Hard Money Lenders West Palm Beach, FL

To qualify for a hard money loan in West Palm Beach with Ridge Street you need:

• A Credit Score of 660+

• A profitable deal with at least a 10% ROI

• An LLC or a Corporation Registered In FL

Ridge Street finances the following property types:

• Residential 1-4 Units

• Multifamily 2-4 Units

Depending on the sponsors experience and credit profile, rates range from 10.5%-11.5%. Ridge Street’s median rate for a hard money loan on a fix and flip in West Palm Beach is 10.75% interest only with no pre-payment penalty.

In Palm Beach County, impact windows and doors are not legally required for existing structures during a renovation, but they have a direct effect on the resale value, buyer financing eligibility, and insurance costs of the finished property.

Homes with impact windows typically command higher sale prices and attract buyers who need standard mortgage financing, which expands the exit pool.

Ridge Street accounts for wind mitigation upgrades when evaluating the renovation budget and after-repair value on West Palm Beach deals. Investors who skip impact upgrades often find their ARV ceiling is lower than comparable renovated properties that did include them.

Yes. While the city of West Palm Beach doesn’t impose local restrictions, hard money loans in the area are strictly governed by Florida state laws regarding interest rate caps (usury limits) and lender licensing.

To keep your investment transaction legal and smooth, you need to keep three key rules in mind:

The 18% and 25% Usury Caps: Florida enforces strict caps on interest rates under Florida Statute § 687.02. For loans under $500,000, the maximum legal interest rate is 18%. For loans over $500,000, it is capped at 25%. Going over these limits is a criminal offense and can make the loan entirely unenforceable.

The "Business-Purpose" Licensing Exemption: According to the Florida Office of Financial Regulation (OFR), hard money lenders do not need a mortgage broker license if they strictly fund commercial, non-residential, or business-purpose loans (like a fix-and-flip).

No Consumer Loophole Tripping: Under Florida law, misrepresenting a consumer loan as a business loan to bypass licensing or interest rate limits is a third-degree felony. Because of this, West Palm Beach lenders will heavily verify that you are a real estate investor by requiring you to close the loan under a business entity (like an LLC) and sign a "business-purpose affidavit."

Absolutely. This is the main use of a hard money loan in West Palm Beach.

There are a number of ratios that Ridge Street uses to determine the Loan Amount. Put simply, for a first time investor we finance up to 80% of the Purchase + 100% of the Rehab. For an experienced investor, we finance up to 90% of the Purchase + 100% of the Rehab.

You can use a hard money loan to purchase and renovate a rental property. You can then refinance with a DSCR Loan (This is called the BRRRR Strategy). If the property is rent ready at purchase, there is no need for a hard money loan and you can go straight into DSCR financing.