The city of Los Angeles just hit 4 million people and there is a housing shortage. This is driving the Inland Empire real estate market into positive territory.
Covina, CA (PRWEB) May 16, 2017
As people are priced out of the housing market in Los Angeles and Orange counties, the lending team at Pacific Loanworks is turning its eyes east to the Riverside/San Bernardino area of Southern California, recently ranked fifth on Forbes’ list of this year’s top 20 markets for rental property investment.
“The city of Los Angeles just hit 4 million people and there is a housing shortage,” said Matt Gross, president of the private money lender. “This is driving the Inland Empire real estate market into positive territory. The number of renters throughout California grows greater every day as housing prices increase.”
Pacific Loanworks specializes in asset-based lending and reported a first-quarter increase over 2016 in loans for multi-unit dwellings. Gross said with increased population, low unemployment rates and more affordable prices in the Inland Empire, he expects the trend to continue throughout the year.
“We foresee that demand will continue to increase throughout the year,” he said. “We’re seeing long-term investments in properties, not quick flip-flops.”
Along those lines, CBRE, the world’s largest commercial real estate services and investment firm based upon 2016 revenue, surveyed more than 500 intuitional investors, including asset managers, developers, REITs, private equity, sovereign wealth funds and individuals, and likewise found property investors are focused on rental property growth in 2017.
“The economy is strong, people are working and making money and with the money they are investing in real estate,” he said.
Pacific Loanworks deals especially with what Gross terms “difficult to fund” loans, with factors ranging from red tape and short timeframes to bad credit or bankruptcy. He said his firm’s more than 30 years of experience, fast service and money to fund deals is what has been a key to success. The company works with individuals and local proprietors, as well as foreign nationals, corporations and religious organizations.
“We treat our borrowers and investors with the respect they deserve,” Gross said. “We can close loans quickly, some within a few days, so we’re able to keep up with the demand.”
Pacific Loanworks, headquartered in Covina, has been a family run company specializing in investments and Trust Deed loans in California for more than 35 years. The company underwrites, approves, processes, and funds all loans in-house. Loans are asset-based, meaning rates and terms are based upon property equity. For more information visit http://www.pacificloanworks.com.