BridgeWell Capital: Richmond’s Direct Hard Money Lender For Residential Real Estate Investments
We are a direct licensed hard money lender serving the greater Richmond Area. If you are a real estate investor looking for a reliable source to finance the acquisition and rehab of your investment properties, you have come to the right place.
BridgeWell Capital offers the following hard money loans and services for investors in Richmond:
- Rehab loans for Investors: For residential property buy, fix and sell projects.
- Loans for Rental Properties: For residential property buy, fix and hold projects.
- Cash-out Refinances: If you need to free up investment capital from a residential investment property you own, to finance your next investment.
- Proof of Funds Letters: To prove to your sellers (or their agents) that you have the funds to purchase a property.
Qualifying for a hard money loan with BridgeWell Capital is an easy process. We approve financing based on your ability to succeed. There are three factors we look for in an investment project:
- Benefit to the borrower.
- Enough equity on the property
- A clear exit strategy: buy-fix-sell, buy-fix-hold or conventional refinance.
Richmond Real Estate Investment Market
Within the last decade, Richmond has entered the top 10% real estate markets nationally according to Neighborhoodscout.com. Richmond’s home appreciation rates are among the highest in the nation. Despite the downturn in the housing market in 2008, home appreciation stayed strong with an average annual rate of 5.34% and a total appreciation of 68.20% over the last 10 years. This has made Richmond the place where many residential real estate investors have found success.
One of the things we usually recommend our clients, specially landlords, is to look for “upward transitional areas”, that is, areas that are within close proximity of highly appraised neighborhoods or where appreciation is trending in that area’s direction. These are likely to have high appreciation prospects, and generate wealth through appreciation.
Finding a solid buy is one of the few requirements to qualify for a hard money loan. However, given the strong appreciation history of Richmond over the past decade, investors will likely find great opportunities to grow their business.
Demographics in Richmond
Wherever you plan to invest within the greater Richmond, you also need to know the demographic profile of the area. This is especially important to know what type of tenant or home owner you are planning to market to.
If you plan to sell to or attract educated tenants you are investing in one of the best places in the country. According to Neighborhoodscout.com, 33.77% of the adults in Richmond hold, at least, a bachelor’s degree, while in the average American community 21.84% of the adults have a degree.
Richmond has a major college student population and many recent college graduates looking to start a career. This creates a very large young and educated population.
The composition of the neighborhood can offer great opportunities for investments around areas of interests for the young and educated. Places around universities, restaurants, and amenities for entertainment can be especially attractive.
Although the demographic profile of the area you are planning to invest is important to market your investment property, it is not the only factor we consider when approving our private money loans. For more information about how we approve our loans, feel free to browse our site or call us at 804 469-8000
Real Estate Investors Associations in Richmond
Although it’s not a pre-requisite for our hard money loan approvals, investors in Richmond are encouraged to become part of a local Real Estate Investors Associations (REIAs). These are were real estate professionals come together to network, create business relationships, learn from each other’s experiences and learn about market trends and strategies. Some of the most popular real estate investors associations in Richmond are:
- Richmond REIA & Investors Group
- Tidewater Real Estate Investor Group (TRIG)
- Traction REIA
- Virginia Beach Real Estate Investors Group
There are great opportunities to grow your business at the REIAs. Although membership is not a requirement for a private money loan approval, it is a point in favor for the successful applicant. For more information about our private money loan opportunities feel free to call us at 804-469-8000 to speak to a representative.