BridgeWell Capital: Hard Money Lender in Asheville, North Carolina
According to Zillow, the median home value in Asheville is $307,751 and home values have gone up 3.2% over the past year and Zillow predicts they will fall -1.6% within the next year. The median list price per square foot in Asheville is $229, which is higher than the Asheville Metro average of $197. The median price of homes currently listed in Asheville is $350,000 while the median price of homes that sold is $310,900. The median rent price in Asheville is $1,600, which is higher than the Asheville Metro median of $1,500.
At BridgeWell Capital we specialize in hard money/private money lending for residential real estate investment projects in North Carolina. Our hard money lending programs in North Carolina, include loans for investor Fix to Flip projects, Rental Properties, Investment Property Refinances and Rehab Credit Lines. We focus on the markets of Charlotte, Raleigh, Asheville, Wilmington, Hickory, Greensboro, Fayetteville and Winston-Salem but we also lend in any other markets in North Carolina.
If you are a real estate investor looking for a fast, easy and convenient source of hard money financing in North Carolina you have come to the right place. For many investors getting financing for their projects is not an easy task. Unlike banks, BridgeWell Capital offers many unique, versatile and flexible private money loan programs. The less-stringent private money lending programs mean less paperwork, less requirements and fewer hurdles for the investor. Instead of looking at your credit score or your foreclosure history, we look at your ability to succeed. We don’t look for technicalities to disapprove your hard money loan; we look for ways to say yes, for ways to help you succeed. Our goal is your success!
We approve our private money loans in North Carolina based on three factors: benefit, equity and exit strategy.
- Benefit: We want to see benefit in your deal, a win-win situation for all the parties involved.
- Equity: We want to see equity from your investment property, so there is room for a sizable profit margin.
- Exit: We want to see a clear exit strategy. Either you sell the property, you rent it, or you refinance it. We do not approve hard money loans on owner-occupied properties.
BridgeWell Capital is a reliable source of private money in North Carolina. Our goal is to help you succeed in your investment deals, so you can let your capital go further.
Real Estate Market in North Carolina
If you are planning to invest, or are currently investing, in the residential real estate market in North Carolina, it is always a good idea to pay attention to the housing trends. Since you will most likely use other people’s money, be it private money or through a bank, it makes sense to ensure the investment capital is wisely spent. Here is an overview of the real estate in North Carolina, what to expect and what to watch out for.
A large number of economists and real estate analysts agree that the nation’s economy is likely to see improvements, driving the recovery of the housing market. Analysts expect the North Carolina economy to grow at a faster rate, faster than the national economy. With the better-than-average income per capita and unemployment rate than the nation during the past three years, the state’s housing market has made significant gains toward a full recovery. Unemployment in North Carolina is expected to drop to 6.8 percent by the end of 2014 and this is largely due to an upturn in construction jobs, manufacturing, more college graduates and retirees in the area.
How will all this influence the real estate market? Real estate professionals should expect increased sales and increasing home values based on the higher demand, more aggressive biddings, a shrinking inventory of distressed properties and lower interest rates. That has been the trend so far, and it is expected to continue in the years to come. By the end of 2012, the real estate market in Charlotte saw a 7.9 percent increase in the average sales price, a 23.4 percent closing increase compared to the previous year and decrease in sales of distressed properties to 15.6 percent of total sales.
The pent-up demand in North Carolina, driven mostly by the economic development, the growing employment rates and the influx of retirees, is responsible for North Carolina’s real estate recovery. If you are planning to buy a residential investment property, North Carolina offers a stable and favorable environment for your deals. However, finding the leverage to take advantage of the opportunities in North Carolina is often a struggle for real estate investors. If you need financing, BridgeWell Capital is here to help. Our hard money loans in North Carolina are geared towards investors in North Carolina looking to finance the purchase of a residential investment property who intend to rent or sell it. For more information about our hard money loans, feel free to call BridgeWell Capital at 704-464-3000 or you can take a minute and submit our online hard money pre-qual form.
North Carolina Demographics
North Carolina is one of the fastest growing states in the nation. From 2000 to 2010, the total population grew to 9,535,483, which is an 18.46 percent increase (almost twice as much as the nation’s population growth). The average population density is 177.18 people per square mile, which, again, is higher (more than twice as much) as the nation’s. Although it is a large demographic state, most of the population is White (68.47 percent) followed by Black (21.48 percent), Hispanic (8.39 percent), Asian (2.19 percent) and other (7.85 percent).
As far as income, in 2010 North Carolina’s income per capita of $23,432 is lower than the nation’s average of $26,059, although the state has seen substantial increase of 24 percent since 2000. At the same time, the household income of $43,426 as of 2010 has grown 10.57 percent since 2000, although it remains lower than the national average. More importantly, the household income distribution is skewed towards the lower to medium income ranges.
For real estate investors it is important to know the type of market you are dealing with and what you can expect from it. If you are going to invest, you should assess the demographics of the area. This becomes important when re-selling/renting the property. Once you know what demographic segment you are targeting so you can fine-tune your marketing accordingly. You may ask, is the property fit for sale to high-income families? First-time buyers?
At BridgeWell Capital, we understand the demographics of the neighborhood play a role in the success of your investment deals. In fact, we use this information to approve our hard money loans. Remember, we are looking for benefit, equity and a clear, sustainable exit strategy. Keep this factors in mind and you will be well on your way to success.
Real Estate Investors Associations in North Carolina
Whether you are just starting out in real estate investment, or you are working in your hundredth deal, joining the local Real Estate Investors Association (REIA) is indispensable for your success. There are REIAs all over North Carolina and they are great places to get together with other real estate professionals, share experiences, learn from each other and do business. Here is a list of some of the REIAs in North Carolina:
- North Carolina Realtors
- Carolinas Real Estate Investors Association (Asheville, NC)
- Triangle Real Estate Investors Association (Raleigh, NC)
- Triad Real Estate Investors Association (Greensboro, High Point, Winston-Salem and surrounding areas)
- Metrolina Real Estate Investors Association (Charlotte, NC)
- Canopy Realtor® Association
- Raleigh Regional Association of Realtors
- Charlotte Region Commercial Board of Realtors
- Rocky Mountain Area Association of Realtors
At BridgeWell Capital we encourage our hard money borrowers to join the local REIA, but it is absolutely not a requirement to secure financing from us. Unlike conventional mortgage loan approvals, which are borrower-based, our private money loan approvals largely depend on the equity of the collateralized property. If you are looking for hard money financing, feel free to call us at 704-464-3000 or you can also take a minute to submit an online application form.