In the Allentown 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. Allentown 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.
Allentown Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Allentown.
What Do Allentown Hard Money Lenders Specialize in?
Allentown 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 Allentown Hard Money Loans?
Allentown 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 Allentown Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Allentown 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 Allentown even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Allentown Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Allentown?
Interest rates for hard money loans in Allentown 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 Allentown, 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 Allentown Hard Money Lender?
There are many benefits to working with an Allentown 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 Allentown 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 Allentown, 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 Allentown?
When you want a hard money loan in Allentown, 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 Allentown 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 Allentown Hard Money Loan?
Refinance an Allentown 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 Allentown 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 Pennsylvania: Hard money lender in Pennsylvania
Current Real Estate Trends In Allentown (2023)
The current real estate trends in Allentown, PA are as follows:
– The market is experiencing a seller’s market with high demand and limited supply.
– The median listing home price in October 2023 was $289.9K, showing a significant year-over-year increase of 16%.
– The median listing home price per square foot is $162, while the median sold home price is $265K.
– Homes in Allentown tend to sell close to their asking price, with a sale-to-list price ratio of 100%.
– The average days on the market is 17, indicating a quick turnover.
– Although there has been a slight increase in the median days on the market compared to the previous month, it is still lower than the previous year.
– In the long term, Allentown’s home prices are projected to continue rising, with an estimated average home price of $158,338 USD by 2028.
– However, there is a negative trend predicted in the near future, suggesting that other cities may be more suitable for real estate investment.
The real estate market in Allentown, PA is displaying signs of a seller’s market. This is evident in the median home listing price of $289.9K and the sale-to-list price ratio of 100%. These figures indicate that homes in the area are selling at their asking price, and there are more buyers than available homes. Additionally, the median listing home price per square foot is $162, further reinforcing the notion of a competitive market with buyers willing to pay the full asking price.
The following section will provide an in-depth look into the current housing market trends and conditions in Allentown.
Housing Market Overview
In Allentown, PA, the housing market is a seller’s market with more buyers than homes available. The median listing price for homes is $289.9K, which is relatively affordable compared to other cities. On average, homes stay on the market for 17 days, meaning buyers need to act fast and make competitive offers if they want to secure a property.
It is important to review the property investment outlook in this market.
Property Investment Outlook
Allentown is an attractive option for property investment, offering potential for long-term profitability and growth. Market data reveals a continual rise in home prices over the years, with an estimated 16% year-on-year increase in October 2023. The median listing home price currently stands at $289.9K, with a 100% sale-to-list price ratio. Average days on the market are 17, indicating a seller’s market with more buyers than available homes.
Moreover, the long-term outlook is positive, with an expected average home price of $158,338 USD by 2028. This suggests that investing in Allentown homes can be a sound strategy for those seeking long-term stability and growth.
All About Allentown
Welcome to Allentown! This bustling city, located in Pennsylvania, has a long history and a lively present. Founded by William Allen in 1762 and dubbed a city in 1867, Allentown played an important role in the American Revolutionary War and has been an industrial hub.
Located on the Lehigh River, the city’s growth and economy have been shaped by its strategic spot. Today, Allentown has a wide range of industries, from healthcare and manufacturing to services. It contains educational centers, cultural institutions, and an active arts community.
Despite facing difficulties including floods and fires, the city in the Lehigh Valley continues to develop and prosper. Visit Allentown and find out why it’s become a popular destination – you won’t regret it!
Founding and History
Allentown, founded in 1762, has a rich history filled with resistance, secret treasures, and significant contributions to the Revolutionary War. Originally known as Northampton Towne, the city was established by William Allen, a prosperous shipping merchant. The initial plan consisted of 42 city blocks and 756 lots. In 1811, Allentown became a borough, and later in 1867, it was officially declared a city.
