In the Columbus 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. Columbus 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.
Columbus Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Columbus.
What Do Columbus Hard Money Lenders Specialize in?
Columbus 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 Columbus Hard Money Loans?
Columbus 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 Columbus Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Columbus 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 Columbus even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Columbus Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Columbus?
Interest rates for hard money loans in Columbus 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 Columbus, 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 Columbus Hard Money Lender?
There are many benefits to working with a Columbus 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 Columbus 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 Columbus, 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 Columbus?
When you want a hard money loan in Columbus, 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 Columbus 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 Columbus Hard Money Loan?
Refinance a Columbus 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 Columbus 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 Ohio: Ohio hard money loans
Current Real Estate Trends In Columbus (2023)
The real estate market in Columbus, Ohio is flourishing and exhibiting a robust market. In October 2023, the median listing home price stood at $285.9K, demonstrating an annual price hike of 10%.
The median listing home price per square foot was $187, while the median sold home price was $280K. Usually, homes in Columbus are trading at the asking price, showing a balanced market.
The normal days on the market for homes in Columbus is 31 days, slightly higher than the previous month but lower than the past year. Data indicates a large increase in home values in the last year, with a 3.9% increase and homes going pending in around 5 days.
The market prediction forecasts continued growth in the coming 10 years, with an expected rise in sales prices. All in all, investing in Columbus real estate is seen as a beneficial option, particularly for people searching for homes with a lucrative flipping profit.
The Columbus real estate market has seen a steady median listing price of $285.9K in October 2023, with a year-over-year rise of 10%. This suggests a balanced market between buyers and sellers, as homes are typically sold for the asking price and taking an average of 31 days to be sold.
This indicates stability and opportunity in the housing market. To gain a better understanding of the trends and implications for buyers and sellers, it is essential to analyze the market overview in greater detail.
## Housing Market Overview
The residential property sector in Columbus City offers an extensive view of the current status and trends.
In October 2023, the median listing home price was $285.9K, demonstrating a 10% increase from the year prior. Home prices per square foot averaged at $187. Homes in Columbus, OH traded near their asking prices, pointing to a balanced market. The median days on the market for homes in Columbus, OH dropped to 31 days. The average home value was $237,662, with a 3.9% rise over the past year.
These trends demonstrate that the Columbus housing market is currently experiencing positive expansion and stability.
The following section will explore the investment potential in this market.
Investors have a great opportunity to benefit from the booming housing market in Columbus.
With a median list home price of $285.9K and a 10% increase in prices in the past year, the market is a great choice for investment.
The average price per square foot is $187, suggesting the value of properties in the area.
The median sold home price of $280K implies that homes are selling close to their listing prices, and the average time on the market is only 31 days.
Home values have risen 3.9% in the past year, making it an even more attractive investment.
All in all, the evidence suggests that the Columbus housing market has great potential for investors.
All About Columbus
Columbus, named after the renowned explorer Christopher Columbus, has a past that dates back to its founding in 1812. It has been the state capital since 1816, experiencing steady growth and industrialization.
It has become a bustling metropolis, with its economy spanning sectors such as education, government, insurance, and aviation. It is home to renowned institutions like the Battelle Memorial Institute and the Ohio State University, offering a rich intellectual and research-driven landscape.
However, there has been some controversy surrounding the city’s name and symbols, provoking discussion on the need for change.
Name and Naming
The controversy around what to call Columbus, named after Christopher Columbus, adds another layer of complexity to the city’s history and identity. Christopher Columbus, a 15th-century Italian explorer, is known for his voyages and the subsequent colonization of the Americas. However, his activities and treatment of indigenous peoples have been heavily criticized by historians. This has caused continuous attempts to eliminate symbols related to Columbus, including requests to change the city’s name.
The debate about the name of the city reflects a broader discourse on historical figures and their legacies. Supporters claim that the name symbolizes the city’s history and acknowledges its foundation. They think that changing the name erases that history. On the other hand, opponents argue that honoring Columbus perpetuates a narrative of colonization and oppression. They promote a name change to promote inclusion and recognize the experiences of indigenous peoples.
