Centennial is a city in Arapahoe County, and has a population of just over 108,000 people according to the 2020 census. It’s the 11th biggest city in Colorado, and it is known for being part of the Denver-Aurora-Lakewood metropolitan area. It is home to employers like Comcast, National CineMedia, and United Launch Alliance. It’s also home to Cherry Creek State Park.
According to Niche, Centennial is one of the best suburbs to buy a house in the Denver area. It is one of the best places to live in the whole state of Colorado. It’s known for its excellent public schools, as well as being a great place to raise a family. It has terrific jobs and with its bars and restaurants to have a great night life. Like the rest of Colorado, it is known for being very friendly to active people with health and fitness opportunities and great outdoor activities. It’s also very commute-friendly and is known for having great weather year-round. Centennial gives its residents a dense suburban feel and is a place where most people own their homes. It has lots of parks and is home to many young families and young professionals.
Centennial has a median home value of $458,300 and a median rent of $1,728. It’s an expensive place to live, but the quality of living justifies that cost to a lot of real estate investors in the area.
Right now, Centennial is a seller’s market. It’s a place where demand is outpacing supply and where real estate investors are getting into bidding wars in the housing bubble that reflects what’s going on with the housing market in the rest of the country. Centennial is a place where there are more people looking to buy homes than there are homes available. It’s a place where homes are selling very fast and for higher than listing price.
Since it’s so hard to buy a home before it sells rapidly in Centennial, real estate investors in Centennial should consider hard money loans. Hard money loans are also known as last resort loans, and they’re called that for good reason. A select few people use hard money loans to stave off foreclosures, but they’re known for having very expensive and hard to pay off terms and rates. Hard money loans are known for exorbitant interest rates. Even though 30 year traditional mortgage loans have interest rates of 5.6% in this booming housing market, hard money loans make those interest rates look cheap — they range anywhere from 8–15%. They also have repayment periods of more or less a year, which is much shorter than the repayment periods of mortgages.
However, the advantages of hard money loans can justify the disadvantages. In a competitive market like Centennial, hard money loans help real estate investors compete with their very fast speeds of approval. Since mortgages are more regulated, they can take a month or more to be approved. Hard money loans, by contrast, can be approved in only a few days, which is a tremendous advantage since it helps investors put down faster bids. In real estate, time is often money.
This can happen because hard money loans use the property as the asset, not the credit score of the borrower. Hard money lenders determine the terms and rates of their loans by calculating the after repair value of the property.
At Hard Money Lenders IO, we’re here to help. Here is a list of the best hard money lenders in Centennial.