It looks like 2017 is going to be a positive one for the housing market, as single-family home construction is expected to rise a bit thanks to factors such as an improving economy and positive employment gains.
In 2016 the National Association of Home Builders (NAHB) estimated just over 1.15 million housing starts, an increase of close to five percent compared to 2015. NAHB is now predicting an increase of ten percent in single-family home production this year and an even better twelve percent increase for 2018.
Builders appear to be making an effort to appeal to younger buyers with townhome construction, which is already seeing positive growth. In fact, these types of homes account for more than eleven percent of all single-family starts.
Higher mortgage rates may reduce demand, but builders retain a positive outlook. With alternative lending sources such as a hard money loan, you can bypass the traditional mortgage lender and get the funding you need in just days versus months without all of the red tape. We recently completed another successful transaction involving a $180,000 loan to Biscayne Plaza 503 LLC, a Miami property. It included a 55% LTV and closed in just nine days.
This update is brought to you by Michael Internoscia, Principal Broker and CEO of hard money lenders Florida company M & M Private Lending Group. We have over three decades of experience specializing in private money real estate loans and we pride ourselves on providing our esteemed clients a service that’s personalized while delivering low rates and closing costs. We also offer mortgage note investments and have worked extensively with brokers and affiliates. Call 305-363-7169 or 954-445-4434 to speak with a lending representative about our Florida private loans or visit our website at https://mmprivatelending.com to fill out an application form.