Maryland is a fantastic place to invest in real estate. It is one of the ten richest states in the United States and has the highest median income in the country. It is also a state with quick access to Washington D.C. and other major metropolitan areas like Baltimore, being home to one of the best economies in the nation.
In Baltimore, an economy driven by health care, cybersecurity, and biosciences, there is a steady growth of a real estate market targeting young professionals. In Montgomery County, cities like Rockville offer easy access to Washington D.C. as well as affordable living.
Maryland is often seen as a difficult place to live in given its high property taxes and high cost of living. But other factors in the state are underrated for investors, including the proximity to Washington D.C. and being more affordable to live in than Washington itself, as well as a strong rental market with usually high rental prices compared to other states. Maryland also has high foreclosure rates, which make it a great opportunity to fix and flip homes and buy distressed properties.
To invest in real estate in Maryland, hard money loans can be a crucial resource for quick financing. Hard money loans provide fast money without having the traditional constraints of a long approval period or having a low credit score. They can be used to fund long-term rentals, fix and flips, and construction projects, and rely on the projected value of a home after repairs rather than an investor’s borrowing history.
While hard money loans have drawbacks like short repayment periods and high interest rates, they help you secure funding in a pinch, especially if you have already been turned away by a bank. In real estate investing, particularly when trying to make money from distressed and foreclosed properties, time is money, and hard money loans give quick, hard cash that traditional loans do not.
Receiving hard money loans, whether for short-term or long-term lending, put the property as collateral rather than your own credit, and prize convenience for all real estate investors. If you’re being turned away from banks due to the nature of the distressed property, hard money lenders can help you finance your repair and turn your distressed property into a very lucrative investment.
However, doing your research and possibly getting a broker to support find the best possible hard money loan are important steps in the process. Not all hard money lenders are reliable. We at Hard Money Lenders IO can provide consultation and match you with a broker if needed.
It’s important to be careful and only trust reliable hard money lenders — so here is a list of the best, most experienced hard money lenders in Maryland.