Syracuse is one of the biggest and well-known cities in New York. It is home to the University of Syracuse as well as rapidly rising housing values. It is the county seat of Onondaga County, as well as the fifth biggest cities in New York following Buffalo and Yonkers. Syracuse had a population of approximately 150,000 people as per the 2020 census, but the Syracuse metropolitan area is a lot bigger.
Syracuse is known as “The Heart of New York” and “The Salt City,” and Syracuse has the biggest airport in the Central New York region, and is at the intersection of I-81 and I-90, two major interstates in the country. Syracuse is much more affordable than other major American cities, and is a popular place to live for people in all walks of life, from young professionals to retirees to families.
It is certainly known for having a lot of snow and cold weather, like the rest of upstate New York, but Syracuse is also known for being extremely convenient and home to man great suburbs.
According to Niche, Syracuse is a city with great night life and diversity. It is a place where most people rent their homes, and is incredibly affordable for a city in New York — it has a median home value of $94,400 and a median rent of $814.
Right now, Syracuse is a seller’s market. It is a place where demand is outpacing supply in Syracuse. Real estate investors are getting into bidding wars where homes are selling fast and for above listing price.
Hard money loans might be the best way to invest in real estate in Syracuse. These loans are known for being used for real estate transactions like fix and flips, long-term rentals, and construction projects, but they are also known for their very fast speed of approval. Hard money loans can be approved in a couple of days, whereas traditional mortgage loans can take a month or more to be approved.
Compared to mortgage loans, hard money loans use the property as the asset and collateral. They use the after-repair value of a property to determine the terms and rates of a loan. Hard money loans don’t rely on financial standing as much as traditional mortgage loans — although most hard money lenders require a minimum credit score of 600 to 620, the vast majority of hard money lenders look at the property and the experience of a lender prior to agreeing to finance a loan.
The default process is different between hard money loans and traditional mortgage loans. If a borrower defaults on a hard money loan, the lender takes on the property in a very fast process. However, if a borrower defaults on a traditional mortgage loan, the bank initiates a very lengthy and expensive foreclosure.
Because of these risks the lender takes on, hard money loans also have plenty of cons. They have much higher interest rates, shorter repayment periods, and lower LTV ratios than traditional mortgage loans. The average hard money loan has an interest rate of 8–15%, a repayment period of more or less a year, and an LTV ratio between 65–75%, all of which are more unforgiving than a traditional mortgage loan.
You need to find the best hard money lender for your real estate transaction, which is why we at Hard Money Lenders IO have provided a research-backed list of the best hard money lenders in Syracuse.