In the Collierville 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. Collierville 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.
Collierville Hard Money Lender FAQ’S
Below are some of the most frequently asked questions we get regarding hard money loans and lenders in Collierville.
What Do Collierville Hard Money Lenders Specialize in?
Collierville 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 Collierville Hard Money Loans?
Collierville 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 Collierville Hard Money Lenders Look at my Credit Score?
One of the greatest benefits of working with Collierville 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 Collierville even if you have bad credit or poor credit, bankruptcies, and foreclosures in the past. Collierville Hard money lenders primarily care about the property you are purchasing.
What is the Interest Rate & Points for Hard Money Loans in Collierville?
Interest rates for hard money loans in Collierville 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 Collierville, 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 Collierville Hard Money Lender?
There are many benefits to working with a Collierville 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 Collierville 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 Collierville, 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 Collierville?
When you want a hard money loan in Collierville, 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 Collierville 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 Collierville Hard Money Loan?
Refinance a Collierville 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 Collierville 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 Tennessee: Hard money loans in Tennessee
Current Real Estate Trends In Collierville (2024)
The real estate market of Collierville, TN has seen a balanced trend in recent times. In October 2023, the median listing home price experienced a slight dip of -4.1% compared to the previous year, settling at $575,000.
On the other hand, the median sold home price stayed steady at $515,000. The sale-to-list price ratio of 99.95% shows that homeowners were able to sell their properties around their original asking prices.
The average time a property stayed on the market slightly rose to 50 days. With an overall average home value of $496,528 and a 2.4% surge over the past year, Collierville’s real estate market shows signs of growth and profitability.
Home Values
Collierville, TN has seen an impressive 2.4% increase in home values over the past year. The average home value stands at $496,528, while the median listing price is $575,000, both of which are indicative of a stable and growing real estate market. The median listing price per square foot is $174, which serves as further proof of the desirability and attractiveness of the area. It is clear that homeowners in Collierville have seen a positive return on their investments in the past year.
Real estate in Collierville is an attractive option for potential buyers. The high average home value and median listing price demonstrate the desirability of the area, and as such, bodes well for continued growth. The median listing price per square foot of $174 indicates that homes in Collierville are of high value and worth the investment.
Overall, Collierville, TN is an excellent choice for those looking for a place to call home. With a stable real estate market and increasing home values, the area is sure to remain desirable and attractive for years to come. With an average home value of $496,528 and a median listing price of $575,000, Collierville is a great place to invest in.
Real Estate Highlights
Recent data from Collierville, TN has highlighted a balanced market with an average of 211 homes for sale and 60 new listings in October 2023. This suggests a consistent level of activity within the real estate market. The average days on the market for homes in Collierville is around 50, slightly higher than the previous month and year.
To gain a comprehensive understanding of the current state of the market, it is important to consider a market overview. This overview should include inventory, sale-to-list price ratio, and median sale price. These factors will provide the necessary information to make an informed decision regarding the market and its trends.
Market Overview
An examination of the housing market in Collierville, TN shows a variety of inventory, sale-to-list price ratio, and median sale price, offering a thorough understanding of the market’s characteristics and trends.
As of October 31, 2023, there are 211 homes on the market. 60 new listings were added in October, demonstrating some level of activity in the market.
The median sale to list ratio recorded in September was 0.990, indicating that homes sold for slightly below their listing prices.
The median sale price for September was $482,583, while the median list price as of October 31, 2023, was $531,467.
These figures demonstrate a moderately dynamic market with an even supply and demand. Although the sale-to-list price ratio suggests some negotiations between buyers and sellers, the median sale price reflects a fairly steady market.
Sources
https://www.realtor.com/realestateandhomes-search/Collierville_TN/overview
https://www.zillow.com/home-values/51487/collierville-tn/
https://walletinvestor.com/real-estate-forecast/tn/shelby/collierville-housing-market
All About Collierville
Are you ready to discover all that Collierville, Tennessee
has to offer? From its charming Town Square to its fascinating history, this
town has something for everyone.
Picture yourself strolling through the historic downtown area,
window shopping and enjoying a delicious meal at one of the many dining
options. The vintage railway and log cabin add a touch of nostalgia to the
experience, making it perfect for the whole family.
If you’re a history buff, the Morton Museum of Collierville
History is a must-visit. With interactive exhibits, you’ll get to learn about
the city’s rich past in a fun and engaging way.
For outdoor enthusiasts, the Menagerie Farm offers 65 acres
of excitement, including hayrides, gem mining, and even pony rides.
And let’s not forget the Sheffield Antiques Mall, with its
vast selection of antiques and collectibles.
From nature lovers to art enthusiasts, Collierville has it
all. So pack your bags and get ready to explore this vibrant town.
