New Construction Needed In Virginia
Virginia has been an unsung hero in the real estate market- with its close proximity to major metro areas and variety of living options like urban, suburban, and rural, it attracts a large amount of home buyers from around the country. According to Neighborhood Scout in 2019 65% of the state’s population are homeowners, but low housing inventory is causing house sale prices to rise throughout the state, making it an excellent choice for new construction projects.
NVAR’s report for 2020 shows that Alexandria has become a huge seller’s market, boasting an impressive 34% increase in home sales during August compared to the previous year, with a whopping 23% higher average home sale price. There’s plenty of markets in the area that are seeing these level of rises- Fairfax County saw a nearly 15% increase of home sales in August compared to the previous year, with an average median sale price rise of nearly 10%. Asset Based Lending are ready to help serious investors take advantage of these rising numbers by funding their new construction project. If you’re looking for Virginia new construction loans, contact us today to be approved.
Why Should I Use Hard Money Loans For Construction?
As real estate investing becomes more popular and new construction continues to rise, more investors are looking for additional capital and finding out its not as easy as it sounds. Many people first turn to banks, but banks are very risk-averse and tend to avoid new construction loans by having extremely restrictive criteria or flat out denying the loans. This has investors looking at private money lenders due to their relaxed criteria and more flexible loans, but private money loans don’t offer the same reliability and security of a financial institution which can cause major problems during construction.
Luckily, hard money lenders are somewhere in the middle and the hard money loans they offer are perfect for new construction projects. A hard money loan combines the security and reliability of a conventional bank loan with the speed and flexibility of a private money loan, allowing borrowers to rest assured that their funding will be guaranteed and delivered on time. Knowing you can trust the financing and that the loan will be tailored to match your specific project means you can focus on the important work- like finishing that gorgeous suburban home that you plan to sell for a profit!
Choosing A Hard Money Lender For New Construction In Virginia
Experienced real estate investors know that the right loan can make all the difference between a financial success and missing out on a deal.
Asset Based Lending is the premier hard money lender for new construction in the northeast. We offer the most competitive loan rates with the fastest deal closings available, allowing you to secure lucrative deals in a highly competitive market. Our flexible underwriting tailors loans specifically to your project and your financial goals, making us the most investor-friendly loans in the area. If you’re a serious real estate investor looking to begin your new construction project in Virginia, contact us today.