North Hempstead is a town in Nassau County, New York. Based on the 2020 census, North Hempstead has a population of around 240,000 people, and is one of three towns in Nassau County. North Hempstead includes incorporated villages like Great Neck, Westbury, Manhasset, and Roslyn, all of which are known for having incredible schools and being great places to raise a family. Not only that, but all villages in North Hempstead are very close to New York City and within driving distance. North Hempstead is home to many beaches on the north shore of Long Island.
North Hempstead is considered a New York City suburb, and is one of the best place to live in New York. It gives residents a dense suburban feel, and most residents in North Hempstead own their homes. There is a lot of green space, and there are many restaurants and coffee shops that give North Hempstead a thriving night life. It is a place with a lot of great schools, from K-12 to higher education, and is home to many young families and retirees.
North Hempstead can be a very expensive place to live. The median home value is $710,400 in the state, and the median rent is $1,891. Right now, North Hempstead is a buyer’s market. There is more supply of homes than demand, and homes are staying on the market long and selling for lower than listing price.
Hard money loans might be the best way to invest in real estate in North Hempstead. Hard money loans are also known as last resort loans, but they’re mainly used for real estate transactions. In a seller’s market, hard money loans have a unique advantage of being approved very quickly. But in a buyer’s market, hard money loans have other distinct advantages over traditional financing.
Hard money loans can qualify a borrower for cash-only properties. In real estate, cash-only is usually what it sounds like — a buyer can only use cash to pay for the property. However, cash-only also means the home is in such poor condition that banks won’t even touch the loan. The home doesn’t qualify for traditional financing.
Most of the time, hard money loans can qualify as traditional financing because they are an alternative source of financing, and they were essentially made to repair homes in disrepair. A real estate investor can turn a significant profit turning a home in disrepair into an appealing property for buyers.
Since hard money loans use the property as collateral, there are important distinctions between the process for hard money loans versus traditional mortgage loans. If a borrower defaults on a mortgage, there’s a foreclosure. But if a borrower defaults on a hard money loan, the lender takes on the property in a lot more of a convenient process.
It’s important to note, then, that hard money loans come with much more unforgiving terms and rates than mortgages. Hard money loans have higher interest rates, shorter repayment periods, and lower LTV ratios than traditional mortgages. Hard money loans have interest rates around 8–15%, repayment periods of more or less a year, and LTV ratios of around 65–75%. Mortgages, by contrast, have interest rates of just over 4%, repayment periods of 15 to 30 years, and LTV ratios around 80%.
You should only trust the best hard money lenders, so we have compiled a list of the best hard money lenders in North Hempstead. Look no further for the best financing partners for your investment.