The quick read: Compare Miami hard money lenders on the same five lines (points, rate, purchase-and-rehab leverage, draw mechanics and extension fee), then test each quote against the building's recertification calendar. Miami-Dade's building department says most buildings other than single-family homes and duplexes must recertify at 30 years and every 10 years after, and coastal condo and co-op buildings of three or more stories at 25 years. On condo units, Florida's milestone-inspection and structural-integrity-reserve statutes can add repair scope and special assessments during your hold, and Fannie Mae's Selling Guide treats projects with unaddressed critical repairs as ineligible, which can stall your buyer's mortgage. The lowest rate loses if the draw schedule and the term cannot absorb that.
What should you compare first on a Miami hard money term sheet?
The first comparison on any Miami hard money term sheet is the all-in cost over your realistic hold, meaning points plus interest plus draw and extension fees, measured against how much of both the purchase price and the rehab budget the lender actually funds. A low rate with thin rehab funding can cost more.
Put every quote on the same worksheet, line for line:
Points: the origination charge as a percent of the loan, paid at closing
Rate: the note rate, and whether interest accrues on the full commitment or only on funds drawn
Purchase leverage: the loan as a share of purchase price or as-is value
Rehab funding: the share of the rehab budget financed, and any cap measured against after-repair value (ARV)
Draw mechanics: the inspection fee, who orders the inspector, and days from request to funding
Extension fee: the cost of each extension and the conditions attached to it
Published ranges are wide and general. NerdWallet's guide to hard money business loans (updated March 10, 2026) says hard money lenders "typically offer loan amounts with LTVs that range from 50% to 75%," and the Corporate Finance Institute (June 22, 2021) puts the typical loan at "65% to 75% of the collateral asset's value," repaid "within one to five years." Neither publishes a dated rate or points benchmark for Miami, so treat any average you see quoted online as a vendor claim and compare the actual term sheets in front of you.
How do the four hard money lender types compare for a Miami rehab?
This framework sorts Miami purchase-and-rehab lenders into four types, namely local private lenders, national fix-and-flip lenders, debt funds and community-bank rehab lines, and compares how each prices the loan, funds rehab, inspects draws and prices extensions. Use the scorecard below as a framework, not a ranking.
| Lender type (framework, not a ranking) | Points and rate | Purchase and rehab leverage | Draw mechanics | Extension fee | Published, dated benchmark |
|---|---|---|---|---|---|
| Local private lender | Quoted per deal | Ask whether rehab is financed or must come from equity | Ask who inspects and how fast funds release | Ask the cost and whether it is written into the note | No lender-type-specific dated benchmark found (general hard money ranges are in the section above) |
| National fix-and-flip lender | Quoted per deal | Ask for the purchase share, rehab share and ARV cap separately | Ask the third-party inspection fee and turnaround | Ask whether extensions are pre-agreed or discretionary | No lender-type-specific dated benchmark found (general hard money ranges are in the section above) |
| Debt fund | Quoted per deal | Ask whether leverage is set on cost, as-is value or ARV | Ask the rules for moving budget between line items | Ask about completion or value tests for extending | No dated public benchmark found |
| Community-bank rehab line | Quoted per relationship | Bank policy, under federal supervisory LTV limits | The bank's construction-draw process | Renewal through credit review | Supervisory ceilings, not typical terms (interagency guidelines, OCC copy at 12 CFR Part 34, Appendix A, 2025 edition): bank internal limits "should not exceed" 85% for 1- to 4-family construction, 80% for commercial and multifamily construction, 85% for improved property |
No dated public source we found states leverage, points or rates by lender type for Miami, so the general NerdWallet and Corporate Finance Institute ranges stay in the section above rather than in a lender-type row. The "Quoted per deal" entries in the points-and-rate column are deliberate: no dated public source we found states points or rates by lender type for Miami, and a number copied from a lender's own marketing is not a benchmark. For the statewide version of this scorecard, see how to compare hard money lenders in Florida. What this Miami page adds is the local test below: whether a quote survives the building's safety calendar.
Why does Miami-Dade recertification change a hard money rehab budget?
Miami-Dade recertification changes a rehab budget because a building that comes due during your hold needs a structural and electrical inspection by Florida-licensed design professionals, and any repairs it finds compete with your planned renovation for the same draw dollars and the same months of term. Single-family homes and duplexes are exempt from the program.
The county's Building Recertification for Design Professionals presentation (Miami-Dade Department of Regulatory and Economic Resources, 2023) sets out the cycle:
Coastal condos and co-ops: "Condominiums and Cooperative buildings 3 stories or taller within 3 miles of the coastline must recertify once the building becomes 25 years old and then every 10 years thereafter"
All other covered buildings: "must recertify once the building becomes 30 years old and then every 10 years thereafter, no matter their location"
Exempt: "Single family residences and duplexes," agricultural exempt buildings, and minor buildings of "2,000 square feet or less and having an occupancy load of 10 or less"
Who inspects: buildings "3-stories or less, or 50 feet or less in height" that are not threshold buildings "can be inspected by any Florida licensed architect or engineer"; buildings "4-stories or taller" "must be inspected by a Florida licensed structural engineer and the electrical system must be inspected by an electrical engineer"
The same presentation says the county "reduced the inspection cycle from 40 to 30 years," and that the inspection reviews the foundation, columns, beams and slabs, roof covering, windows and doors, the facade, and the electrical system, including "an infrared thermography inspection on electrical systems operating at 400 amps or greater."
