In the Clovis 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. Clovis 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.
Clovis Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Clovis.
What Do Clovis Hard Money Lenders Specialize in?
Clovis 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 Clovis Hard Money Loans?
Clovis 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 Clovis Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Clovis 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 Clovis even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Clovis Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Clovis?
Interest rates for hard money loans in Clovis 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 Clovis, 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 Clovis Hard Money Lender?
There are many benefits to working with a Clovis 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 Clovis 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 Clovis, 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 Clovis?
When you want a hard money loan in Clovis, 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 Clovis 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 Clovis Hard Money Loan?
Refinance a Clovis 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 Clovis 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 New Mexico: New Mexico hard money loans
Current Real Estate Trends In Clovis (2024)
The real estate market in Clovis, New Mexico is currently seeing strong growth, with an appreciation rate higher than the national average. The median housing value in Clovis is $144,600, a price point much lower than the US median. The rate of growth over the past year has been impressive, at 9.54%. This makes Clovis an attractive option for both home buyers and investors.
The homes in Clovis come in all ages, providing a mix of older and newer properties in the market. The rental market in Clovis is also noteworthy, with renters making up 35.4% of the population and 3.5% of all homes available for rent. Homeownership is a big deal in Clovis, as it is often considered one of the largest investments people make in their lifetime.
Vacant housing units make up 12.3% of the market, with a small portion of them available for rent or sale. These figures suggest potential opportunities for buyers and investors in the Clovis real estate market.
Current Housing Market
The current housing market in Clovis, New Mexico is a buyer’s market, with more houses available for sale than buyers actively looking to purchase. The median listing home price is $235,000.
This year, homes have taken longer to sell, with an average of 43 days on the market, more than the year before.
It is significant to consider the average home values in Clovis to get a better knowledge of the real estate landscape in the area.
Average Home Values
With an average home value of $156,609, Clovis, NM has seen a slight decrease of 0.7% in the past year. Despite this, the median housing value in Clovis is still lower than the national median of $338,100, making it a great choice for home buyers and investors.
The appreciation rate in Clovis over the past year was 9.54%, which is higher than the national average. Plus, Clovis has seen a large appreciation of 56.6% over the last decade. This proves the housing market in Clovis has seen overall growth and stability, making it a great option for real estate investment.
Clovis also offers rental opportunities for those who don’t want to buy.
Rental Market Analysis
Clovis, NM offers numerous rental options, an option for people who do not want to buy a property. The rental market in this city is quite competitive, where renters account for 35.4% of the population.
Currently, 3.5% of all houses and apartments in Clovis are available for rent. This suggests a reasonable amount of rental units in the area. Additionally, 3.5% of vacant units are expressly designated for rent, implying a steady supply of rental properties.
Only 0.3% of vacant units are presently being rented. This implies an opportunity for landlords to draw in renters and fill the empty units.
All in all, the rental market in Clovis offers a viable option for those wanting a home without the commitment of buying a property.
Sources
https://www.realtor.com/realestateandhomes-search/Clovis_NM/overview
https://www.zillow.com/home-values/30953/clovis-nm/
https://www.bestplaces.net/housing/city/new_mexico/clovis
All About Clovis
Welcome to Clovis, New Mexico! With a population of 38,567, Clovis has a unique history and a promising future. Founded in 1906 by the Atchison, Topeka and Santa Fe Railway, Clovis has grown into a diverse community with a prosperous economy. Agriculture and ranching, as well as major rail operations, are all based in this city.
Clovis is even more special due to its cultural significance as the home of the Clovis culture, the first widespread culture in the New World.
Whether you’re looking for historical sites or modern amenities, Clovis has something for everyone. Join us as we explore all the fascinating stories and experiences that make Clovis truly extraordinary.
Location and Population
Located in Curry County, New Mexico, Clovis is a vibrant city with a population of 38,567, as of the 2020 census. It is known for its rich history, cultural diversity, and contributions to the agricultural and transportation industries.
