Winston-Salem is the county seat of Forsyth County in North Carolina, and it is the fifth biggest city in the state. It has a population just under 250,000 people, and Winston-Salem has nicknames of the “Twin City,” “Winston,’ “W-S,” and “The Dash City.” The Wells Fargo Center is one of the tallest buildings in the region.
However, another nickname for Winston-Salem is “the Calem City” because of its historic relationship with the tobacco industry. It is also home to many universities, including Wake Forest, Winston-Salem State University, and the University of North Carolina School of the Arts. It is ranked consistently as one of the best places to live in America, and it also has access to a big airport in the region, the Piedmont Triad International Airport.
In 1913, towns Winston and Salem combined to become one city. According to Niche, Winston-Salem is one of the best places to live in America. It gives residents a dense suburban feel, and most people who live in Winston-Salem own their homes. It’s also home to lots of green space and parks, as well as many young families and young professionals. Public schools are very highly rated in the city, and Winston-Salem is a very affordable place to live with a median home value of $147,900 and a median rent of $806, which are both well below the national average for the country.
Right now, Winston-Salem is a seller’s market. It’s a place where demand is outpacing supply, and where real estate investors are getting into bidding wars in the current Winston-Salem housing bubble. It’s also a place where homes are selling fast and for higher than listing price.
Hard money loans might be the best way to invest in real estate in Winston-Salem. Hard money loans are also known as short-term bridge loans and last resort loans. They are predominantly used for real estate transactions like fix and flips, long-term rentals, and construction projects. Hard money loans are known for their very fast speed of approval, which is an incredible advantage in a seller’s market like Winston-Salem. They can be approved in a couple of days, which is significantly faster than the speed of approval of traditional mortgage loans. This fast speed of approval is an advantage that can help real estate investors put down faster bids and be more appealing buyers.
The reason hard money loans can be approved so quickly is because they’re based on the property, not the credit score of the borrower. A good financial standing certainly doesn’t hurt, as hard money lenders require minimum credit scores of 600 to 620 and may give real estate investors better interest rates if they have a good credit score. But hard money loans use the property as collateral. If a borrower defaults on a mortgage, the bank forecloses on the property but if a borrower defaults on a hard money loan, the lender becomes the homeowner and then tries to flip the property themselves.
This possibility is a much greater risk for a hard money lender than it is for a bank, so hard money loans have lots of disadvantages. They come with higher interest rates, shorter repayment periods, and lower LTV ratios compared to traditional mortgage loans.
At Hard Money Lenders IO, we have you covered — we’ve made a list of the best hard money lenders in Winston-Salem to get you the best terms and rates possible.