Irondequoit is a town in upstate New York that is a suburb of Rochester, and it is just outside the city. It has a population of over 50,000 people, and has a famous history as a point of interaction between Iroquois Native Americans and French settlers, and the town has lately seen significant population growth. Irondequoit is considered one of the best suburbs to live in in the Rochester area.
According to Niche, Irondequoit has great schools, terrific night life, and is considered a great place to raise a family. It is friendly and diverse and has two beaches, being so close to Lake Ontario. It is a small town that is considered not only one of the best places to live in Rochester, but one of the best places to live in New York. Right now, the median home value is $123,800, and the median rent is $909, which makes Irondequoit an incredibly affordable city for New York. It has a sparse suburban feel where most people own their homes.
Right now, Irondequoit is a seller’s market. It’s a place where demand is rapidly outpacing supply, and more people are looking to buy than homes are available. It’s a housing bubble where real estate investors are engaging in bidding wars, and real estate investors need to put down offers very quickly to compete with other real estate investors.
Hard money loans might be the best way to invest in real estate in Irondequoit. Hard money loans are loans known for being used in real estate transactions, but they’re mostly used in real estate transactions like fix and flips, long-term rentals, and construction projects.
Hard money loans are otherwise known as last resort loans, but they’re especially helpful for seller’s markets like Irondequoit. Hard money loans have a huge advantage of being approved very quickly. They can be approved within a couple of days, which is significantly faster than traditional mortgage loans, which can take more than a month to be approved.
They can be approved so quickly because they’re based on the property, not the financial standing or credit score of the applicant. To be clear, credit score still matters in the sense that most hard money lenders have minimum credit scores of 600 to 620, and new investors have to rely on a strong credit score to lower interest rates. These loans use the property as collateral — if a borrower defaults on a mortgage, the bank initiates a foreclosure. But if a borrower defaults on a hard money loan, the lender takes on the property in an expeditious and quick process that can result in profit for the lender.
This means hard money loans carry considerable risks, and these risks are reflected in the terms and rates of the loans. Hard money loans have significantly higher interest rates than traditional mortgage loans — they usually have interest rates of 8–15%, which is much higher than interest rates of mortgages (just above 4% on average). Hard money loans also have shorter repayment periods of more or less a year, which is significantly shorter than the 15 to 30 year repayment periods of mortgages. They also have lower LTV ratios than mortgages, which means they require higher down payments.
It’s important to only trust the best hard money lenders. That’s why we at Hard Money Lenders IO made a list of the best hard money lenders in Irondequoit so you can find the best possible partner for your real estate transaction.