Situated in the heart of the state, Clovis serves as a hub for farming and ranching, with peanut and cotton farming, and cattle ranching being prominent economic activities. The city is also home to the Southwest Cheese Company, the largest cheddar cheese producer in North America, and the BNSF Railway division point, which operates a large freight classification yard.
Clovis’ position and population make it an important center of commerce and transportation. It is located at the intersection of US Routes 60, 70, and 84, and serves as a major transportation hub, aiding the movement of goods and people. In addition, the city is close to Cannon Air Force Base, which further increases its strategic significance.
Clovis has a diverse population and a rich cultural heritage. This has had a major influence in shaping the community’s identity and contributed to its growth and development. The city takes pride in its background, which is reflected in its culture and traditions.
Historical Background
As you explore the rich history of Clovis, you’ll uncover the captivating origins of this lively city in New Mexico. It was established in 1906 by the Atchison, Topeka and Santa Fe Railway and was originally known as Rileys Switch. Later, it was renamed Clovis and incorporated in 1909. Clovis also has a notable place in prehistory, as the Clovis culture was discovered at the Blackwater Draw site.
Clovis has experienced many remarkable events over the years. In 2008, the Clovis Jail had a prison escape that was widely reported. Additionally, in August 2017, a devastating mass shooting happened at the Clovis Carver Public Library, resulting in two fatalities and four injuries. This incident brought attention to gun violence and gained a great deal of community support for the victims and their relatives.
Clovis has a vibrant and varied economy. Agriculture and ranching are big industries, with peanuts and cotton farming and cattle ranching being popular activities. Major employers in Clovis include the Southwest Cheese Company and BNSF Railway, making the city a hub of economic potential.
Economic Activities
Clovis is a vibrant city with a host of economic activities. Agriculture is a major player in the local economy, with the production of peanuts, cotton, and cattle ranching.
The Southwest Cheese Company plant, one of the largest cheddar cheese producers in North America, provides employment for over 200 people.
BNSF Railway also has a significant presence in Clovis, with a division point and a large freight classification yard. This transportation hub connects to the Southwestern Railroad, which ships potash.
All these activities contribute to the city’s growth and development.
Clovis’ cultural heritage and significance to the region play a role in its economic success. The Clovis culture, considered the earliest widespread culture in the New World, is a cornerstone of the city’s identity.
Early rock music history is also closely associated with Clovis. Various events and festivities celebrate this cultural background.
Cultural Significance
Immersing yourself in the cultural tapestry of Clovis, you will discover the roots of the indigenous cultures of the Americas. Clovis is home to the Clovis culture, thought to be the forebears of many indigenous cultures in the Americas.
Clovis is located in the Llano Estacado, a major geographical zone that has shaped the area’s history and culture.
Clovis has a prominent role in early rock music history. The Norman Petty Studio, located in Clovis, was famous in the 1950s and 1960s as artists like Buddy Holly, Buddy Knox, and The Fireballs recorded there. The studio’s influence in the music industry continues to be felt today.
The city of Clovis celebrates its cultural diversity and art through performances at venues across the city. The yearly Clovis Music Festival is a celebrated event that features local and national artists. The Clovis Civic Center also offers entertainment events that honor different forms of art.
As we move into the next section on education and healthcare, it should be noted that Clovis’ cultural significance is not just about its history and art. The city also puts a priority on the well-being and development of its residents through its education and healthcare systems.
Education and Healthcare
Discover the transformative power of education and the significance of healthcare in shaping the lives of people in this vibrant community.
Clovis Municipal Schools provide a quality education, equipping students with the expertise and skills they need to succeed in the future. Private school options are also available through Clovis Christian School. Those seeking higher education can pursue opportunities at Clovis Community College and Eastern New Mexico University in nearby Portales.
When it comes to healthcare, Plains Regional Medical Center is the primary hospital serving Clovis. This facility ensures that residents have access to quality medical care. The hospital’s staff works hard to meet the healthcare needs of the community, providing a range of services and specialties.
Education and healthcare are essential for the development and prosperity of individuals. In Clovis, these sectors are devoted to creating an environment that values knowledge, growth, and the overall health of its residents.