Denver is the biggest city in Denver, and the capital of the state. It has a population of just over 715,000, and has seen exploding population growth in the past decade. It is known as “The Mile High City” and is known for being exactly one mile above sea level, and it is also known for its many famous sports teams, like the Denver Broncos, Denver Nuggets, the Colorado Rockies, and the Colorado Avalanche.
It is known for being a very outdoorsy city that has incredible art, culture, food, and music. It’s also known for having over 200 parks within the city, and being near many major mountains. Young professionals may also find Denver to be an appealing place to live given its variety of breweries. Denver is known for its low unemployment and great lifestyle.
According to Niche, Denver is one of the best cities for young professionals in America. Denver gives its residents an urban feel as one of the best places to live in the state. Denver is a diverse city that has lots of bars and breweries to give it a great night life, as well as great health and fitness and outdoor activities. It is a commute-friendly city with lots of jobs. It is home to many young professionals and young families, and Denver has a median home value of $427,600 and a median rent of $1397.
Right now, Denver is a seller’s market. It’s a place where demand is rapidly outpacing supply, and where real estate investors have been getting into bidding wars in the housing bubble Denver currently has. It’s a city where homes are selling very fast and for higher than listing price. In the past ten years, the median sale price of a home in Denver has gone up more than $200,000.
Hard money loans might be the best way to invest in real estate in Denver. Hard money loans are also known as short-term bridge loans and last resort loans, but they give a huge advantage in a seller’s market like Denver of giving very fast speeds of approval in a very competitive housing market. With low inventory and incredibly high demand, hard money loans give investors the advantage of closing within a very short amount of time. These loans can be approved in a couple of days, whereas traditional mortgage loans take a month or more to be approved. A borrower who uses traditional financing might have already lost out on a home they want to buy.
But hard money loans also have a lot of disadvantages. They come with higher interest rates than traditional mortgage loans. The average 30 year mortgage in this current housing market has an interest rate of 5.6%, but hard money loans have interest rates of 8–15%, which are significantly higher. Hard money loans also come with shorter repayment periods of more or less a year, which is much shorter than the repayment periods of 30 year mortgages.
Hard money loans are different from traditional financing because they use the property as the asset, not the credit score of the borrower. It’s not like credit has no bearing, since hard money lenders have credit score minimums and use credit scores to bring down interest rates. But hard money loans use the property as collateral and have a very different default process than traditional mortgage loans.
It’s important to only trust the best hard money lenders. That’s why we at Hard Money Lenders IO have made a list of the best hard money lenders in Denver.