Johns Creek in the Greater Atlanta area, a suburb to the northeast of Atlanta. As a city with over 80,000 people, Johns Creek is the tenth biggest city in Georgia. It has terrific schools and is often rated as one of the the safest places to live in America as well as one of the best places to raise a family. Many people who live in Johns Creek commute to Atlanta, and the city is a new one as of 1981. That year, it was founded by three graduates of Georgia Tech, and today, it’s one of the youngest cities in Georgia.
As a real estate investor, it’s important to know Johns Creek is a seller’s market. Prices tend to be more expensive, and homes tend to sell faster. In 2021, 59.1% of homes were sold above the asking price, which makes it a terrific place to invest in real estate.
Hard money loans can be the best way to invest in real estate in Johns Creek. They are often used for business refinancing, rehabilitation projects, fix and flips, and long-term rentals.
The biggest benefit of a hard money loan is you get cash very quickly. With an approval period of only a couple of days in most cases, hard money lenders have a much faster and more unregulated process than traditional lenders. Hard money loans are not dependent on the credit history of a buyer. Even though most still have a minimum credit score of 600 to 620, and require a proven track record on behalf of the borrower, hard money loans use the property as collateral for a loan.
The projected value of the property and its location determine the terms of the loan. This means if a borrower defaults on the loan, the lender collects the property, so hard money lenders must factor in whether the property can pay off the hard money loan itself if the borrower defaults.
In a seller’s market like Johns Creek, time is often money. With a fast speed of approval, getting cash faster will help you beat out other investors and buyers for a property.
Hard money loans do come with their risks. They often have high interest rates, short repayment periods, and short LTV ratios. This means on average, compared to traditional loans from banks, a borrower has to put down a higher proportion of the downpayment on a home.
It’s important to be especially selective in choosing a hard money lender. Not all are trustworthy and some extra fees like origination fees and closing costs. It’s important to do your research and only choose reputable and trustworthy lenders.
As such, we have you covered at Hard Money Lenders IO. We have assembled a directory researching the best and most reputable hard money lenders in Johns Creek so you can secure the property of your dreams.