Alexandria is a D.C. suburb on the western bank of the Potomac River. It is only 11 miles south of D.C., accessible to D.C. through the Metro public transportation system. It has a population of just over 160,000 people and has had a growing population every year. Alexandria is made up of many professionals who work in the military or the federal civil service, or people who commute from D.C. Alexandria’s biggest employer is the U.S. Department of Defense, and Alexandria is also home to a center of restaurants and theaters called Old Town. It is the seventh biggest city in Virginia.
According to Niche, Alexandria is one of the best places to live in Virginia. It has an urban feel and is a place where most people rent their homes. Alexandria has a lot of restaurants and bars, which give it a reputation for a thriving night life. It is also home to many great public schools. It is home to many young professionals and families, and the median home value in Alexandria has a median home value of $572,900 and a median rent of $1747. It is considered one of the best cities for young professionals in America.
Right now, Alexandria is a seller’s market. It’s a place where demand is rapidly outpacing supply, and where real estate investors are getting into bidding wars over the best real estate in the state. Alexandria is also a place where homes are selling fast and higher than the listing price. It’s a housing bubble much like much of the rest of the country during the pandemic.
Hard money loans might be the best way to invest in real estate in Alexandria. Hard money loans are also known as short-term bridge loans or last resort loans, but these loans are an alternative source of financing that has an incredible advantage in seller’s markets. They have very fast speeds of approval. They can be approved in a couple of days, which is significantly faster than the speed of approval of traditional mortgage loans, which can take a month or more.
Hard money loans can be approved so quickly because they’re based on the property, not the financial standing of the borrower. They use the property as the asset, and it’s not like credit score does not matter. Hard money loans have credit score minimums of 600 to 620, and hard money loans can also have lower interest rates if a borrower does have a good financial standing. But hard money loans use the property as collateral. If a borrower defaults on a mortgage, the bank forecloses on the property. But if a borrower defaults on a hard money loan, the lender takes on the property as the homeowner. Every hard money lender prepares for this possibility so they can make a profit.
This means hard money loans have plenty of risks and disadvantages. Hard money loans have interest rates of 8–15%, which are significantly higher than the interest rates of traditional mortgage loans. Hard money loans also have repayment periods of a year, which are significantly shorter than the repayment periods of traditional mortgage loans (more or less 30 years). Lastly, because hard money loans have lower LTV ratios, they require higher down payments than mortgages.
That’s why it’s essential to find the best hard money lenders. We have made a list of the best hard money lenders in Alexandria.