Hard money loans are easier and faster to get in comparison to loans from traditional banks. This speed of closing is why they’re the preferred option for a lot of real estate investors who are looking for commercial or residential properties they can profit from.
Located in Lee County, Cape Coral has a population of 194,495 residents and it’s known for places like:
- Tom Allen Memorial Butterfly Garden
- Coral Oaks Golf Course
- Wicked Dolphin Rum Distillery
- Sun Splash Family Waterpark
Since it’s definitely a great place to invest in real estate, we gathered some facts to consider if you’re looking to invest in a commercial or residential property in Cape Coral:
The city recently had a job growth of 1.88% and a per capita income of $29,970. The median home value in the real estate market in Cape Coral is $256,248 and the average rent per month is $1,607.
Local residents’ education levels show that 91.8% of them are high school graduates or higher and 23.3% have a bachelor’s degree or higher.
Some of the housing programs the City offers include:
- Community Development Block Grant (CDBG)
- State Housing Initiatives Partnership Program (SHIP)
- Neighborhood Stabilization Program
The requirements to access a loan program are minimal and the process is different for every situation, so you can be sure you’ll have a personalized experience based on your goals. Many lenders find the ideal balance between personal and property requirements to make the deal work.
However, even though your credit report will be asked, it won’t be what makes the lender have a final word about approving or denying a loan. Instead, the risk of the deal, the property location and the action plan are some aspects that will be considered.
So in general terms, the property itself is what will be used and taken as collateral once there’s a certainty it can pay the loan back if you can’t.
Hard money lenders in Cape Coral, Florida can assist you with different loan amounts to fix & flip or buy a new property with minimal requirements. Take a look at the list we made and contact the one that fits your needs.