Owner-Occupied Loans
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Real estate investors have many options when it comes to loans to finance their investments. However, what about people who just want to have a new place to live? In those cases, owner-occupied loans can be a great option when you get the chance to find lenders that have them available. Unlike other residential or real estate mortgages, owner-occupied loans offer more benefits to people who are willing to use the property they want to purchase like a home or residence for at least a year or two.
Now, why would anyone offer loans like this? because this guarantees the lender that the property will not be just another random investment or abandoned space. As a result, they offer more benefits and better terms and conditions for the borrowers depending on the size of the property and where it is located. However, before you decide to go for these loans, keep in mind that they are not usually available in regular lending institutions like banks and financing groups.
Instead, private lending companies like us at Commercial Real Estate Loan Pros of Port St. Lucie are the ones that offer them. Therefore, you can rely on us if you are located in Port St. Lucie or throughout Florida and interested in acquiring a new property to live in it.
What are our terms and conditions?
When it comes to interest rates, loan term, amortization, and the usual details, we are more flexible than regular and other private lenders:
- Our interest rates are fixed and range from 3% to 12%.
- We go up to 10 years for amortization or even 20.
- You have more time to pay for each quote.
- We are flexible with missed quotes by just adding an additional after 2 or 3 missed payments.
However, when it comes to the details that involve the owner-occupied aspect, we establish others:
- You have to reside in the property or use it as a main residence for at least 2 years or sometimes 12 months.
- You cannot rent the property for 24 months nor sell it.
- You cannot leave the property alone for long periods of time—like an entire month.
If you are able to keep this in mind and comply with every detail, we will be more than happy to provide more benefits like financing over 85% of the total cost of the property. We know that many people in Florida are just trying to purchase their new homes instead of investing in them for reselling. Therefore, we want to lend them a hand and open owner-occupied loans that can finance most of those acquisitions or purchases.
Just keep in mind that we also have different requirements for these credits that although they are not difficult to fulfill, you need to comply with each one of them. Finally, for any questions and doubts before, during, and after the request and approval of the loan, make sure to ask our team at Commercial Real Estate Loan Pros of Port St. Lucie.
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.