Owner Occupied Loans
There are two ways of applying for Owner-occupied loans. That is owner-occupied property loans and owner-occupied business loans. In owner-occupied property, a borrower uses the property as their home. Banks and other lenders including Commercial Real Estate Loan Pros of St. Petersburg use the method to their advantage if you occupy the property.
Owner-occupied loans can be used when expanding or improving your building or business. Traditional lenders also offer the two types of loans. Most borrowers applying for an owner-occupied loan do not qualify for conventional loans as they do not meet the requirements. However, owner-occupied hard money can be the solution to many borrowers.
Owner Occupied Hard Money Loans
Owner-occupied hard money loans provide borrowers with diverse financing options. Traditional lenders can offer this kind of loan, but they have strict requirements. Many borrowers have different situations that need outstanding opportunities to provide them with the financial support they require.
Private lenders and investors offer hard money loans. They provide borrowers with short-term-term finance for projects such as house flipping and real estate. This type of loan is also suitable for consolidating debt, acquiring mortgages, and improving credit. Also, it facilitates properties cash out with equity to stabilize improvements and business deals. You may consider hard money loans for divorce issues or legal settlements, clearing off bankruptcy, and settling inheritance issues, among many others. They are also an ultimate option for borrowers who are self-employed and are rejected by financing institutions.
Hard money loans and business purpose
Many hard money lenders ceased providing owner-occupied loans due to the new outstanding regulations. How the borrower will use the loan is what makes the difference between the two types of loans. Borrowers can utilize the loan on-purpose of purchasing a primary home, consolidate debts, acquire mortgages, bridge a loan, and settle probate or legal estate issues. While business purpose loans can be used in operating capital, buying out partners, acquiring new equipment, and improving or buying a property.
Qualifications of Owner-Occupied Loans
With Commercial Real Estate Loan Pros of St. Petersburg, qualifying for an owner-occupied loan is straightforward. The company requires a shortlist of submission accounts and the address of the property. Deals are evaluated on a detailed basis. Documentation and paperwork might be necessary but no in a complicated way. The company’s team may look for a borrower’s property and statements before finishing. It is difficult for borrowers to secure loans from banks due to the detailed requirements needed.
Owner Occupied Second Mortgage Loans
Commercial Real Estate Loan Pros of St. Petersburg provides owner-occupied loans in hard mortgage money for business use or consumer purposes. They use the equity in the current home of the borrower. Consumer purpose can be used to clear off debt or for legal occupation. On the other hand, business purposes can be used for business opportunities and growth.
The team is devoted to using an honest approach to all agreements and establishing a long-lasting relationship with brokers and clients. Therefore, long-term success is ensured and promoted for all. Be clear enough about the details of prospective lenders before pressing on.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.