Owner Occupied loans
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Are you planning to renovate or upgrade your house? Or you have some portion of your house which you want to introduce some changes in? If so, then what you can benefit from are owner-occupied loans. These loans can be taken if you are currently living in the property or house you want the loan for. Commercial Real Estate Loan Pros of Fort Myers in Fort Myers, Florida (FL) can help you with such loans. We have reliable private lenders who can offer these loans at desirable interest rates.
What are owner-occupied loans?
In a simple and straightforward explanation, owner-occupied loans are those for which the borrower is expected to live in the property for which he’s taking the loan. Therefore, it is necessary that the owner be living in the home for about one year. In general, these loans are offered for long time durations and have fixed interest rates. Therefore, the rates are also quite low. Moreover, in such kinds of loans, the personal guarantee of the borrower is present.
How can you qualify for owner-occupied loans?
You might be wondering that is it not enough that the borrower must be residing in the property? Along with that, there are some other specifications which you must consider:
- You must be living in the property for about 70% of one year.
- You must be honest while you sign for the documents to live on the property. It is not just the signing of documents, and rather it is a firm promise.
- The borrower must certify that all the information provided in the documents, closing papers, and loan application is true.
- You should not rent your home.
- To avoid being seen as a fraud, you should never run any business there and not live.
- You should not buy any other family to live there instead of you if they cannot qualify on their own.
- You should not use the property as a second home.
You should remember that if you have lived in the building as a primary home and wish to turn it into a rental place, you must be in the place for about a year. We as an organization can provide such loans easily as compared to other institutions and banks. People prefer these loans as banking regulations, and transaction costs are quite high. For small and or mid-sized businesses, it is a wonderful option to consider.
Why choose us?
Commercial Real Estate Loan Pros of Fort Myers can provide you with the best available options in the region. You can have faith in us as we have worked with thousands of customers, and all of them have provided us with positive feedback. We always keep customer satisfaction our top priority. Our financial experts can help you with a range of amazing financial products. You can contact us anytime and avail of the best services we have for you. Even if you think you have no basis to start, we will ensure that you are provided the best service.
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.