Different Kinds of Loans

Fractional Financing

Fractional Ownership is an ownership arrangement in which two to six individuals, or entities, hold shared legal title to a single parcel of real estate or condominium unit. Because of it simplicity and affordability, it is becoming one of the fastest growing ownership alternatives. . . especially in resort destinations. What a great middle ground solution to second home ownership. Although financing of these properties is a relatively new concept, it is very similar to financing your primary home. Moderate down payments are required, with choices from a 3/1, 5/1, 7/1 or 10/1 ARM or two interest-only products. Since product selection has become simplified, underwriting guidelines are very straightforward. Click here to apply for this very different kind of loan.

USDA Rural Development Program

Ų 30-year-fixed with market interest rates.

Ų 100% financing based on appraised value-No Down Payment.

Ų No monthly mortgage insurance.

Ų No first-time homebuyer requirement.

Ų For individuals with acceptable credit, moderate income, and minimal savings.

ü For owner-occupants only.

ü Single-family residences, eligible condos or planned unit developments.

ü Borrower can not already own property.

ü Ask us about Eligible Property Locations

International Funds

Foreign banks lend money at far lower rates than U.S. banks. Now, real estate investors can obtain mortgages from foreign banks for investment properties. What a great concept to produce positive cash flow from your investment properties.

Rate: 1.5% over our cost of funds rate of the relevant currency (currently best priced is Swiss Franc at 4.5%)
30 year interest-only mortgages
Financing for purchase or refinance
Available exclusively for single homes and multi-unit residential dwellings
Investment property only
80% LTV max or 75% for currency switching option
No credit check/no FICO Score/ No SSN

Equity Based Lending

There is an area of lending where the loan is based more on the equity in the property than the borrower's income and credit. This is called Equity Based Lending and it fills a needed and growing niche in today's market place.

Equity loans are one of the few loans where we will base the loan amount on the end value of the property - not just on the purchase price. So if you, as a client were to find a 'screamin' deal' (we hear that a lot), where you could purchase a property for much less than its market value, for whatever reason, and you need a loan to help with that, we may be able to do an equity based loan and use the actual market value in our loan calculation.

Investors who purchase and repair 'fixer uppers' (we see those a lot), use equity-based loans as a part of their business plan. A large part of the loan decision is on the finished value of the home.

Equity loans are quick.
They're simple.
Credit is not the major factor.
They're more expensive than traditional financing.
This is 'make sense lending' (we do that a lot) at its best.

At Pacific One Mortgage, we offer the expertise and knowledge to accommodate commercial, residential acquisition, and construction financing needs for Equity Loans. Many of our clients are repeat customers due to the professionalism and speed in which we are able to close on these transactions.

Construction Loans

One are where our knowledge and experience can really benefit you, our client, is in the area of construction lending. Pacific One Mortgage works with a variety of construction lenders. We offer custom construction loans, 100% construction loans, spec construction loans, hard money construction loans, non-owner construction loans, and rehab loans.

Different construction lenders can have an entirely different perspective on a construction loan. Because the loan will be held by the lender through the entire construction process (not sold off to the secondary market like many loans), the lender can, and does, make it's own rules. And the rules can be quite different between lenders. Consequently, what one lender might do, another lender might not do. One lender may allow for an 'owner builder' construction project; another lender may not.

The construction loan industry has become quite large, and increasingly more competitive. We work with a variety of construction lenders and we know each of their lending guidelines. This enables us to take your loan to the best lender for your situation.

On some of these loans, Pacific One Mortgage actually manages the inspection and draw process. This means you work directly with us when asking for draws. This can make that process quicker and more flexible for you.

If you are considering building a home, and if you need a construction loan to do so, we encourage you to sit down with one of our loan officers to ask questions and discuss the process and the different types of construction loans that are available. We would be happy to help guide you in this process.