Recent data shows that obtaining a mortgage loan through conventional means is proving to be hard. The state of Florida—particularly cities like Miami and Tampa—are seeing elevated levels of loans being refused as lenders become stricter with their eligibility criteria.
Last year, over 3,000 of the more than 15,500 mortgage applications in Miami were ultimately rejected, resulting in a rejection rate of nearly 20 percent. The large numbers essentially mean Miami became one of the hardest areas in the country to try and receive a home loan. What’s more, an additional 19 percent of mortgages were withdrawn or were approved but then denied. Ultimately, just over 60 percent of mortgage were ultimately successful.
The difficulty involved in obtaining a mortgage through a conventional lender is another reason to consider working with a reputable private hard money lending company like M&M Private Lending Group, LLC. Loans close fast, rates remain competitive, and having less than stellar credit will not necessarily result in your application being rejected.
This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at https://mmprivatelending.com to fill out an application form.