The controversy around the name of Columbus demonstrates the ongoing struggle to reconcile the city’s past with its current values. It poses significant questions about how we remember and pay tribute to historical figures.
Early History and Settlement
Explore the fascinating early history and settlement of Columbus, where challenges, cultural diversity, and the arrival of transportation systems shaped its growth.
Columbus was founded in 1812 as the state capital of Ohio. At the outset, it was located on the High Banks opposite Franklinton and faced numerous difficulties. Frequent fevers and an outbreak of cholera were only a few of the issues that had to be overcome. Despite the hardships, Columbus persevered and its progress was slow but sure.
The National Road and Ohio and Erie Canal were instrumental in connecting the city to other regions. This opened up avenues of trade and commerce and drove population growth. The city was also enriched by the cultural diversity of its ethnic enclaves. Communities of Irish in the north and Germans in the south added to the melting pot of the city.
In 1834, Columbus was officially chartered as a city and in 1837, the separate city of Franklinton was annexed. The construction of the Ohio Statehouse in 1857 cemented the city’s status as the state capital.
Columbus had a strong foundation of overcoming obstacles and embracing diversity, setting the stage for its future growth.
Population and Growth
Discover the remarkable population growth and expansion of Columbus as it transformed into a thriving city, luring people from all walks of life. Ever since it became the state capital of Ohio in 1812, Columbus has witnessed steady growth, eventually becoming the biggest city in the state. By 2020, the population of Columbus had skyrocketed to 905,748 residents, making it the 14th-most populous city in the United States and the third-most populous state capital. The city’s urban population is quite remarkable, with 1,567,254 residents, rendering it the 35th-largest in the country.
The population growth of Columbus can be attributed to several factors. The city’s varied economy, which includes fields such as education, government, insurance, banking, defense, and aviation, has attracted people from many different professional backgrounds. Furthermore, the presence of distinguished institutions like the Ohio State University has drawn students and academics to the city. Also, Columbus has become a popular spot for immigrants, playing a role in its cultural diversity and population growth.
As Columbus continues to increase its population and attract new residents, its economy and industries have flourished. The city is home to six Fortune 500 companies and the Battelle Memorial Institute, the world’s largest private research and development foundation.
Economy and Industries
Columbus is a vibrant metropolis that has been propelled by its economy and thriving industries. Education is a major industry in the city, with renowned institutions such as The Ohio State University and Columbus State Community College. Government is another integral part of the economy, given that Columbus is the state capital of Ohio.
Additionally, the city also has many major players in the insurance, banking, defense, and aviation sectors. It is also home to six Fortune 500 companies, including Nationwide Insurance, American Electric Power, and Cardinal Health. The Battelle Memorial Institute, the world’s largest private research and development foundation, is based in the city.
Columbus is well-known for its dynamic culinary culture and is a test market for restaurants, making it a hub for food and beverage innovation. The city draws in businesses and professionals from around the world due to its strong economy and diverse range of industries.
Amidst ongoing discussions about historical symbols, much debate has risen around symbols associated with Christopher Columbus in the city of Columbus. Historians and activists have long spoken out against Columbus for his actions and treatment of indigenous peoples, leading to campaigns to remove or rename symbols related to him. In the wake of the George Floyd protests in 2020, the controversy has intensified.
Petitions have been initiated calling for the renaming of the city, with one proposal suggesting the name ‘Flavortown’ in honor of celebrity chef Guy Fieri, who was born in Columbus. This proposal gained attention and even received support from the beer company AB InBev. However, redefining the city is a complex and divisive issue, with arguments on both sides.
Advocates of taking away Columbus-related symbols argue that it is a necessary step towards recognizing and correcting the historical wrongdoings committed against indigenous peoples. They think that the recognition of Columbus encourages a distorted and damaging version of American history. On the contrary, opponents argue that eliminating these symbols erases history and ignores the contributions of Italian Americans who view Columbus as a cultural symbol.
The symbol controversy in Columbus mirrors broader debates about historical symbols and the demand for a more comprehensive understanding of history. It poses essential queries about the ways cities confront their history and shape their identity for the future.