In the Edmond 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. Edmond 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.
Edmond Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Edmond.
What Do Edmond Hard Money Lenders Specialize in?
Edmond 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 Edmond Hard Money Loans?
Edmond 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 Edmond Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Edmond 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 Edmond even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Edmond Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Edmond?
Interest rates for hard money loans in Edmond 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 Edmond, 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 an Edmond Hard Money Lender?
There are many benefits to working with an Edmond 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 Edmond 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 Edmond, 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 Edmond?
When you want a hard money loan in Edmond, 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 Edmond 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 an Edmond Hard Money Loan?
Refinance an Edmond 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 an Edmond 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 Oklahoma: Hard money loans in Oklahoma
Current Real Estate Trends In Edmond (2024)
The real estate market in Edmond, Oklahoma is balanced and showing steady growth. During October 2023, the median listing home price was $405,000 and the median listing price per square foot was $183. The median sold home price was $354,300, which suggests the asking price was generally being met.
Over the past year, the average home value in Edmond increased by 1.9%, bringing the current average home value to $334,356. There’s high demand for homes in the area, resulting in properties going pending in approximately 14 days.
At present, there are 929 properties on the market, with 309 new listings added. The median sale price and median list price are $327,167 and $411,300, respectively.
Although short-term investment in Edmond may not be favorable, the market is anticipated to experience long-term growth, making it a potential profitable investment down the road.
Average Home Prices
The real estate market in Edmond City is currently booming. Home prices in the area have risen by 1.9% in the past year, with the average home price standing at $247,081 and a median price per square foot of $137. This data suggests that the market in Edmond is likely to continue its positive trajectory in the near future.
Homes in the area tend to go to pending in around 14 days, indicating a high demand for housing in the area and making it a great option for potential buyers and investors. With signs of stability and growth, Edmond City is an attractive market for those looking to purchase property.
Short-Term Outlook
Based on the short-term outlook, Edmond City’s housing market is showing a negative pattern with an expected decrease in home values over the next twelve months. Data from the past year indicates a surge in median home values–87.837% to $247,081 between October 2022 and October 2023–but the forecast projects a meager 0.110% increase for the upcoming year.
It appears the current upswing may not persist in the near future. When considering property investment growth, other cities should also be taken into account for diversification of real estate portfolios.
Property Investment Growth
As the outlook for Edmond City’s property market appears unfavorable and home values are predicted to decrease over the coming year, real estate investors should consider other cities to diversify their portfolio and optimize their investment strategies.
The short-term forecast for Edmond City suggests a likely decrease in property values, suggesting that investing in real estate there may not be lucrative in the near future.
To minimize risks and maximize returns, investors should examine alternative cities with more promising market conditions. Researching market trends, property prices, and economic indicators can help make informed decisions.
Diversifying investments across different cities and utilizing strategies to maximize returns can help investors reach their goals.
Sources
https://www.realtor.com/realestateandhomes-search/Edmond_OK/overview
https://www.zillow.com/home-values/38328/edmond-ok/
https://walletinvestor.com/real-estate-forecast/ok/oklahoma/edmond-housing-market
All About Edmond
Are you interested in Edmond, Oklahoma? Prepare to learn all about this lively city.
Established in 1889, Edmond has an exciting past that is worth exploring. From the Oklahoma Land Run to the founding of the Territorial Normal School, this city had a great impact on the region.
It is situated near major highways and borders the northern part of Oklahoma City, which makes it accessible for residents and visitors.
But Edmond is more than just its location. It has landmarks like the first public schoolhouse in Oklahoma Territory and St. John the Baptist Catholic Church, which are worth visiting. Additionally, the University of Central Oklahoma adds life to the area.
If you are into outdoor activities, you will be pleased with the parks and trails that Edmond has to offer.
So, get ready to explore Edmond and find out why it is so special.
History
Edmond is named after Edmond Burdick, the Santa Fe Railroad’s traveling freight agent. It can trace its roots back to the Oklahoma Land Run of 1889.
