Spring Valley is an unincorporated town in Clark County, Nevada with a population of just over 215,000 people. It is very close to the Las Vegas strip and considered a Las Vegas suburb. It was named in 1981 following the creation of the Stardust International Railway as a planned housing community, and Spring Valley has very nice parks and green space like Desert Breeze Park, which is located in the north-central part of town.
According to Niche, Spring Valley is the best suburb to live in in the Las Vegas area. It has a sense suburban feel and is a place where most people rent their homes. There are tons of bars and restaurants to give it a thriving night life rating, and the suburb is also very racially diverse. Spring Valley is known for its terrific weather, outdoor activities, and great health and fitness activities. It is only a short commute away from Las Vegas. It is home to many young professionals and great public schools. It has a median home value of $293,100 and a median rent of $1243.
Right now, Spring Valley is a seller’s market. It’s a place with exploding demand amidst a housing bubble, which means there’s more demand in Spring Valley than supply to meet it. Spring Valley is a place where homes are selling very fast and higher than listing price.
Hard money loans might be the best way to invest in real estate in Spring Valley. Hard money loans are also known as short-term bridge loans and last resort loans, but they’re known for being used for real estate transactions like fix and flips, long-term rentals, and other transactions where an investor buys the home and then flips it for a higher profit. Hard money loans give a distinct advantage in seller’s market of having incredibly fast speeds of approval. They can be approved in a couple of days, which is substantially faster than the over a month it takes for a mortgage to be approved. Having this leg up helps a real estate investor put down much faster bids in a very competitive housing market.
There are a lot of reasons hard money loans can be approved so quickly, and this speed of approval also comes at a significant cost. Hard money loans are known for having a different asset and collateral from mortgages. Mortgages famously use the credit score of the borrower as the asset for their loans, and it’s not like credit has no bearing for hard money loans. Real estate investors need to meet credit score minimums and also require good credit scores to lower interest rates. In the case where a real estate investor defaults on a hard money loan, the lender becomes the homeowner for the property then tries to fix and flip the home themselves, which is a lot of work and risk for the lender to take on.
For these reasons, hard money loans have incredibly unsavory rates and terms. They aren’t called last resort loans for no reason. Hard money loans have interest rates of 8–15%, which are incredibly high and much higher than the current interest rates of mortgages, even within this exploding housing market. Hard money loans also need to be repaid in only a year, which is significantly shorter than the repayment period of mortgages, which is usually 30 years.
It’s essential to find the best hard money lenders so you can get the best terms and rates on your hard money loan — that’s why we at Hard Money Lenders IO have compiled a list of the best lenders in Spring Valley.