will be. When applying, you must have the capital for a down payment (generally 20 to 25 percent) in addition to proof you have the cash flow to service the loan.