Georgia is a terrific place to invest in real estate given affordable housing costs, rapid population growth, and low taxes. With both urban areas like Atlanta and suburban areas like the city’s surrounding suburbs, Georgia offers tremendous potential to real estate investors.
There’s a reason Georgia has become the new film production capital in America. The affordable cost of living and low taxes have led to skyrocketing sale prices of Georgia homes. Georgia is a pro-business environment that also has overlooked markets. It is also a strong renters’ market that is one of the most robust in the country — a growing economy and population growth have allowed the state to grow rapidly.
One of the best tools for real estate investors in Georgia is hard money loans. A hard money loan does not conform to regular underwriting requirements for loans. Instead, it depends on the property’s potential value after repair, rather than a borrower’s credit score or borrowing history. It is an important tool real estate investors
Hard money loans may have high interest rates and short repayment periods, but they can be used for quick cash to secure the deal you need. In Georgia, finding a hard money loan can help you quickly finance a rental property, multifamily project, or fix and flip.
For many real estate investors, speed of approval can be as important if not more important than finding the best possible rates. People who want to fix and flip house or buy distressed properties, then repair and rehab them, would benefit substantially from hard money loans.
These loans can be secured quickly and without a high credit score. Hard money loans are determined based on a variety of factors, including the property itself. In real estate, time is usually money, especially for investors who want to be competitive. Since hard money loans are based on the future value of home rather than the as-is value, it’s tough for a first-time investor especially to plan the cost of repairs and renovations, so many hard money lenders require some investing history before giving hard money loans.
It’s not like credit scores do not matter in hard money lending, as many hard money lending companies require a base credit score of at least 600. However, hard money loans can also be hard to pay off if the fix and flip does not work out well and when steep interest rates accrue.
It is important to be selective in the hard money lender you choose, as well as research each lender carefully before choosing one of your choice. If you would like more personalized assistance and attention, consider getting in touch with us and speaking with one of our brokers to make the best decision for your personal property and situation.
And our hard money lenders directory has you covered. These hard money lenders have been vetted. In the list below, you will see the most reputable and trustworthy hard money lenders in Georgia.