Staten Island is a borough of New York City that is often forgotten compared to the other four boroughs, and it is the least populated borough in the city. It used to be known as the Borough of Richmond until 1975, but Staten Island is well known for its urban area as well as industrial jobs. It can be reached through the Verrazzano-Narrows Bridge from Brooklyn or several bridges from New Jersey. There is also a famous ferry, the Staten Island Ferry, that connects Staten Island to Manhattan, since Staten Island is connected to the New York City Subway system.
Right now, Staten Island is a great place to invest in real estate because it is the most affordable borough, has tons of green space, and has the most value for being in New York City. For people who work in Manhattan, Staten Island is a great place to live because it is both extremely convenient and extremely affordable. The affordability of Staten Island is the biggest draw of the borough, as well as museums and parks.
According to Niche, Staten Island has a population of around 475,000 people. It gives residents a mixed urban suburban feel and is a place where most people own their homes. Staten Island is home to many families and young professionals, and has great public schools. It has lots of restaurants and coffee shops, and has a median home value of $504,800 and a median rent of $1319. Reviewers of Staten Island say it is much quieter than living in any other New York City borough.
Right now, Staten Island is a neutral market. Demand and supply are relatively equal, and homes are reasonable and stay on the market for a usual length of time.
Real estate investors looking into Staten Island should look at hard money loans. For buying competitive and affordable properties in Staten Island, hard money loans have a very unique advantage of being approved very quickly. While traditional mortgage loans can take a month or more to be approved, hard money loans can be approved within a couple of days.
Hard money loans can be approved so quickly because they’re an alternative source of financing to traditional mortgages. They’re much easier to get approved. This is because hard money lenders use the property as the asset, and calculate the terms and rates of a loan through the after repair value of the property. Hard money loans don’t rely on financial standing like mortgages, but they do have minimum credit score requirements of 600 to 620.
If a borrower defaults on a traditional mortgage loan, the bank forecloses on the property in a very lengthy and costly procedure. However, if a borrower defaults on a hard money loan, the lender takes on the property and can turn a significant profit.
Because of this difference between mortgages and traditional financing, hard money loans have lots of drawbacks and disadvantages. For one, hard money loans have significantly higher interest rates. The average interest rate for a hard money loan is 8–15%, which is significantly higher than the average interest rate (4.2%) for a traditional mortgage loan. Also, hard money loans have shorter repayment periods. They have repayment periods of about a year, which is much shorter than repayment periods of mortgages, which are around 30 years.
Since hard money lending is more unregulated, it’s essential to only trust the best hard money lenders, which is why we at Hard Money Lenders IO have made a list of the best lenders in Staten Island.