As industries outside the commercial real estate market faced challenges during the pandemic, the property investment sector saw a major upswing that is projected to continue. Specifically, new construction in West Palm Beach has opened opportunities to property flippers, large scale developers, and everyone in between.
Residential Construction in West Palm Beach
Just before the pandemic hit our shores, many people were looking to move into new homes. COVID-19 placed those plans on hold. Additionally, household have grown since the pandemic started, with couples welcoming new children into their lives. Finally, COVID-19 has motivated people to move out of congested multifamily units and into larger apartments or single-family residences. Most importantly, prospective homebuyers are looking for up-to-date or future-proofed homes with new wiring, smart appliances, and office space to work, and for their kids to take remote classes. All of these factors are driving new construction throughout West Palm Beach.
Financing New Construction in West Palm Beach
While the demand for new homes in West Palm Beach is driving new construction, commercial developers and property investors face challenges on the financing side of the equation. Traditional lenders have been tightening their requirements since the pandemic started. Borrowers need excellent credit and more collateral than before to qualify for loans. At the same time, lenders are lowering the amounts offered to minimize their risk.
Fortunately, savvy investors and developers have options outside of the traditional lending sphere for their commercial projects. Bridge and hard money loans have been a staple for new construction projects throughout West Palm Beach. Bridge and hard money loans are structured around the overall value of the property involved in the new construction project, which eliminates arbitrary loan board decisions and red tape. What’s more, bridge and hard money loans can be arranged quickly, so local entrepreneurs can get a jump start on construction projects in West Palm Beach and keep things moving without delays.
Hard Money Loans for New Construction in West Palm Beach
HML Solutions specializes in bridge and hard money loans for projects in West Palm Beach, FL. If you need capital for new construction in West Palm Beach, contact the team at HML Solutions today.