Oregon Owner Occupied

Oregon Owner Occupied

As we all know, it’s tough to get a conventional loan in this market. There are plenty of incentives for potential homeowners, but the banks aren’t making loans that everyone can take advantage of. Even strong borrowers with money down might not be approved. Because of this, more people are turning to hard money to purchase their personal residences.

As far as I know, banks are no longer making stated income loans, but this is still possible with private money. Because of new legislation regulating high interest loans, hard money lenders still have to verify income and assets to determine whether or not the borrower can feasibly make the loan, but this does not apply to temporary bridge loans of 12 months or less. This allows us a unique opportunity to offer 12 month programs for purchases of primary residences in the state of Oregon.

As always, it is important to keep in mind that the exit strategy is critical. We have the ability to bridge the gap for these residential purchases, but there must be a clear explanation of how and why the borrower’s situation will change in those 12 months to allow for a take out loan.

If the borrower can service the debt and make the down payment, but doesn’t qualify for conventional financing, send us a summary. There are some great opportunities in the residential market right now, and we’re ready to make these loans.

Sincerely,
Kris Gillmore
Loan Coordinator
Fairfield Financial Services, Inc