After the land run, the town quickly established its mayor and city officers in May 1889. A year after that, the Territorial Normal School, now known as the University of Central Oklahoma, was formed in Edmond, helping the town prosper. The Edmond Sun newspaper was founded in the same year, becoming a huge part of the town. Edmond also boasts the earliest public schoolhouse in Oklahoma Territory, showing its commitment to education from the start.
When it comes to transportation, Edmond benefits from its location. It is near major highways, such as I-35 and Route 66, and the Santa Fe Railroad (now BNSF) freight line still runs through Edmond, connecting the town to other parts of the country. With its strategic position and transportation infrastructure, Edmond has become a hub for business and connections.
Transportation
Explore the convenient public transportation options available in Edmond with Citylink bus service. Whether you are heading to work, running errands, or discovering the various attractions, the bus service offers a reliable, efficient, and affordable way to travel.
With routes and stops across the city, you have easy access to shopping centers, schools, parks, and more. The service operates on a regular schedule, allowing you to plan and arrive on time.
Discover Edmond’s landmarks and attractions. Visit the first public schoolhouse in Oklahoma Territory, the iconic St. John the Baptist Catholic Church, and the University of Central Oklahoma. See the city’s murals, stained glass, and steel sculptures.
Explore Edmond and find out what it has to offer. Hop on the bus and enjoy the ride!
Landmarks and Attractions
Uncover Edmond’s long-standing history and vibrant culture through its array of landmarks and attractions.
Start your exploration at the Oklahoma Territory’s first public schoolhouse, a historical delight that reveals the early days of education in the region.
Glimpse faith and devotion at St. John the Baptist Catholic Church, the first church opened after the land run.
The University of Central Oklahoma is a noteworthy landmark and employer in Edmond, a place of educational excellence and lively events.
As you wander around the city, take in the beautiful public art, including pieces of art like murals, stained glass, and steel sculptures – a reflection of Edmond’s commitment to creativity and self-expression.
Don’t forget to admire the iconic bronze statue of Nannita R.H. Daisey, a symbol of the city’s respect for its roots.
These attractions show Edmond’s past and present, setting the stage for the next theme: climate.
Climate
Experience Edmond’s ever-changing climate, ranging from sweltering heat in the summer to unpredictable weather variations. Edmond has a humid subtropical climate, with temperatures reaching high into the 90s Fahrenheit during the summer.
It is also known for its unpredictable weather, making it an interesting place to observe the changing seasons. Droughts can occur, leading to wildfires that could be hazardous to the area. Heavy rainfall can also be a problem, as it can bring flash flooding, so it is important to be prepared for this kind of extreme weather.
Winds from the south help cool the hot summer temperatures, providing some respite. Edmond is located in Tornado Alley, which means it is prone to tornadoes and hailstorms, so it’s important to stay informed and take precautions.
Ice storms and snowstorms can occur during the winter months, so it’s essential to be ready for the winter conditions. The climate in Edmond has an influence on certain industries and activities within the city, which will be discussed in the following section.
Economy
Edmond is a city with a diverse range of industries, including Wholesale Trade, Light Manufacturing, Information, and Professional, Scientific, and Technical Services. The strategic focus on these sectors has brought businesses and economic growth. Crest Foods, a prominent supermarket chain, is headquartered in Edmond, providing job opportunities for local people. The University of Central Oklahoma is also a major employer in the city.
In recent years, Edmond has been promoting public art which has improved the city’s cultural landscape and had an impact on its economy. Main Street in Edmond has many statues and artworks, which attracts visitors and helps local businesses.
Moreover, Edmond’s emphasis on education has had a positive effect on its economy. The University of Central Oklahoma, located in the city, provides educational programs and resources, bringing in students and benefiting the local economy.
In summary, Edmond has a thriving economy with a focus on various industries and a commitment to art and education. These factors have contributed to the city’s success and will continue to support its growth and development.