Dawna is a real pro! I am so glad she was on our team. For nearly four years she guided us through the volatility of the San Luis Obispo housing market, answering our questions from a far (we live in Montana) and flagging appropriate properties or developments along the way. When the timing was right and we found just what we were looking for, Dawna expertly guided us through the negotiations and inspections. This wasn't our first home buying experience, but we really appreciated how easy Dawna and her assistant made the whole process. We successfully closed in less than 30 days.
- Conventional lenders. Banks, credit unions, mortgage companies, insurance companies, government agencies including Farmers Home Administration and Cal Vet are all considered conventional lenders. Shop for the assortment of loans available that meet your needs.
- Existing loans. If documents are available, review the note and trust deed documents to see if you can assume the existing loan, take property subject to the loan, or wrap around it.
- Seller Financing. Many sellers like the potential interest income that they can get by carrying the financing for the buyer. Buyers enjoy the flexibility that this financing structure can give them. One possibility is that the seller can take a blanket loan on several properties owned by the buyer, take a first lien, second lien or other combinations of financing structured to meet both parties needs.
- Private Loan. Individuals lenders with available cash to invest or pension plans looking to diversify are good sources of funds to purchase property. Some companies specialize in private loans to developers using their development land or other property as security.
- Syndication. If the property is too big for one person, a group of investors who have the resources to pay cash for the property or can borrow against other assets. The group could be the property owner or the lender or some combination of both. The syndicator could ask for an option to purchase the property in the future after the investors had achieved their goals.