Sunrise Manor is a suburb of Clark County, Nevada. It has a population of just over 205,000, as of the 2020 census. Sunrise Manor is a very diverse city that was formed in 1957. It is a Las Vegas suburb that has many parks and schools. It is a quiet place just outside of the big city, and it’s a great suburb for both retirees and young professionals.
According to Niche, Sunrise Manor is a very diverse city with great weather year-round. It’s known for having lots of outdoor activities and places for people to work out, but as a Las Vegas suburb, it’s significantly more affordable and has great night life. It’s a suburb that gives its residents a dense suburban feel, and is also a place where most people own their homes. There are many bars and parks in Sunrise Manor, and the median home value is currently $191,500 and the median rent is $998, which are both below the national average.
Right now, Sunrise Manor is a seller’s market. It’s a place where demand is exceeding supply, and where investors are seeing homes sell very fast and for higher than listing price. Sunrise Manor is a place that’s currently in a housing bubble where real estate investors are getting into bidding wars over the best real estate in town.
Hard money loans might be the best way to invest in real estate in Sunrise Manor. Since Sunrise Manor is a seller’s market, hard money loans give the distinct advantage of very fast speeds of approval. They can be approved within a couple of days, which is significantly faster than traditional mortgage loans. Traditional mortgage loans can take a month or more to be approved, which is time when an investor in a competitive market like Sunrise Manor may have already lost out on a desired property. In real estate investing, time is often money, and hard money loans give the advantage of time.
Traditional mortgage loans use the credit score of the borrower as the basis of their loans. A good credit score gives a borrower a better mortgage. But that’s not how it works with traditional mortgage loans. Hard money loans use the property as collateral. If a borrower defaults on a mortgage, everyone knows what happens — the bank goes to court with the borrower in a foreclosure that destroys the borrower’s credit score. But if a borrower defaults on a hard money loan, the lender becomes the homeowner in a very fast process where the lender tries to flip the home themselves and make money. A lot of hard money lenders actually lose profit in these transactions.
For this reason, hard money loans come with a lot of drawbacks and disadvantages compared to traditional mortgage loans. They have higher interest rates, shorter repayment periods, and lower LTV ratios than traditional mortgage loans. With hard money loans having interest rates anywhere between 8–15%, most hard money loans are significantly higher than even the mortgages in this exploding housing market. Right now, the average interest rate of a 30 year mortgage is 5.6%. Hard money loans need to be repaid within a year on average, which is much shorter than the repayment period of traditional mortgage loans.
That’s why it’s important for borrowers to only trust the best hard money lenders. We at Hard Money Lenders IO have compiled a list of the best hard money lenders in Sunrise Manor.