Brookhaven is the most populous town in Suffolk County, New York. It is located approximately 50 miles away from Manhattan and stretches from the north shore to the south shore, and is a very large town geographically. Brookhaven includes villages and hamlets like Port Jefferson, Patchogue, Shoreham, East Setauket, Stony Brook, Rocky Point, and Mount Sinai.
Famously, Brookhaven is home to a post-war population boom after World War II, and is home to Stony Brook University and Brookhaven National Laboratory. Stony Brook University is one of the most highly rated universities in New York, and is one of the flagship universities of the State University of New York (SUNY) system. Many students and academics commute to Stony Brook.
Brookhaven is also very accessible to New York City through the Long Island Railroad, and residents in the area can get to Bridgeport, Connecticut every day through the Bridgeport and Port Jefferson Ferry. The town is known for a popular downtown area in Port Jefferson, and the overall Brookhaven has a population of around 485,773 people according to the 2020 census.
According to Niche, Brookhaven is a New York City suburb that has terrific public schools and is a great place to raise a family. Most residents in the area own their homes, and Brookhaven has a sparse suburban feel. There are many restaurants and parks in Brookhaven, and the median home value is $347,200 while the median rent is $1771.
Right now, Brookhaven is a buyer’s market. It is a place where supply is outpacing demand and homes are selling for below listing price and staying on the market for a long time.
Real estate investors looking into the Brookhaven area should consider hard money loans. Hard money loans are also known as last resort loans, but they’re primarily used for real estate transactions like fix and flips, long-term rentals, and repairs of distressed properties. In a seller’s market, hard money loans would have the advantage of having very fast speeds of approval, but in a buyer’s market like Brookhaven, hard money loans have other advantages.
Hard money loans in buyer’s markets can be used to purchase cash-only properties. In real estate, cash-only means you have to pay for the home all upfront, but it also means a home is in such a state of disrepair and poor condition a bank does not want to finance a home. It means the home did not qualify for traditional financing. To get the home back into good shape, a real estate investor has to put a lot of money and time into repairs.
For cash-only properties, hard money loans might qualify as cash because they’re an alternative source of financing, and because of their reputation for repairing homes in disrepair. A real estate investor can make a lot of money turning a home in disrepair into an attractive property.
Hard money loans are different from traditional mortgage loans in that they don’t rely as much on the financial standing of the borrower — instead, they use the property as the asset and collateral. As a result, they can be approved a lot easier than traditional mortgage loans. However, this also means hard money loans have significantly more risks, like higher interest rates, shorter repayment periods, and lower LTV ratios compared to traditional financing.
It’s important to trust only the best hard money lenders, which is why we at Hard Money Lenders IO have made a list of the best hard money lenders in Brookhaven for your real estate journey.