Collierville Town Square
If you want to unwind and experience a small-town
atmosphere, head to Collierville Town Square, located in the heart of
Collierville’s Historic Downtown. This charming square is the perfect place for
a leisurely day of window shopping and eating.
As you stroll along the streets, you’ll be captivated by the
vintage railway and log cabin, providing a delightful backdrop for family
enjoyment. After you’ve worked up an appetite, there’s no shortage of eateries
to choose from, offering a variety of cuisines to satisfy every palate.
Collierville Town Square truly embodies the essence of a
small town, with its friendly locals and welcoming ambiance. The square’s
historic charm is evident in its architecture and quaint shops, making it a
delightful place to explore. Whether you’re looking for unique gifts, antiques,
or simply want to enjoy the scenery, this square has it all.
Morton Museum of History
When you step into the Morton Museum of Collierville
History, you’ll be transported through time, immersing yourself in the
captivating stories and rich heritage of this charming town. This historical
gem, located in Collierville’s Historic Downtown, offers a unique and
interactive learning experience for all ages.
As you explore the museum, you’ll discover fascinating
exhibits that showcase the city’s past, from its humble beginnings to its
growth and development over the years. From the vintage photographs and
artifacts to the multimedia displays, every corner of the museum tells a story
that will leave you with a deeper appreciation for Collierville’s history.
In addition to its permanent exhibits, the Morton Museum
also features temporary exhibits and a community art gallery, providing a
platform for local artists to showcase their talent. The museum staff is
friendly and knowledgeable, always ready to assist visitors with any questions
or provide recommendations for other attractions in the area.
As you leave the Morton Museum, you can continue your
journey through Collierville’s charm by visiting the nearby Menagerie Farm. So,
let’s explore the fun-filled activities and beautiful landscapes that await you
at this expansive 65-acre farm.
Menagerie Farm
Upon stepping foot into the Menagerie Farm, you’ll be
greeted with a plethora of exciting activities and breathtaking landscapes to
explore. With 65 acres of fun, this farm offers something for everyone. Whether
you’re planning a summer camp, family reunion, or church vacation, Menagerie
Farm can accommodate your needs.
Take a hayride through the picturesque grounds and enjoy the
fresh country air. If you’re feeling adventurous, try your hand at gem mining
and see what treasures you can uncover. For the little ones, pony rides are
available, providing a memorable experience they won’t soon forget.
But Menagerie Farm isn’t just for kids. The farm’s expansive
space and rustic charm make it the perfect venue for various functions. Imagine
hosting a wedding or a company retreat against the backdrop of rolling hills
and lush greenery. The possibilities are endless.
Sheffield Antiques Mall
As you exit the enchanting Menagerie Farm, get ready to
immerse yourself in a treasure trove of vintage wonders and unique finds at
Sheffield Antiques Mall.
Operating since 1995, this mall is a haven for antique
enthusiasts and collectors alike. With over 300 vendors, you’ll be delighted by
the wide range of antiques and collectibles available for purchase. From
decorative items to jewelry and replicas, Sheffield Antiques Mall has it all.
As you stroll through the mall, you’ll be transported back
in time as you browse through the carefully curated displays. Whether you’re
searching for that perfect vintage home addition or simply enjoy the thrill of
discovering hidden gems, this is the place to be.
Take your time exploring the various nooks and crannies of
the mall, as you never know what hidden treasure you might uncover.
W.C. Johnson Park
Immerse yourself in the serene beauty and unique experiences
of W.C. Johnson Park. A refreshing stroll through the trees and around the pond
awaits as you enter the park. You’ll be greeted by a beautiful track that is
perfect for strolling. With a modest rise in elevation, the route weaves
through the trees, providing a unique walking experience that allows you to
fully appreciate the natural surroundings.
The park offers a variety of activities for individuals and
groups alike. Whether you’re looking for a peaceful solo walk or a fun outing
with friends and family, W.C. Johnson Park has something for everyone. The
picturesque pond adds a tranquil touch to the scenery, creating a peaceful
atmosphere that allows you to escape the hustle and bustle of everyday life.
One of the highlights of the park is the opportunity to
enjoy the beauty of nature while engaging in physical activity. The well-maintained
track is perfect for jogging or running, and there are also benches along the
way where you can take a break and soak in the scenery. The park is also a
popular spot for picnics, with plenty of grassy areas and picnic tables
available.
Whether you’re a nature lover, fitness enthusiast, or simply
looking for a peaceful escape, W.C. Johnson Park is a must-visit destination in
Collierville. So, grab your walking shoes, breathe in the fresh air, and
immerse yourself in the beauty of this serene park.