Real estate, whether to be used as a residence, rental property, or commercial enterprise, can be expensive. Unless you have large sums of liquid capital, most folks need to finance a real estate purchase. The first place that people tend to think of is a traditional bank. While this can be the solution for some, for one reason or another, not everyone will get the funding they need from a bank.
Creative and Alternative Financing for Real Estate Purchase
Traditional banks can take a long time to come up with a decision on lending. Then, after a long wait, you may be denied.
Fortunately, there are a number of other solutions to get the capital you need for a real estate purchase. Here are a few to consider:
• Home Equity Line Of Credit. Tap into the equity in your existing home to finance a new purchase.
• Personal Loan. Especially useful if you already have excellent credit.
• Seller Financing. Some sellers are eager to entice buyers by offering them financing along with the property.
• Lease Option. Consider lease-to-purchase options, available in many markets.
• Bridge Loan. Take out a loan to “bridge” the time gap until you sell an existing property.
• Hard Money Loan. Issued by private investors or companies, these are asset-based loans secured by real property.
• FHA Loan. This is a mortgage loan backed by the US Federal Housing Administration (FHA) and obtained through an FHA-approved lender.
Aspen Capital Solutions: Your Source for Real Estate Funding
If you are like most people, you’ll need to come up with some capital if you are envisioning a real estate purchase. Whether it is for a personal residence or for commercial reasons, Aspen Capital Solutions would like to partner with you during this process. Give Aspen a call today.