July 14th, 2014 1:36 PM by Rob Robbins
I hope you are enjoying your summer. They go fast!
I have noticed that we have some buyers and sellers discouraged by the new finance rules we are living by today but wanted to cheer you up a bit.
We have local lenders making some changes in loans and creating new loans to fit specific needs. I will not name them here but if you want some guidance I would be glad to share them with you.
Some local banks have made strategic decisions in their loan lending which will benefit many of us. They have increased their residential in house loan commitments which means they are willing to carry the loan locally and that gives them some flexibility in still meeting the new banking regulations. If you or your loan will not fit the traditional secondary market they may have a solution that will not cost you an arm and a leg. The examples I have seen were competitive on interest rates and most have low loan origination costs.
Condo sales and prices have been dramatically impacted by the new regulations. We have several local banks that will finance these in house and we have another lender that has went to great lengths to know which condo complexes will fit the secondary market. That number is higher than you might think.
All in all we have a lot of choices when it comes to financing and you or your property may very well qualify for them.
Until next time,
Rob
