Bankers South Finances a $600k Citrus Loan

Recently, Bankers South Lending & Finance, LLC funded a $600k citrus loan. By taking a global look at a Florida borrower’s finances, Bankers South was able to finance his citrus operation’s resets and improvements.

Through its special Transitional Lending Program, Bankers South provided this citrus grower financial support when no other banks could, allowing him to use the equity in his grove to expand his agricultural operation.

TRANSITIONAL LENDING PROGRAM

Bankers South understands that many solid, successful individuals or businesses face situations or opportunities the do not fit easily into the rigid structure of institutional lending. That’s why Bankers South offers the Transitional Lending Program – a program designed to provide non-conventional, fixed or floating-rate bridge loans on the following asset classes:

  • Vacant Land – Ag Loans and Timberland Loans
  • Investment Real Estate Loans
  • Commercial Real Estate Intermediate Loans
  • Other Consumer Loans secured by approved collateral
  • Refinance/Debt Consolidation

 

These asset-based loans, often called “hard money” loans, are based on collateral and can be used for a variety of purposes, including funding new real estate projects, paying off loans, or securing opportunities quickly. The low documentation process is often less time consuming than a standard bank loan and can be processed in as little as a week! Depending on lending needs, the loans can be accessed through an equity line or in a lump sum payout.

Like with all of its loans, Bankers South’s Transitional Lending Program strives to provide a personal, responsive service to all customers. With its own extensive experience buying, selling, and managing agriculture land, Bankers South understands the ins and outs of ag lending. The staff includes employees whose own farming histories stretch back generations. Suffice it to say, Bankers South not only offers ag lending solutions, but supportive, professional long-standing relationships as well.

Need cash to expand your citrus operation? Contact Bankers South to discuss your farmland financing solutions! 


How to Secure Hard Money Loans

As mentioned in our last post, hard money loans offer entrepreneurs and businesses options when quick funding is required to finance a special project (usually with a quick closing date) – a project that more rigid, institutional lenders (banks) cannot efficiently and swiftly provide. That all being said, it’s important to be a prepared borrower when applying for any loan type from any institution.

Certain factors definitely influence the ability to secure hard money loan approval.

For example, the type of project matters. Hard money is collateralized with the property in question. Thus, finding prime property (i.e. good location, good type of land, etc.) is of importance to hard money loan lenders. Other factors that may or may not be weighed include cash on hand, a decent credit score, cross collateral, and real estate investment experience. Also, it’s important to be highly communicative on your end. Be on top of things. Return calls promptly. All of this ensures that you get the right funds at the right time.

Beyond this, it’s important to do your research and have a plan of action. Know the area you want to invest in. While hard money loans are primarily secured with the property, it may still be helpful to round up all of your relevant documents because you may be asked about credit, income, and assets. It’s simple: Be prepared. Talking to a contractor is also incredibly helpful to really get a sense for the repairs the property requires.

Lastly, have a solid strategy for either selling or refinancing your property before the term ends. Knowing how you plan to repay the loan is a core factor in a hard money loan lender’s approval decision.

If you cover these bases, you should have a relatively smooth time securing the funding you need to jump on this special project!

Need funding fast? Contact Bankers South! Through our Transitional Lending Program we offer non-conventional, fixed or floating-rate bridge loan types to finance special opportunities quickly. 


BANKERS SOUTH FUNDS QUICK TURNAROUND LOAN

Here at Bankers South Lending & Finance, we provide a variety of loan products, including quick, turnaround loans. Recently, we funded a quick, turnaround bridge loan of $115,000 to finance a beach condo through our Transitional Lending Program.

What is the Transitional Lending Program?

Our Transitional Lending Program provides funding from $100,000 to $100 million and allows borrowers the ability to receive the fast and flexible funding they need when opportunities or situations arise. The low documentation process is often less time consuming than a standard bank loan. For example, this recent loan, traditionally taking up to six weeks to finance, took us less than two weeks to fund – an impressive, unmatched turnaround.

We offer the Transitional Lending Program for non-conventional, fixed or floating-rate bridge loans – often called “hard money” loans – on the following asset classes:

  • Vacant Land, including Ag and Timberland Loans
  • Investment Real Estate Loans
  • Commercial Real Estate Intermediate Loans
  • Other Consumer Loans secured by approved collateral
  • Refinance/Debt Consolidation

 

As a team with over 80 years of combined lending experience, we have strong loan underwriting and property appraisal experience to ensure that financing is completed in a swift, steadfast fashion. Depending on the type of loan, funding can take as little as one to three weeks to complete. Rest assured, we offer real financing solutions when time is of the essence!

