Where we lend: Miami and South Florida

Anywhere in South Florida

You do not need to be in one of those markets. We lend across Miami-Dade, Broward and Palm Beach counties, and through Optimus Capital Corp we also finance property in other states.

What to know about lending here

• Property tax. Florida has no state income tax, and investment property gets no homestead exemption, so property tax is a large cost of holding a rental. Combined rates in Miami-Dade and Broward are often close to 2% of taxable value. On non-homestead property, the taxable value for most levies can rise no more than 10% a year, but the cap resets when the property is sold, so a buyer is taxed on full market value the next year. Voters approved Amendment 3 on November 3, 2026, which lowers that cap to 5% starting in 2027; school taxes are not capped.
• Closing taxes. Florida charges documentary stamp tax on deeds: $0.70 per $100 of price in most counties, while Miami-Dade charges $0.60 per $100 on a single-family home and $1.05 per $100 on other property. Sellers customarily pay it. A new mortgage adds note stamps of $0.35 per $100 and intangible tax of 0.2% of the loan, which buyers usually pay. Title insurance premiums are set by the state, and closings are handled by a title agent or a real estate attorney.
• Hurricane code. Miami-Dade and Broward are in the High-Velocity Hurricane Zone of the Florida Building Code, so new roofs, windows and doors must carry approvals rated for it. Most South Florida houses are concrete block and stucco, which holds up well, but older roofs, windows and electrical and plumbing systems are what insurers look at first.
• Insurance. Windstorm and flood coverage drive insurance costs across South Florida. Many insurers ask for a four-point inspection on older homes and give credits for a wind mitigation report, and Citizens Property Insurance is the state’s insurer of last resort. Large parts of the region are in FEMA flood zones, and flood insurance is a separate policy. Get quotes before you make an offer.
• Flood zones. In a FEMA flood zone, if the cost of a renovation reaches 50% of the building’s market value, the whole building must be brought up to current flood rules, which can mean elevating it. Some cities add up improvements over several years, so ask the building department how it counts before you set the scope.
• Condos. Florida now requires a milestone structural inspection of condo buildings of three or more stories once they reach 30 years, then every 10 years, and a structural integrity reserve study every 10 years with reserves that can no longer be waived. Many older buildings face large special assessments as a result. Read the association’s budget, reserve study and any planned assessments before you buy a unit.
• Short-term rentals. Short-term rental rules differ city by city across South Florida. Florida law bars cities from banning vacation rentals outright, but rules adopted before June 2011 still stand, and Miami Beach bans short-term rentals in single-family homes and most residential districts, and fines for illegal rentals are steep. In the City of Miami, short stays are allowed only where the zoning permits them, with a certificate of use and a business tax receipt, and every operator also needs a Florida vacation rental license and must collect state and county tourist taxes. Many condo associations ban short stays as well. Because the rules depend on the exact address and building, we underwrite on long-term rent unless the property can legally host short stays.
• Rental rules. Florida law bars cities and counties from adopting rent control and from setting their own landlord-tenant rules, so rents follow the market and the state’s landlord-tenant law applies everywhere. Some cities require a business tax receipt or a rental registration for each rental property, so check with the city where the property sits.