In the Frankfort real estate market, grabbing properties before your competition is essential for making the best deals. Although real estate investors sometimes go the traditional route and seek bank loans, the process is anything but speedy.
When time is of the essence, waiting for the lengthy process of getting approval is not an option for most investors. Frankfort hard money lenders specialize in providing hard money loans which provide quick funds to investors. These loans are for a non owner occupied property or in some cases for business purpose loans.
Frankfort Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Frankfort.
What Do Frankfort Hard Money Lenders Specialize in?
Frankfort hard money lenders specialize in providing short-term, creative financing for real estate investors. If you seek a conventional lender to purchase an investment property, your loan request will be based on the property’s value and your assets. Your credit score, job, and finances will be scrutinized intensely. Hard money lenders base their final loan decisions on the after-repair value. The ARV represents the potential value of a property after all repairs have been accomplished.
What are the Benefits of Frankfort Hard Money Loans?
Frankfort hard money loans offer advantages that traditional banks cannot. Lenders like Acamnet Financial offer a higher level of flexibility than banks. When qualifying for this type of loan, lenders do not delve too deeply into the finances of real estate investors. In most cases, simply present the property and your plans, which saves you the hassle of gathering countless financial documents.
Do Frankfort Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Frankfort hard money lenders is the lack of credit score requirements. One of the first things a bank does is check your credit score. You can get approved for a hard money loan in Frankfort even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Frankfort Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Frankfort?
Interest rates for hard money loans in Frankfort are typically higher than traditional bank loans (conventional loans) because of the greater risk lenders must take on when approving loans. When searching for a hard money lender near me in Frankfort, you will find average interest rate is between 8%-15%. You should also be aware that lenders sometimes charge points that are meant to offset their administrative costs. Each point represents 1% of the total loan amount. The average points lenders charge is between 1 to 3. Some lenders may charge up to 10 points. These points are due upfront or at closing, depending on the lender.
What Should I Look for in a Frankfort Hard Money Lender?
There are many benefits to working with a Frankfort hard money lender. You just need to make sure you are working with the right lender. You can rely on Acamnet Financial Group when you need us most. We offer reliability, consistency, experience, and support. As a real estate investor, you know the importance of grabbing the best property deals when they become available.
How can Hard Money Lenders in Frankfort Help Me?
Whether you are new to real estate and real estate projects or an old pro, you know having the capital to purchase real estate is essential. Without funds, you will miss out on real estate transactions. When you partner with hard money lenders in Frankfort, you will quickly get the money you need without jumping through the hoops of traditional bank lenders.
How do I get a Hard Money Loan in Frankfort?
When you want a hard money loan in Frankfort, begin by preparing the property information. Location, size, purchase price, after repair value, repair costs, etc. In most cases, the financing will be based on these numbers. Then, apply for a hard money loan in Frankfort using this information and supply some financial information. Then, an appraisal will be ordered to assess the loan-to-value ratio, which will influence the loan amount.
How do I Refinance a Frankfort Hard Money Loan?
Refinance a Frankfort hard money loan will involve moving from a high interest, short term loan to a longer term, usually lower interest rate loan. Typically a conventional type of loan. When refinancing a Frankfort hard money loan you will find it will have a more stringent set of guidelines. You will need to have sufficient credit and income qualifications. As the lending landscaping and regulations constantly change, you want to consult a knowledgeable conventional loan expert.
Here’s other cites we can help with in Kentucky: Kentucky hard money loans
Current Real Estate Trends In Frankfort (2024)
Analyzing the current real estate trends in Frankfort, KY reveals a market that favors sellers. Demand for homes is high and the sale-to-list price ratio is an impressive 98.57%.
Average days on the market and the median days on the market have seen some fluctuations. This indicates a competitive and volatile market.
The data paints an optimistic picture for real estate in Frankfort. Prices remain high and the market is active.
Buyers should be aware of the current trends before entering the market. It is important to do research and understand the market before making any decisions.
Real Estate Highlights
Real estate in Frankfort is quite attractive. The median listing home price is $254.8K, while the median listing home price per square foot is $155. The median sold home price is $239.9K, providing a good indication of the current state of the local housing market. These figures provide an insight into the pricing trends and market conditions in the area, which would be useful for further analysis.
For those looking to buy, the median listing home price shows the midpoint of all homes currently listed for sale. The median listing home price per square foot helps to understand the average cost of a home based on its size. Lastly, the median sold home price is the midpoint of all homes recently sold in the city, giving a good indication of the market.
The real estate market in Frankfort is strong and offers a great opportunity for potential buyers. With these statistics, potential buyers can get a good understanding of the market and make an informed decision.
Housing Market
The housing market in Frankfort is quite strong, with the median listing home price reaching $254.8K and the median sold home price at $239.9K. This suggests that there is some room for negotiation between buyers and sellers.
The sale-to-list price ratio for September 2023 is 98.57%, which indicates that homes are typically sold for a bit less than the asking price. This means that buyers have some leverage when it comes to negotiation, while sellers still have the advantage of getting close to their original listing price.
The sale-to-list price ratio provides a good indication of the current market conditions and the competition between buyers and sellers in Frankfort.
Sale-to-List Price Ratio
The sale-to-list price ratio of 98.57% in the Frankfort housing market is indicative of a slight negotiation window for buyers. This means that it is possible to secure a home at a slightly lower price than the original asking price.
It is clear that sellers tend to receive offers close to their listing prices, meaning the market is competitive with limited room for negotiation. Nevertheless, purchasers may still have a small chance to get a better deal.
