Charlotte is the biggest and most popular city in North Carolina, with a population of just under 875,000 people. It is the 16th biggest city in America, and is the second biggest city in the Southeast behind Jacksonville. It is the cultural and economic hub of the Charlotte area, as well as the 23rd biggest metropolitan area in America. It has a nickname of “The Queen City” and has been the fastest growing metropolitan area for much of the 21st century. It is home to the headquarters of Bank of America and Truist Financial, and it’s also home to the east coast HQ of Wells Fargo. With all these bank headquarter, Charlotte is the second biggest banking center in America.
Charlotte is home to the Carolina Panthers at the NFL, the Charlotte Hornets of the NBA, and Charlotte FC, a MLS team. It’s also home to the NASCAR Hall of Fame and multiple museums and the U.S. National Whitewater Center. Jeff Rohde at Roofstock says Charlotte is one of the best real estate markets in North Carolina and the entire country. It is one of the most popular cities in the South, and it has a diverse economy and great quality of life. There has been significant population growth over the past decade, and Charlotte has also had exploding job growth.
According to Niche, Charlotte is one of the best cities to live in America. It is home to great schools, and is considered great for families. It is a terrific place to go out due to its high concentration of restaurants and bars. It has a lot of green space, and most residents own their homes in Charlotte. It is home to many families and young professionals, and it is affordable for a major American city. It has a median home value of $235,000 and a median rent of $1185.
Currently, Charlotte 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 Charlotte. Homes are selling fast and for higher than listing price.
Hard money loans might be the best way to invest in real estate in Charlotte. Hard money loans are also known as short-term bridge loans and last resort loans, and their biggest advantage in a seller’s market like Charlotte is their very fast speed of approval. They can be approved in a couple days, as opposed to traditional mortgage loans, which can take a month or more to be approved. This fast speed of approval is an instant advantage in a seller’s market like Charlotte because investors have access to fast financing and fast bids.
The reason hard money loans can be approved so quickly is because they’re based on the property, not the credit score of the borrower. Hard money loans use the after repair value of the property for determining the rates and terms of a loan. They don’t depend on financial standing as much, but hard money loans also require minimum credit scores of 600 or 620, and they also use the property as collateral. If a borrower defaults on a hard money loan, the lender takes on the property and becomes the homeowner. Every lender prepares themselves for this possibility to flip the home themselves and make a significant profit.
Hard money loans have unforgiving interest rates, repayment periods, and LTV ratios compared to traditional mortgage loans. That’s why it’s so important to find the best hard money lenders, an area we have you covered in.
Here are the best hard money lenders in Charlotte.