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Memphis Hard Money Loans

The Memphis housing market has shown some interesting trends in recent years. As of June 2024, the median sale price of a home in Memphis was $190,000, which represents a 7.3% decrease compared to the previous year. Homes in Memphis typically receive 2 offers on average and sell in around 42 days. The median sale price per square foot in Memphis is $134, down 0.74% since last year.

Despite the decrease in home prices, the market remains somewhat competitive. Some homes receive multiple offers and can sell for around the list price, going pending in approximately 19 days. The overall cost of living in Memphis is 10% lower than the national average, making it an attractive location for homebuyers.

In Memphis, many real estate investors are turning to hard money loans to finance their purchases. Hard money loans are a type of short-term financing provided by private lenders, often used for real estate transactions. These loans are typically secured by the property itself and are known for their quick approval process and flexible terms.

Memphis has a robust market for hard money lending, with around 50 lenders serving the city. The average amount loaned is $300,000, with interest rates averaging around 10.4%. The average loan term is 35 months, and the average origination fee is 2.5%. The loan-to-value (LTV) ratio for these loans is typically around 75%.

For example, an investor looking to flip a property in Memphis might take out a hard money loan with an LTV of 85%, a 6-month term, and a 9% interest rate. This allows the investor to leverage their existing assets and quickly acquire and renovate properties without using their personal funds.

Memphis Hard Money Loan Programs

12-14% Interest Rates
Origination fee of 2-4%
Loans from $350,000 to $25,000,000

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Recent Memphis Hard Money Loans

Condo Property

Commercial: Construction

Jefferson Plaza Condo Memphis, TN

Term Remaining Matured

Offering Size $2,000,000

Investment Range $1,500,000-$1,500,000

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