Santa Barbara Hard Money Lender – financing your residential and commercial real estate investments
Santa Barbara is a year-round tourist destination known for its Spanish architecture, beautiful beaches and popular nightlife. Situated on a south-facing section of coastline, the longest such section on the West Coast of the United States, the city lies between the steeply rising Santa Ynez Mountains and the Pacific Ocean.
According to Zillow, the median home value in Santa Barbara is $1,115,076. Santa Barbara home values have gone up 6.9% over the past year and Zillow predicts they will rise 4.0% within the next year. The average price of a home in the United States, on the other hand, is just over $200,000. The Santa Barbara real estate market is considered a luxury market, and although it is not as garish as the San Francisco market, it is still well above most of America. Home prices in Santa Barbara over the past few years have consistently risen making it worth consideration when looking at buying an investment property.
Looking to buy an investment property to rent out? Here’s why you should consider working with a Santa Barbara hard money lender
The cost of living in Santa Barbara 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.
- the majority of Californians rent rather than owning, making purchasing a rental property a good business
- Apartments with 1-2 bedrooms are the easiest to rent
- The average family size in Santa Barbara is 3.14
- Y-o-Y change for a 2 bedroom is 9% (average rent $2,768), and 3 bedroom is 10% (average rent $4,729)
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 Santa Barbara 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 Santa Barbara 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 Santa Barbara hard money lender, with experience lending nationwide. As an experienced 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.