Lakewood is the biggest city in Jefferson County, Colorado. It has a population just under 156,000 people, and it is the fifth biggest city in the entire state. Lakewood is just west of Denver and part of the same metropolitan area, and is home to the famous Green Mountain. Lakewood is also home to a semi-arid climate and is a Denver suburb just a short distance away from the city.
Lakewood is one of the best places to live in Jefferson County. It gives its residents an urban-suburban mix feel and is a place where most residents own their homes. It is home to a variety of restaurants and bars to give it a reputation for thriving nightlife, and is also known for having terrific outdoor activities, health and fitness, and diversity. It is only a short commute away from Denver, and is a place with great public schools and is a great place to raise a family. It is home to many young professionals, and Lakewood is a place with a median home value of $398,200 and a median rent of $1430.
Right now, Lakewood is a seller’s market. It’s a place where demand is rapidly outpacing supply and where prices are high and homes sell faster than listing price. Lakewood is a place that’s a housing bubble, much like the rest of the country during the pandemic. It can be very difficult to buy a house for first time homebuyers, but it is possible for real estate investors to buy homes for investment properties and turn a significant profit.
Hard money loans might be the best way to invest in real estate in Lakewood. In a seller’s market like Lakewood, hard money loans give a tremendous advantage of very fast speeds of approval. They can be approved in a couple of days, whereas traditional mortgage loans can take a month or more to be approved. This fast speed of approval is a tremendous advantage in a seller’s market like Lakewood because they can help investors put down much faster bids. By the time an investor is approved for traditional financing, they may have already lost out on a home they desire.
But hard money loans don’t only have advantages — they also have tremendous disadvantages. Hard money loans are known for their very unforgiving interest rates. They can have interest rates as high as 15% per month, which are significantly more unforgiving than the interest rates of traditional mortgage loans, which are around 5.6% on average. Hard money loans have interest rates that depend on the credit score of the borrower as well as the experience of the borrower, but they also have repayment periods of more or less a year, which are significantly shorter than the repayment periods of traditional mortgage loans. Hard money loans also have much lower LTV ratios, which means real estate investors have to put down much higher down payments than they would with traditional mortgage loans.
The reason hard money loans can be approved so quickly is because they’re based on the property as the asset, not the credit score of the borrower. Hard money loans use the property as collateral because if a borrower defaults on a hard money loan, the lender becomes the homeowner and tries to fix and flip the home themselves.
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 Lakewood.