Glen Burnie is a suburb in Anne Arundel, Maryland, a suburb right outside Baltimore City. It has a suburban feel and is known as a place where most people own their homes. Rent and home prices are close to the national average, and Glen Burnie is well known for its diversity
Glen Burnie is currently a seller’s market, which means there is more demand than supply in the city. Glen Burnie is about 10 miles from Baltimore and 40 miles from Washington D.C., which makes it a hub for many people who don’t want to live in a big city but want to live close. Glen Burnie also neighbors the Baltimore/Washington International Airport and is a convenient location for anyone who travels frequently.
To invest in real estate in Glen Burnie, hard money loans might be the answer. Hard money loans give you quick money to invest in real estate and put down a competitive offer in a competitive market. Hard money loans. are mainly used for fix and flips, long-term rentals, and repairs for distressed properties and construction projects.
The biggest advantage of hard money loans is their fast speed of approval. Most hard money loans can be approved very quickly, within minutes to a couple of days. The hard money lender does review the borrower’s application very quickly, but what’s more important is the property itself. The hard money lender uses the property as collateral.
The property is usually what the rates of the loan are based on, and if a borrower defaults on a loan, the hard money lender takes on the property. This means the lender needs to review whether the property can pay off the loan itself.
Hard money loans are also known as last resort loans for a reason. They are very risky for both the real estate investor and the lender. They present interest rates well above those of traditional loans (8–15%). They also have lower LTV ratios (which means the borrower needs to put down a bigger down payment than traditional loans) and shorter repayment periods. Hard money loans can be very difficult to pay off if the real estate investment does not pan out.
It’s especially important to be selective in a field as unregulated as hard money lending. Not every hard money lender is trustworthy. Some do not communicate well about fees until the borrower signs the hard money loan. Others tack on extraneous fees. As a new investor, in particular, it’s essential for borrowers to do their research and only work with trustworthy lenders.
At Hard Money Lenders IO, we have done the work for you. We have compiled a list of the best hard money lenders in Glen Burnie to help you secure the best deal possible.