Orem is a city in a county right next to Provo. It’s only 45 miles away from Salt Lake City. It is known for being one of the biggest cities in its metropolitan area, and it has a population just over 98,000 people. It is the fifth largest city in the state, and it is known as the home of Utah Valley University. Orem is known as “Family City USA,” and is known for the home of the Timpanogos Storytelling Festival. It is also home to many parades throughout the year.
According to Niche, Orem is the fourth best place to live in Utah. It is a place with a dense suburban feel and is a city where most people own their homes. Orem is a diverse city where there are a lot of health and fitness opportunities, outdoor activities, and parks. It is very easy to commute in Orem, and to Salt Lake City, and it is also a city that has a lot of jobs that’s very good to raise a family in. Orem is a city that has great weather and a lot of terrific public schools. It has a median home value of $296,900 and a median rent of $1057.
Right now, Orem is a seller’s market, as of June 2022. It is a place where demand is exceeding supply, and where real estate investors are seeing homes selling fast and for higher than listing price. Orem is a city where investors are getting into bidding wars over the best real estate in the city.
Orem’s investors would benefit from hard money loans. Hard money loans are also known as short-term bridge loans, but they’re also known as last resort loans. Their biggest advantage is their very fast speed of approval, because traditional mortgage loans can usually have investors lose out on their desired properties because they don’t get approved very quickly. Hard money loans, by contrast, can take a couple of days to be approved. They give investors an instant competitive advantage.
Hard money loans also have a lot of cons and disadvantages to supplement their advantages. They’re significantly more expensive and have more unforgiving rates than traditional mortgage loans. Hard money loans are known for their incredibly high interest rates, which are about 8–15% on average, which are much higher than the 5.6% interest rates of traditional mortgage loans at the moment. Hard money loans also have repayment periods of more or less than a year, which are significantly shorter than the repayment periods of traditional mortgage loans (which are about 30 years).
Hard money loans are different from traditional mortgage loans because they use a different asset. Mortgages use the credit score of the borrower as the asset, but hard money loans use the property as the asset. Hard money loans also use the property as collateral, which means they have a different process of default than traditional mortgage loans. If an investor defaults on a mortgage, the bank initiates a foreclosure. But if an investor defaults on a hard money loan, the lender becomes the homeowner and instantly tries to flip the property.
It’s essential not to trust just any hard money lender. Not every hard money lender is trustworthy, and many hard money lenders are known as loan sharks because they tack on extraneous fees and points.
Here are the best lenders in Orem.