Navigating the Current Real Estate Landscape Beyond Conforming Loans
As we move into one of the busiest real estate seasons of the year, it's the perfect opportunity to discuss fast and flexible home loan solutions that can make a significant difference in your buying or building experience. Joining me for this discussion is Scott Rerucha, CEO of Legacy Group Capital, who provides valuable insights on innovative financing options beyond the traditional home loan mortgage.
Understanding Unique Financing Options
Traditional mortgage loans can be cumbersome, with strict criteria that potential borrowers must meet. However, companies like Legacy Group Capital are redefining the landscape by offering flexible, consumer-focused lending options. With over $500 million in raised capital, Legacy has the freedom to set its own lending rules, allowing for efficient financing solutions.
Three Most Popular Loan Solutions
Custom-Construction Loans. A key offering from Legacy is construction loans tailored for individuals looking to build their dream homes. Traditional lenders often hesitate to provide construction loans due to perceived risks; however, Legacy embraces these opportunities. They boast a swift turnaround time, typically processing such loans in two weeks, allowing clients to break ground quickly.
Bridge Loans. Another valuable solution is the cross-collateral bridge loan. This option is ideal for homeowners who find a new property before selling their current one. By using both properties as collateral, Legacy enables clients to secure funding for their new home while they prepare to sell their previous one.
Rehab Loans. Whether it's a single room or a full home makeover, a rehab loan offers quick funding, flexible terms and a hassle-free experience to get your remodel, repair, or renovation started on time.
Flexibility with Budget Overruns
Building a home often leads to budget overruns. Unlike traditional banks, which require borrowers to cover the entire cost of overruns up front, Legacy provides an adaptable solution. They collaborate with clients, sharing increased loan amounts to ease financial strain during construction.
Cost vs. Value in Financing.
While it's true that working with a portfolio lender like Legacy might come with slightly higher costs compared to traditional banks, clients often find that the benefits outweigh these costs. The speed and personalized approach they offer mean that clients can get their projects underway without unnecessary delays. For many, the investment in a slightly higher interest rate is well worth the convenience and expertise they receive.
The Key to Realizing Your Dream - Understanding Your Options
As we approach this vibrant season in real estate, it's crucial for buyers and builders to explore all available financing options. Getting acquainted with a lender like Legacy Group Capital that understands the complexities of construction and innovative loan solutions can be the key to successfully realizing your vision. If you’ve ready to find your next property or project, give me a call or shoot me a message.
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