DKC Lending is a private hard money lender operating in Tampa, Florida. Established in late 2020, the group is relatively new in the lending scene. Still, it has a deep understanding of the local real estate market and structures its loans to suit property investors.
With the market being flooded with various old and new lenders, it’s not easy to figure out if a particular financier is the best choice for you. In this guide, we will help you evaluate DKC Lending and its service quality. We will go over the lender’s catalog, rates, and terms, while also looking into what its competitors have to offer.
DKC Lending Products—Broken Down
DKC Lending finances hard money loans, which differ from conventional loans because they’re sourced privately and collateralized solely on the investment property. The credit record and debt status of borrowers do not have to back these loans up because investment properties are considered inflation-adjusting collaterals.
The primary lending philosophy of the group is to help borrowers augment their savings and expand their portfolios with lucrative acquisitions. You can reach out to DKC Lending for the following hard money loans:
- Property rehab loans
- New construction loans
- Cash-out refinance loans
- Non-recourse loans
- Manufactured or mobile home loans
- Transactional loans
Property Rehab Loans
Dilapidated properties can be potential goldmines for investors who can take up rehabbing projects. DKC Lending offers two types of loans for fixer-uppers:
- Fix-and-flip loans—These products are suitable for fixing properties for immediate resale. The group offers fix-and-flip loans for a tenure of 1–2 years, and you can avail funds for up to 70% loan-to-value (LTV), calculated on the purchase price. As for the construction costs, you can request up to 50% of the budget. These loans are settled when you sell the underlying real estate
- Fix-and-lease loans—Fix-and-lease loans are designed to suit landlords who wish to hold the property and earn rental income. DKC Lending provides these loans for 8–24 months, but the LTV requirements are similar to the fix-and-flip variant. You have to repay the loan by refinancing the hard money loan
DKC Lending is open to working with new property flippers carrying out minor renovations to complete remodeling.
Source: Anete Lusina
New Construction Loans
DKC Lending can arrange ground-up construction loans with adjustable draw schedules featuring up to seven disbursals. The financing is available for single- or multi-family homes to builders with sufficient experience in new construction projects. Check out the structure of the group’s construction loan in the following table:
|Component||DKC Lending—Construction Loan|
|Funding limit||• Up to 50% of the land cost|
• Up to 70% of the construction cost
DKC Lending requires construction loans to be guaranteed by licensed contractors. The ideal time to apply for financing is when you have the plans and permits in order, along with the material inventory and the project timeline.
Cash-Out Refinance Loans
DKC Lending’s investor-friendly cash-out refinance loans allow you to free up the dead equity from your existing properties for new projects. The lender allows leveraging up to 70% of your equity. You can use the cash-out funds to add properties to your portfolio, execute renovations, or fulfill business goals.
DKC Lending typically works with only one lien on properties such that the borrower has only one set of payments. This means your existing mortgage will be completely replaced by DKC’s terms, which include 10%–13% interest rates and tenures of up to 24 months. The lender does not offer rate-and-term (without cash-out) refinances.
Many investors have started seeking non-recourse loans that provide better protection to the borrower in case of defaults. Non-recourse financing gives you the security that you won’t be held liable for the loan personally. For example, if a borrower fails to keep up with the payments on a loan, the lender can only seize the collateral and go for foreclosure. The borrower’s personal cash, real estate, and other assets won’t be touched.
Since non-recourse investment loans are high-risk, DKC Lending offers low LTVs, usually not more than 50%. The interest rates are between 12% and 18%, which can be considered super expensive in the Florida market.
Manufactured or Mobile Home Loans
DKC Lending operates a bridge (temporary) loan program for investors who want to purchase, build, repair, or stabilize manufactured/mobile home units. You must present your exit strategy at the time of application, which can be:
- Refinancing with a permanent mortgage (if the property is tenant-occupied)
- Selling for profit
Here are the main lending parameters of these loans:
|Component||DKC Lending—Mobile Home Loan|
|LTV||Up to 60% of purchase price/equity|
Transaction loans (also called flash loans) are available to experienced wholesalers and real estate investors who require 100% LTV to close a deal fast (within 48 hours). DKC Lending can fund transactions between $50,000 and $5,000,000. There are no interest rates as you have to settle the loan within a few days, but you accrue up to 3% in the origination fee. DKC Lending will forgo its upfront fees if the borrower ends up losing the deal.
Source: Tima Miroshnichenko
DKC Lending—Serviced Areas and Application Process
DKC Lending closes loans only in the most profitable real estate locations in Florida, mainly:
- Panama City
- St. Petersburg
You can apply for DKC Lending products online. Here’s what you need to do:
- Access the website’s application page
- Fill out the fields on the page—you have to navigate through around ten pages to complete the form
- Pay the application fee (roughly $566)
- Submit the form
You can also call the group at +1 727-977-8480 if you want to talk to a staff member. DKC Lending does not conduct credit checks or appraisals in most cases and usually closes loans within two weeks. The website does not host details about the costs involved during closing.