During the Revolutionary War, Allentown played a crucial role in defying British colonial rule. In 1774, a Committee of Observation was formed, and after the signing of the Declaration of Independence, patriot militias took control of the city. Allentown even housed Hessian prisoners of war and had medical structures dedicated to treating wounded soldiers. Additionally, the city served as a strategic location for safeguarding the Liberty Bell from capture by the British Army. Bells from Philadelphia were relocated to Allentown for safekeeping.
Geography and Size
Explore the breathtaking geography and expansive size of vibrant Allentown nestled along the Lehigh River. The city covers an area of 18.01 square miles, offering plenty of room for its many different neighborhoods and attractions. Allentown’s location on the Lehigh River offers stunning views and outdoor activities. Its elevation varies from 255 to 440 feet, giving the landscape an added layer of beauty.
Located 48 miles north of Philadelphia and 78 miles west of New York City, Allentown has the benefit of being close to two major cities. It is also part of the Lehigh Valley, which includes Bethlehem and Easton. This area is recognized for its deep roots, cultural heritage, and thriving economy.
The city’s motto is ‘Sic Semper Tyrannis,’ which translates to ‘Thus Always to Tyrants.’ This phrase embodies the spirit of independence and resistance that played a crucial role in Allentown’s founding and history. Allentown is also known as the Silk City, a reference to its previous importance in the textile industry.
Let’s take a look at the symbols that represent Allentown and learn more about its flag, seal, and other significant emblems.
Motto and Symbols
Discover the powerful symbolism and meaningful motto that define vibrant Allentown. Its motto, ‘Sic Semper Tyrannis,’ reflects the city’s historical significance and its commitment to freedom. This Latin phrase translates to ‘Thus Always to Tyrants,’ and speaks to the city’s role in the American Revolutionary War. It was here that residents stood up against tyranny and fought for their rights and liberties.
The city is known as the Silk City, paying homage to its industrial past. Its flag and seal are important symbols that represent Allentown’s identity and heritage. The flag features a blue background with a white star in the center of a circle of 13 stars, symbolizing the 13 original colonies. The seal showcases an image of a factory, representing the city’s industrial past and its role in shaping the region’s economy.
Let’s look at the fascinating history of the area that is now Allentown. Native Americans inhabited this area for centuries, leaving behind an important cultural legacy. The area was a part of the Iroquois Confederacy, a powerful alliance of five Native American nations. This alliance was a driving force in the region, playing an influential role in the development of the area. The area has a rich history of Native American culture and traditions that have shaped the city we know today.
Native American History
Take a journey back to discover the captivating Native American story of the region that is now Allentown.
Long before the city’s founding, the land was inhabited by the Lenape Indian American people. They utilized the plentiful resources of the Lehigh River, fishing for trout and hunting for deer and other animals.
In the early 1700s, the land was given to William Penn’s sons, who acquired it from the Lenape nations. Interestingly, the purchase cost included not only money but also different goods such as shoes, hats, and rum.
Allentown’s past is intertwined with the presence of a log house owned by William Allen, the city’s founder. This log house was a major landmark and symbol of the region’s Native American heritage. It is a reminder of the rich cultural background that preceded the city’s formation.
Now, let us move to the following section about the American Revolutionary War. During this time, Allentown played a vital role in the fight against British colonialism and was a strategic location for the defense of the Liberty Bell.
American Revolutionary War
Dive into the thrilling story of the American Revolutionary War and witness how Allentown, with its strategic location, became a key site of revolt against British control.
In 1774, a Committee of Observation was created in the city, and after the Declaration of Independence was signed, patriot militias took over. Allentown also housed Hessian captives during the war.
But the city’s value was not only due to the presence of militias and prisoners. The Liberty Bell was hidden there for nine months, keeping it out of the hands of the British Army. After George Washington’s defeat at the Battle of Brandywine, Allentown became a military stronghold, and bells from Philadelphia were moved there for safekeeping.
Allentown’s part in the Revolutionary War is immense. It was a place where the Liberty Bell was kept safe and also a key player in the resistance against British colonialism.
Now, Allentown stands as a reminder of the courage and dedication of the people who strived for freedom and independence during that time.