Bankers South Lending & Finance, LLC (“Bankers South”), a Land South Group Company, is a money lender and mortgage investor based in Central Florida. As a licensed Florida Mortgage Lender and licensed Florida Consumer Finance Company, Bankers South accepts, underwrites, funds, and services the loans it makes. Bankers South provides a variety of loan products, including conventional agricultural real estate loans and non-conventional, fixed or floating-rate bridge loans through its AgAmerica Lending Program and Transitional Lending Program. Visit our website for more information: www.bankerssouth.com.


Florida Lending Continues to Climb

Though Florida interest rates are climbing, lending institutions are not taking a hit. Borrowers are still flowing in, willing and ready.

Here’s the numerical proof: According to recent 2013 data, lending in Florida has increased by $5.8 billion, or 6.5 percent, outdoing the 2.9 percent U.S. gain. That’s a pretty substantial gain.

Florida is clearly enjoying a unique phenomenon. In fact, the state’s banking industry is surpassing the entire nation, outranking all states.

Though mortgage rates are on the rise in Florida, housing demand has not dwindled according to certain indicators, including average sales and inventory trends. Yet, home buying is not the exclusive factor accounting for Florida’s uphill lending trend.

What, then, is fueling Florida’s lending increase?

As mentioned, home buying plays a role, but a very minor one. Not many home buyers are seeking loan assistance. Data suggests that home buying is probably increasing due to a higher percentage of cash purchases due to the higher-priced markets. So, home buying is not a strong game changer in the Florida lending industry. Commercial and industrial lending, credit cards and auto loans, are the proposed game changers strongly accounting for this uphill lending trend. Real estate loan growth, however, has been consistently low.

It’s hard to say how this high-priced market environment will impact banks. On one hand, it will make borrowing more expensive for banks. Yet, banks have the power to counteract this by increasing their loan rates. Striking a balance is necessary, though difficult.

Moral of the story: Florida financial lending intuitions are doing well, amidst an environment that generally limits borrowing. How this will play out long-term is difficult to predict. Yet, so far, so good for lenders and borrowers.

Based in Central Florida, Bankers South Lending & Finance, LLC (“Bankers South”), a Land South Group Company, is a money lender and mortgage investor. Bankers South provides a variety of loan products, including conventional agricultural loans, timberland loans, and commercial farm loans, and non-conventional, fixed or floating-rate bridge loans on asset classes such as Agriculture and Timberland, Residential Development Land, and Transitional Commercial Assets. Contact us for our ag lending services, information on Florida asset-based loans, and more!  


Transitional Lending to Avoid Foreclosure

Are you a developer or land owner at risk for foreclosure or bankruptcy? If so, it’s time to explore your financing options to safeguard your properties.

Losing property is distressing. The financial repercussions are especially poignant. For instance, if you have a foreclosure in your credit history, you will experience great difficulty purchasing additional property down the road.

Fortunately, there are ways in which you can effectively navigate financial challenges to avoid losing your land.

Developers who are in the throes of losing property through foreclosure can find help getting back on track through Bankers South’s Transitional Lending program. We offer eligible property owners a plan of action in the face of a pending foreclosure. Qualifying developers or land owners can apply for a bridge loan to help them keep up with payments and preserve ownership. This bridge loan will hold developers and property owners over until sales inevitably pick back up. Once they do, owners can then apply for long-term, conventional financing.

Additionally, there are some simple actions land owners can take to better the case for keeping their property. If you are at risk for foreclosure, follow these steps:

  • Do not ignore contact from your bank. If you’re having issues making your payments, get in touch with your lender as soon as possible. Explain your situation. Be ready to provide them with financial information, such as loan documents, tax returns, etc. Without this information, they may not be able to assist you.
  • Do not desert your property. You may not qualify for assistance if you abandon your property.

 

If you need help with a pending foreclosure on vacant land or other collateral, Bankers South’s Transitional Lending Program is your source for professional, trust-worthy assistance! We will meet with you and explain all foreclosure prevention strategies available to you to save your property and stay on track.


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