Thus, it is essential for buyers to stay up-to-date with the market conditions and trends, so they can make sound decisions and increase their chances of success. By observing the sale-to-list price ratio, buyers can assess the level of competition and adjust their strategies accordingly.
Sources
https://housecashin.com/investing-guides/investing-frankfort-ky/
https://www.realtor.com/realestateandhomes-search/Frankfort_KY/overview
https://www.zillow.com/home-values/11520/frankfort-ky/
All About Frankfort
Welcome to Frankfort, Kentucky! Prepare to explore this historic city with its extensive past and diverse attractions.
It was named after pioneer Stephen Frank and formed into a town in 1786. In 1792, Andrew Holmes’ offer led to it becoming the capital of Kentucky.
Frankfort is situated in the inner Bluegrass region, crossed by the Kentucky River, and blessed with four distinct seasons. Over the years, the city experienced floods in 1937 and 1978, leading to the building of levees and floodwalls for protection. Nevertheless, Frankfort has come back even stronger.
You’ll find impressive sights like the Kentucky State Capitol building, Capital City Museum, Fort Hill, and the Old Governors Mansion.
The city’s economy is supported by public administration and manufacturing industries, while convenient transportation options make it easy to access.
History
Diving into the history of Frankfort, we can see how this city, named after pioneer Stephen Frank, became the capital of Kentucky and progressed into the city it is today.
Frankfort was established as the town in 1786, gaining the rank of capital of Kentucky in 1792. Its location on the Kentucky River made it an important transportation hub, with Andrew Holmes offering 50 acres of land and 20 pounds to help Frankfort secure the position.
Frankfort has seen significant historical events over the years. In the beginning of the 20th century, the assassination of William Goebel shook the city. The Mayo-Underwood School, which provided education for African American students, functioned from 1929 to 1964 before being demolished as part of an urban renewal scheme. The rise of the state government in the 1960s led to an increase in economic and population growth around Frankfort.
Frankfort is located in the inner Bluegrass region of Kentucky, crossed by the Kentucky River. It experiences four different seasons and has had noteworthy floods in 1937 and 1978.
Geography
Located in the inner Bluegrass region of Kentucky, the Kentucky River flows through the city of Frankfort. This picturesque river provides a beautiful backdrop to the landscape and offers recreational opportunities for both locals and visitors.
Frankfort goes through four seasons, with sweltering summers and icy winters. The city has also endured natural disasters, including destructive floods in 1937 and 1978. To reduce flood risks, the North Frankfort levee and South Frankfort floodwall were constructed, and five bridges in downtown Frankfort offer essential access during floods.
In addition to its natural features, Frankfort is renowned for its rich history and various landmarks. The most prominent is the Kentucky State Capitol building, an architectural masterpiece that stands as a symbol of the state’s government. People can also explore the Capital City Museum, which gives a glimpse into Frankfort’s past, or enjoy the breathtaking view of downtown from Fort Hill. Another noteworthy landmark is the Old Governors Mansion, the oldest official executive residence still in use.
Landmarks
Take a stroll through Frankfort and you’ll be mesmerized by the Kentucky State Capitol building, an awe-inspiring representation of the state’s government. This iconic landmark stands tall with its neoclassical architecture and imposing presence. Constructed in 1909, it is the home of Kentucky’s legislative branch and the governor’s office.
Near the Capitol, you can find the Capital City Museum, a trove of Frankfort’s history. Examine the exhibits and learn about the city’s past, from its early days as a pioneer settlement to its status as the capital of Kentucky. The museum provides an interesting look into the people and events that have formed Frankfort’s identity.
To see a panoramic view of downtown Frankfort, make sure to go to Fort Hill. This viewpoint offers a breathtaking view of the city, with the Kentucky River curving through the landscape. It’s the ideal spot to admire the natural beauty and architectural splendor that define Frankfort.
An additional must-see landmark is the Old Governors Mansion, the oldest official executive residence still in use in the United States. Step inside and appreciate the grandeur of this ancient home, which has welcomed numerous governors over the years.
Exploring these landmarks will help you understand the deep history and cultural heritage of Frankfort.
Economy
Frankfort is home to a thriving economy. The largest industry in the city is public administration, while manufacturing comprises over 12% of the workforce. As the capital of Kentucky, Frankfort hosts various state government offices, providing numerous job opportunities and a strong economic foundation.
The manufacturing sector is also an important player in Frankfort’s economy. It encompasses a wide range of industries, including automotive, aerospace, food processing, and pharmaceuticals. This diversity contributes to the city’s economic stability and growth.
Frankfort’s strategic location is another factor that supports its economy. The city is situated beside Interstate 64 and close to Interstate 75, which facilitates transportation and logistics for businesses. Additionally, the Capital City Airport and Blue Grass Airport in nearby Lexington provide air travel options, further enhancing the city’s connectivity and accessibility.
Education
Frankfort is a city that has long recognized the importance of providing quality education to its citizens. From its earliest days, educational institutions have been shaping the future of the community.
One of the most well-known of these institutions was Clinton Street High School, which operated from 1882/1884 to 1928. It played a big role in educating the people of the city during this time. Additionally, Mayo-Underwood School was open from 1929 to 1964 and was designed to serve African American students, giving them the opportunity to grow academically.
In the mid-1960s, urban renewal took place in Frankfort and the old Clinton Street High School was demolished. In its place, the State Office Building was constructed in 1967, utilizing stone from the old Kentucky State Penitentiary.
Today, the city has a variety of educational options available to its residents. Public and private schools are available, as well as higher education institutions. These all provide an invaluable service in preparing students for their future and helping to build a well-educated society.
Education remains a priority in Frankfort, an essential part of the city’s success and growth.