For a flipper, that splits Miami deals cleanly. A single-family house or a duplex sits outside the program. A small apartment building, a mixed-use storefront or a condo unit may sit inside it, and an inspection that finds spalling or electrical defects turns into scope your budget did not carry. Before you sign, search the folio on the county's recertification data portal, note the year built and any open case, and ask each lender whether recertification repairs can be added to the rehab budget as a financed line or must come from your equity.
How do Florida's milestone inspection and reserve rules affect a Miami condo flip?
Florida's condominium safety statutes affect a Miami condo flip on two fronts: the association's inspection and reserve obligations can produce special assessments during your hold, and a building with unaddressed critical repairs can fail the project review your buyer's lender runs, which slows or blocks the sale.
The statutes, as published in the 2026 Florida Statutes:
Milestone inspection (s. 553.899): applies to buildings "three habitable stories or more in height" in condominium or cooperative ownership, due "by December 31 of the year in which the building reaches 30 years of age" and "every 10 years thereafter"
Local 25-year option (s. 553.899): a local agency may require the inspection at 25 years based on "environmental conditions such as proximity to salt water"
Repair clock (s. 553.899): for substantial structural deterioration identified in a phase two report, "such repairs must be commenced within 365 days after receiving such report"
Reserve study (s. 718.112): required "at least every 10 years" for each building "three habitable stories or higher in height"; associations existing on or before July 1, 2022 had to complete one by December 31, 2025, but one that must complete a milestone inspection on or before December 31, 2026 "may complete the structural integrity reserve study simultaneously with the milestone inspection," and "In no event may the structural integrity reserve study be completed after December 31, 2026," so ask for the completed study or its scheduled completion date
Reserve waivers (s. 718.112): for a budget adopted on or after December 31, 2024, unit owners "may not determine to provide no reserves or less reserves than required" for the study items, except in a multicondominium whose alternative funding method the state division has approved
On the exit side, Fannie Mae's Selling Guide (B4-2.1-03, published August 5, 2026) defines projects in need of critical repairs as those "needing repairs or replacements that significantly impact the safety, soundness, structural integrity or habitability of the project's building(s), or the financial viability or marketability of the project." Among its triggers is "any unfunded repairs costing more than $10,000 per unit that should be undertaken within the next 12 months," which excludes "repairs made by the unit owner or repairs funded through a special assessment," and it adds: "If the inspection report indicates there are unaddressed critical repairs, the project is ineligible until the required repairs have been completed and documented accordingly." A retail buyer who needs a conventional mortgage may not be able to close on that unit until the association finishes the work, so your term has to cover that wait. Read the association's milestone report, reserve study and minutes with your own attorney before you price the deal. For how dues and reserves hit a hold-and-rent condo instead of a flip, see the Miami DSCR rental and condo guide.
Which draw and extension terms matter most on an older Miami building?
On an older Miami building the draw and extension terms often matter more than a small difference in rate, because recertification findings, association assessments and buyer-side condo reviews all stretch timelines, and every month past maturity is priced by the extension clause rather than by the note rate. Negotiate those clauses before you compare price.
Ask every lender the same five questions:
Draw inspection: who orders it, the fee per draw, and the days from request to funding
Budget reallocation: whether savings on one line can fund a recertification repair on another
Interest on undrawn funds: whether you pay interest on the full commitment or only on funded dollars
Extension: the cost, the length, and whether it requires a new appraisal or a completion test
Exit test: whether the ARV the lender sizes to assumes a buyer who can get conventional condo financing
A lender that funds draws quickly, allows reallocation into safety repairs and writes a priced extension into the note is protecting your exit, even if its rate is not the lowest on the table. A lender with a low rate and a discretionary extension can turn a months-long association delay into a default notice.
What should a Miami investor have ready before asking hard money lenders for terms?
A Miami investor should have the purchase contract, a line-item rehab budget, the building's year built and recertification status, and, for condo units, the association's milestone report, reserve study and any assessment notices ready, so every lender prices the same scope and the quotes stay comparable side by side.
Property: address, folio number, year built and unit count
Recertification: status from the county portal and any open case
Rehab: line-item budget, contractor bid and timeline
Condo documents: milestone inspection report, structural integrity reserve study, current budget, recent minutes and assessment notices
Exit: sale comps and the financing your target buyer will use, or a refinance plan
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The bottom line
Compare Miami hard money lenders on points, rate, purchase and rehab leverage, draw mechanics and extension fees, using the same worksheet for every quote. Then check the building: Miami-Dade recertifies most buildings other than single-family homes and duplexes at 30 years, and condo and co-op buildings of three or more stories within 3 miles of the coastline at 25. On condo units, Florida's milestone and reserve rules and Fannie Mae's critical-repair test can delay the sale, so pick the lender whose draws and extensions can absorb that delay, not just the lowest rate.