Lenders offer mortgages for an array of restaurant scenarios, including start-ups, opening and financing a restaurant, cafés, fast-food franchises, bakeries, specialty restaurants, franchised or branded restaurants, chains and independents.
A second mortgage is a loan a borrower takes on a home that people live in, whether it is a primary residence, a vacation home or a rental property.
A rental property loan is a mortgage for a residence from which the borrower, as a landlord, intends to earn rental income.
A home rehab loan is used to rehab, renovate or remodel a residence. These loans are typically refinances with cash-out.
Owner builder loans are made for borrowers who are building their own home.
A nonowner-occupied mortgage is a loan for a single family residence, duplex and triplex or fourplex, where the residents are renters.
Some borrowers aren’t able to provide income documentation. In these cases, a lender may accept other proof of the borrower’s net worth.
Borrowers with credit scores under 500 or no FICO score will not qualify for prime loan programs and will therefore have to explore non-conventional mortgages.
No-doc or low-doc home loans allow a borrower to obtain a mortgage without providing traditional income-verification documents to a lender.
These communities can be large or small. While residents own the manufactured or mobile home itself, the owner of the park earns revenue by leasing the land beneath the homes.