New Three Year Amortizing Loan to Help Real Estate Investors Afford Renovations on Houses in Foreclosure
AUSTIN, TX--(Marketwire - May 8, 2012) - Econohomes, the leading online source for wholesale investment properties, will introduce a longer-term loan product May 9 that gives investors greater flexibility when seeking to finance purchases of houses in foreclosure.
According to Jeff Ball, CEO of Econohomes, the flexible three year amortizing loan option will allow investors to pay for renovations of their investment property with cash from rental income. "Innovative financing solutions is a key missing ingredient in most of the efforts to return these properties to homes," Mr. Balls says. "This is only the first step of many by Econohomes to bring these solutions to market."
Because Econohomes' new investment property loan amortizes over three years, more REO property investors are expected to enter the under $50,000 investment property market. "Many of our customers seeking to purchase an investment property come from the actual communities where there are concentrations of houses in foreclosure," Mr. Ball says. "The more flexible house financing is, the easier it is for local real estate investors to buy, rehabilitate, rent and resell distressed REO properties."
As further evidence, Mr. Ball points to a recent research report conducted by Econohomes which underscores the role small, local investors are playing in healing the U.S. residential housing market.
Property financing products currently available through Econohomes feature:
- Flexible short- and medium-term financing including 3, 6, 9, and 12-month fully amortized loans and the new longer-term 3-year amortization loan with automatic annual renewals for up to two years.
- A required 35% down payment (minimum of $5,000), with no credit check, income qualifying, or property inspection requirements.
- Fast and simple closing process with support from the Econohomes full-service, in-house team of real estate experts.
- Low financing fees, competitive interest rates, and no prepayment penalties.
- Loans are tailored exclusively for investors and are not provided to owner-occupiers at this time.
More details on the Econohomes financing portfolio are available at http://www.econohomes.com/financing.
Econohomes unlocks the enormous potential of distressed properties for buyers, sellers, and communities. With hundreds of investment properties offered in more than 39 states and a proven track record of acquiring and selling thousands of properties since 2005, Econohomes is the alternative pipeline for distressed properties. Econohomes buys REO properties in volume at discounted prices from mortgage lenders and servicers, and almost instantly makes these properties available online to buyers at affordable prices. Econohomes is the leading online source for wholesale investment properties and property financing.
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