Maryland Housing Market Heating Up
Maryland is starting to become one of the most reliable real estate investments in the country. The state features a mix of urban and suburban living options, along with an unemployment rate that’s lower than the national average and close proximity to major metro areas. This kind of variety and healthy economy attracts potential homeowners from all over the country, driving up average house prices with the increased demand in a low inventory market. New construction projects can help meet the rising demand with a lower barrier to entry cost and higher ROI compared to other nearby states.
For example, homes in Baltimore are staying on the market for an average of only 84 days and are set to have median sale prices rise by 4% in 2021. Meanwhile in Prince George county, the number of closed house sales in October 2019 were up 4.9% from the previous year and closings reached a six-month period where the seller’s averaged 100% of the initial asking price. Fast forward to August 2020 and Prince George county is seeing average median sale prices 13% higher than the previous year! Asset Based Lending provides the most reliable new construction loans in these areas and other Maryland counties. If you’re ready to be approved for a new construction loan then contact us today.
Hard Money Loans Vs Other Loan Options
Choosing the right loan is almost as important as choosing the right property for your new construction project. Some investors want to work with financial institutions to feel secure with the loan, but banks tend to avoid new construction projects due to the high-risk factor. They also use heavily restrictive criteria that makes the loan process tedious and could cause you to miss out on your opportunity. Other investors may choose a private money lender due to the relaxed criteria and quicker process, but private money loans lack the stability of a conventional loan.
That’s why most investors prefer hard money loans for new construction. Borrowing from a reputable hard money lender gives you the same loan security as working with a bank, with all the speed and flexibility of private money lenders. Asset Based Lending is the premier hard money lender in Maryland- fully dedicated to providing the fastest and most reliable hard money new construction loans in the area. If you’re an experienced investor that is seeking a hard money loan for new construction, contact us today and be approved as fast as 24 hours.
Choose Asset Based Lending For Your Maryland New Construction Loans
At this point, you’ve already decided on using hard money loans for your new construction project. Asset Based Lending has you covered for the most reliable new construction loans in the state, with the highest quality service from start to finish. Our flexible underwriting allows us to tailor loans specifically to match your project, but you can always count on us for the following:
- Preapproval within 24 hours of initial prequalification
- Closing within 10 days on average
- Flexible loans sizes from $100K to $2.5M
- No prepayment penalties
- Funds delivered three days from draw date
- Direct access to lender decision-maker
With over a decade of success and many repeat borrowers, ABL are proud to fund your next successful project and help you meet your financial goals. If you’re ready to be approved for one of our Maryland new construction loans then contact us today.