Enterprise is a town in Las Vegas Valley and located in Clark County. It is a Las Vegas suburb with a population of just over 108,000 according to the 2010 census, which means Enterprise is one of the biggest cities in Nevada. Enterprise is known for being part of the Las Vegas Township, but it is also known for great shopping outlets, bars, amusement parks, and more.
According to Niche, Enterprise gives its residents a dense suburban feel, and is known to be a place where most people own their homes. It is a suburb that is known for being very diverse, having great weather, and having a plethora of outdoor activities for terrific health and fitness and green space. Enterprise is a place that’s home to many families and young professionals, as well as above average public schools. It has a median home value of $325,700 and a median rent of $1,447.
Right now, Enterprise is a seller’s market. It’s a place where prices are high and homes tend to sell very very fast. Enterprise is a suburb where demand for housing is outpacing the supply of housing, and is a housing bubble much like the rest of the country during the pandemic where homes are selling well above listing price.
Hard money loans might be the best way to invest in real estate in Enterprise. These loans are an alternative to traditional mortgage loans, and are mainly used for real estate transactions like fix and flips, long-term rentals, and other kinds of transactions where a buyer buys a home in disrepair, repairs the home, and then sells the home for a greater profit. In a seller’s market like Enterprise, hard money loans have a distinct advantage of having very fast speeds of approval.
Hard money loans use the property as the asset. Hard money loans don’t depend on the credit score of the borrower like traditional mortgage loans. Most hard money lenders do have minimum credit scores of 600 to 620, and they also rely on credit to give borrowers lower interest rates. But hard money loans use the property as collateral. If a borrower defaults on a mortgage, the bank forecloses on the home in a very lengthy process. But if a borrower defaults on a hard money loan, the lender becomes the homeowner in a very fast and expedient process. This is a process that can result in a great loss of money for the lender if they cannot repair the home and flip it themselves.
Hard money loans, thus, are known for having very unforgiving terms and rates. They’re known for their high interest rates, short repayment periods, and low LTV ratios compared to traditional mortgage loans. Hard money loans have interest rates well above even the skyrocketing interest rates of mortgages in the current housing market — while the average 30 year mortgage has an interest rate of 5.6%, hard money loans have interest rates of 8–15%. Hard money loans are also known for repayment periods of more or less a year, which are significantly shorter than the 30 year repayment periods of most mortgages. With lower LTV ratios, hard money loans require lower down payments than traditional mortgage loans.
It’s important to only trust the very best hard money lenders, which is why we at Hard Money Lenders IO have made a list of the best lenders in Enterprise.