For many real estate investors, private lending can be a very useful tool. Hard money lending makes it possible for investors to quickly and efficiently fund deals when they need creative financing solutions or conventional lending is not an option.
While there are many reputable hard money lenders in the industry with years of experience and excellent reputations, unfortunately, there are also malicious players offering deals in the space. If you’re in the market for a hard money lender, it’s important to know how to differentiate legitimate lenders from scams. Below are a few standard hard money loan scams—and tips on how to avoid them.Keep reading
The Denver metro area continues to slowly recover from the beginning of the year. Nonfarm employment is slightly up from the approximate 1.4 million low in April 2020, increasing to just under 1.5 million jobs at the end of the third quarter. Based on third-quarter data, experts believe recovery began in May or June, but until there is a public health resolution, the recovery is most likely to remain uncertain and slow.
Salt Lake City’s employment market has been significantly impacted by COVID-19. Due to stay-at-home orders, it’s lost 34,500 jobs, and is down 4.6 percent year-over-year through August 2020, according to Cushman and Wakefield. Of those 34,500 jobs lost, 12,100 (-18.6% YOY) were in the leisure and hospitality sector, and the professional and business services sector lost 11,300 jobs (-8.5% YOY).
The Dallas-Fort Worth market remains strong during these uncertain times. Vacancy is holding steady at 10.2 percent, while office absorption is nearing an all-time annual high. Absorption is currently at a positive 16.9 million square feet and is expected to surpass 20 million square feet for the year. As more distributors look to this market for the abundance and low cost of labor, there are no signs of a slowdown in this region.