Rhode Island Real Estate Favors Fix And Flips
Much like the rest of the northeast, this state has experienced amazing growth in average home prices brought on by a major decrease in housing inventory. As of December 2020, Redfin reports that the average sale price for homes in the state is $324,900, marking a 16% increase from the previous year and setting a 5-year-high record. The number of homes sold in December 2020 for the entire state reached 1,580, which is a 22% increase from the previous year and a 3-year-high for the area. Impressively, over 50% of these home sales received multiple offers above their asking price, putting the seller into a great position for negotiations.
While low inventory means finding a profitable deal is tougher than before, it also means the profits are much more lucrative. If this growth continues into 2021 then fix and flip investments in the state are going to continue yielding steady and impressive ROI. Currently, the most competitive cities for real estate are Cumberland Hill, East Providence, Greenville, Kingstown, and Pawtucket. Asset Based Lending offers hard money fix and flip loans in each of those cities and beyond, allowing real estate investors to take advantage of this hot market to expand their real estate business.
Using A Hard Money Lender For Real Estate Investments
Most real estate investors need some extra capital to complete their projects but choosing the right kind of loan can make a big difference. Financial institutions that use traditional mortgages are great options for purchasing a primary residence- however, investments are a different story. Banks don’t like loans with potential risk factors and use extremely strict qualifications that disqualify many viable investors. If you are a real estate investor that had one bad hit to your credit or are working on your first fix and flip, banks won’t consider the loan, no matter how reasonable the deal seems.
Hard money lenders are a different story since they can set their own parameters for who qualifies for their hard money loans. These lenders are like traditional private money lenders, although private money loans don’t come with the same reliability and business standards that hard money loans from reputable lenders do. Blending a financial institution with the flexibility of a private money lender, a hard money lender makes the most sense for real estate investments. If you’re looking to invest in fix and flips in Rhode Island, choosing a hard money fix and flip loan is the right move, and no one does it better than Asset Based Lending. With quick closings, flexible underwriting, and reliable draw schedules, ABL provides the best hard money loans RI has to offer.
Why Investors Choose Asset Based Lending Hard Money Loans
Every successful investor understands that time is of the essence, and Asset Based Lending works diligently to provide the quickest funding possible. With the ability to close loans as fast as 24 hours and provide initial funding in 10 days or less, we make sure you never miss out on your next fix and flip project. We offer flexible loan sizes ranging from $75K – $2.5M with quick draw turnaround, so your renovations never experience a financial delay.
With the growing rate of fix and flips RI has seen, this state now has access to the most secure and reliable hard money fix and flip loans on the market. Asset Based Lending insists on a transparent lending process with no prepayment penalties. Contact us today to experience the five-star service ABL provides with RI hard money loans.