I was asked by a newly licensed real estate if I could mentor them into the business. She then asked if there were special Loans or Lenders that Realtors get for their business.
Fact is; there are no special loan program specifically for Realtors. Lenders consider their risk associated with the specific project that they are lending and the creditworthiness of the borrowers. There are as many different lenders as there are niches in the types and purpose of the real estate improvements. Here is just one such niche lender:
Direct Lender For Single Family Rental Landlords
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Mortgage rates have dropped due to the Federal Reserve's decision to cut interest rates.
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We Provide 100% Construction Funding. Up to 90% Loan to Purchase Price
(No Greater than 75% ARV)
We're the perfect lender for this mess below. First you can clean it up with our short term funding providing up to 90% of purchase price and 100% of construction costs by submitting us an approved budget. We can settle the loan in 3 weeks with a 7 day turnaround on appraisal. Our appraisal provider is Appraisal Nation a national third party appraisal service. We will not fund greater than 75% of as-completed value. We give up to 24 months with extension options available to complete the project. If you plan to hold the asset as a rental, we convert the loan to an an attractive long term fixed rate , upon lease in hand. Or sell the property, prepay the loan with no penalty. We can provide full term interest only fixed loans up to 10 years fixed term and then floats an additional 20 years, offering a 30 year term mortgage.
(Min $750,000 Loan Amount)
Up to 80% Loan To Value
5/1 Arm , Full Term Interest Only
Amortizes after 5 Year Fixed Term for remaining 25 Years
30 Year Term
7 Day Turnaround on Appraisal
Declining Step-Down Prepay (3%,2%,1%)
Should you have any additional question you may contact me directly.