La Jolla Hard Money Lender – financing your residential and commercial real estate deals
The San Diego rental market is hot and projected to continue to rise through 2019. Most large metropolitan cities around the US are experiencing a similar trend, however Coastal San Diego cities like La Jolla are seeing exceptional growth in the rental market.
La Jolla is a hilly seaside and affluent community within the city of San Diego, California, occupying 7 miles of curving coastline along the Pacific Ocean within the northern city limits. The upscale community is home to some of California’s nicest beaches, fine dining restaurants, and host of the annual US Open at the Torrey Pines golf course.
Recent statistics show that investing in a La Jolla real estate project might be a safe bet. The La Jolla economy has bounced back since the 2008 recession. La Jolla residents have a higher average income and the city has a lower crime rate than many nearby areas. 69.3% of the population in La Jolla have white collar jobs and a median household income in the area over $154,914.
- Average household size – 2.17
- Households with children – 3,823
- The median rent asked in La Jolla is 119% higher than the national average
- Renter-occupied housing 36%
It’s clear there is a huge rental market in La Jolla, with 36% of the population renting their home. Rents have steadily risen in San Diego and are projected to continue. Zillow reports the median rent across the county has risen 2.4 percent over the past year. The median rent rate now sits at $1,435 per month in the U.S., the highest rate the website has ever reported. San Diego’s median rent price is currently at $2,500 – nearly double the national rate.
The coastal city of La Jolla has a large volume of luxury homes and considering most La Jolla residents need at least a 2 bedroom, the rents in La Jolla are on the higher end of the range.
Looking to buy an investment property to rent out? Consider working with a La Jolla Hard Money Lender
The cost of living in San Diego has continued to increase over the past 10 years making home ownership difficult for people. Many Americans desire the single-family home lifestyle but just cannot afford to buy into it. Also, Millenials are delaying getting married and have massive school debt, and are not buying real estate. The number of Americans renting is incredibly high, leaving a great investment opportunity in rental income properties.
Rental properties have recently created a stable vehicle for investing money and creating wealth. As many look to purchase an investment rental property, some look for a La Jolla hard money lender to finance their real estate purchase. Unlike traditional lenders, private money lending institutions focus more upon on the equity in a property relative to the borrower’s credit score. The underwriting and funding process can take place in a matter of days instead of weeks or months. Wilshire Quinn continues to fund hard money loans in La Jolla and across the nation.
Asset Based Lending
Asset based lending means we base our loan amounts on the value of real estate, such as an investment property, multifamily building, or commercial building, rather than strictly on your credit score and debt to income levels. Wilshire Quinn takes pride in our common sense equity based lending. Wilshire Quinn is a La Jolla hard money lender, with experience lending nationwide. As an trusted hard money lender we can handle even the most complicated of lending scenarios and care more about the real estate that you are purchasing or refinancing than inflexible bank requirements.
