What is Bridge Financing?
A “bridge loan” is a short term loan designed to provide financing during a transitionary period, such as moving from one house to another. The loan is taken out by a borrower against the property they currently own (the departing residence) to finance the purchase of a new property. This type of loan is typically used when a borrower purchases a new home prior to the sale of their existing residence.
Graystone Mortgage specializes in bridge financing, offering a competitive program that allows for a 6 month loan term or sale of departing residence, whichever occurs first. Monthly payments are interest only. To learn more about bridge financing and discover whether this program may be right for you, contact Graystone Mortgage today.
What is Lot Financing?
A “lot loan” is a short term loan designed to provide financing to purchase land that the borrower will be building a primary or secondary residence on. Typically the lot loan will be repaid by traditional permanent financing once the home is completed.
Graystone Mortgage offers lot financing that allows up to a 6 month loan term. Monthly payments are interest only. To learn more about lot financing and explore your options for your home build, contact Graystone Mortgage today.
What is Private Money Financing?
“Private Money” is a way to borrow without using traditional mortgage financing. When loans need to happen quickly, such as when a borrower or investor is purchasing a home they intend to fix and flip, private money is often a good option. Another benefit for private money is it allows for a borrower to have the ability to make a “cash offer” on a property. Private money loans are used in short-term financing scenarios.
Graystone Mortgage offers in-house private money financing that allows for up to a 12 month loan term. Monthly payments are interest only. Give Graystone Mortgage a call today to discuss our private money financing, qualifying guidelines, and learn more about whether this program is a good option for your unique financing situation.