Santa Monica Hard Money Lender – financing your commercial & residential real estate investments
Santa Monica is a beachfront city in western Los Angeles County, California. Santa Monica is a popular tourist destination with it’s iconic board walk and the Santa Monica Pier.
According to Zillow, the median sales price in Santa Monica is $1,770,800. That’s a 10.6% increase from last year. They also forecast that the median home price will increase another 8.1% in the next year. The average price of a home in the United States, in comparison, is just over $200,000. Home prices in Santa Monica 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 in Santa Monica? Here’s why you should consider working with a Santa Monica hard money lender
The cost of living in Santa Monica has continued to increase 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
- The average family size in Santa Monica is 1.87
- Y-o-Y change for a 2 bedroom was 1% (average rent $4,238), and 3 bedroom was 17% (average rent $5,540)
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 Monica 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 Monica 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 Los Angeles hard money lender, with experience lending nationwide. As an experienced Santa Monica 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.