Is DKC Lending Your Best Option?
DKC Lending has many merits to it—the group can fund multiple real estate scenarios without credit checks and appraisals. The high tolerance for financial blemishes makes DKC loans accessible to all investors. In general, the lender’s approval analytics include checking aspects like profit viability, market condition, and budget strength.
If you’re looking at costs, though, DKC Lending may not be the most budget-friendly option out there. The group’s interest rates can touch 18% if your deal sounds risky, which can be incredibly burdensome in case your cash inflow is delayed. You also pay thousands towards application fees, upfront fees, and similar administrative expenses that chip away at your profit capacity.
It makes sense to vet a couple of other lenders in Florida before choosing one that complements your goal. You can check out Hard Money Loans Solutions if you need a financier for personalized real estate loans. The experienced group offers:
- Free individual financing consultancy
- Tailor-made hard money loans at no hidden costs
Keep Your Margin High—Let Hard Money Loan Solutions Finance Your Deals!
Hard Money Loan Solutions (HMLS) is a powerful ally to have if you’re handling real estate in any capacity. HMLS approaches financing with an attitude of determination and consideration toward the applicant, creating packages that match their needs, financial capacities, and profitability goals. The group has a 5-star rating on Google because it offers:
- No-credit-check, non-recourse loans—HMLS can work with bad credit, high debt values, and other financial impairments. The group follows non-recourse lending across all its products, allowing you to safeguard your personal assets
- Competitive rates—HMLS loans are available at 9.99%–12% interest rates for up to 70% LTV, considered standard in the industry. The group does not charge extra to serve out-of-the-ordinary applicants like foreign nationals or owners of self-occupied properties. You also save up to $8,000 as you don’t pay for junk costs like:
- Processing fees
- Upfront fees
- Underwriting fees
- Rate-locking fees
- Priority funding—HMLS funds deals within 3–14 days, making it perfect for servicing bridge loans or emergency transactions
The table below summarizes the defining components of an HMLS loan:
|LTV (loan-to-value) offered||Up to 70%|
|Loan size||$100,000 to $50,000,000+|
|Installment type||Interest only (no amortization)|
|Paperwork||Basic property and business docs (no need to prepare bank, tax, and financial statements)|
|Funding time||1–2 weeks|
|Origination fee||2 points or 2%|
|Prepayment penalty||No penalty after 6 months|
Get in touch with the HMLS team and present your funding situation—if your deal holds value, you can be approved within 24 hours!
Source: Jenny Ueberberg
Types of Loans at HMLS
HMLS services all types of alternative loans except personal (non-collateral) loans. Whether you’re a homeowner or an investor, the group steps in for everyone. Contact HMLS for:
- Property purchase
- Rate-and-term refinance
- Cash-out refinance
- Rehab, fix-and-flip, or fix-and-rent projects
- New construction
- Home renovation
- Business funding or acquisition
- Rental loans
- Mezzanine financing
- Foreclosure management
- Short sale
- Commercial real estate financing
Visit this link to check out some of the recently closed loans at HMLS. Unlike other private lenders, the group is keen on supporting distressed clients with out-of-the-box solutions, such as:
- Collateralizing multiple properties at a time
- Using non-real estate collateral
Source: Google Reviews
You can get an HMLS loan for residential homes (any number of units), condos, apartments, commercial and retail structures, special-use properties, and land. The team has underwriting guidelines rooted in common sense aspects like:
Areas Serviced and Application Process
HMLS lends in all of Florida and some neighboring states if the legal compliances are doable. You can get a detailed list of the areas served here.
You can apply for HMLS loans online for free—follow these steps to proceed:
- Visit the online application page on the website
- Enter details about your business and property
- Specify the amount you need
- Add a customized message (optional)
- Submit the form
The info you provide is confidential, and its main purpose is to help the lenders assess the deal before calling the applicant. If your property hasn’t been appraised in the recent past, HMLS will order one to estimate its current value. An appraisal is an essential part of the lending process because it helps customize the loan terms and protect the borrower from risky entanglements.
The HMLS team is backed by knowledgeable entrepreneurs who honor all ethical market practices, including:
- Transparent lending
- Case-by-case guidance
- Timely and professional communication
- Quick addressing of all queries
- Extended real estate networking support
Apply today to find your perfect funding solution!
Other Private Lender Options in Florida
For those looking into more options, refer to the following table for additional lender reviews:
Make sure to incorporate hidden costs if you’re crunching profitability numbers for any of these lenders.
Featured image source: Antoni Shkraba