How,Get,Mortgage,for,Your,Real finance, share, loan How to Get a Mortgage for Your Real Estate Investment in Ber
Date:2021-01-11 How,Get,Mortgage,for,Your,Real finance
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Even for a local professional, the Real Estate Financing
for international investors is an ever changing picture. Going back to a
bank where we had previously successful arranged financing for an
apartment for an English investor we had to find out: "We don't do
apartments for foreign investors anymore, only multi-tenanted apartment
blocks". So a permanent scan of the usual suspects is necessary to be
able to come up with the financing in good time when a good investment
opportunity is found. At the current market situation these
opportunities wait for no man.Living far away does not make it
easier to find the right financing and going with the friendly
recommendation of your agent who brought the property to you does not
necessarily mean the best deal for you. So getting someone independent
to support your purchase and financing process is not a luxury but
common sense.How high can I expect my mortgage to be?This
is a bit like asking: "How long is a piece of string?" The answer is:
"It depends". Here are some key factors that apply to any lender. There
will be a "Loan to Value" (LTV) rate set, which will say: "We will
finance up to 60%...70%...80% of the collateral or loan value". This
value is not to be confused with the purchase price. It is determined by
the technical state of the building (state of repair) assessed by a
building surveyor instructed by the bank at the buyers cost.The
next factor naturally is the rental income of the property. In the case
of a foreign investor this is the source the bank will focus on to get
the interest payments from and ultimately their mortgage. The rental
income will be discounted by 20-25% for repairs, vacancy risk and other
operational cost. The remaining 75-80% of the rental income sets the
maximum loan as it is the amount the bank can expect to be available for
mortgage payments. These mortgage payments again are determined by the
interest rate in the mortgage offer.Will I be personally liable?In
most cases: YES. There are hardly any banks around anymore that will do
a "non-recourse" financing where all security comes from the property.
So make sure you have a good look at the performance of the building you
are about to buy. A good but well supervised property management will
have to ensure that the performance of your investment is constantly
improved and your personal liability never becomes an issue. We
recommend a local expert to have an eye on the property management from
time to time and agree goals and measures for the development of the
performance of your property.What else should I look out for in my financing?In
some cases you will decide knowingly to buy a property with a repairs
backlog because you negotiated a good discount on the price for that
reason. Most likely the bank will require that this backlog is fixed in
an agreed time span and will hold back part of your mortgage in a low
interest security account. This is ok but make sure that you agree that
this money can be used to pay the repairs and that the bank is bound to
set criteria as to when to pay out, never at their own discretion. We
have seen cases where banks still sit on money in this security account
with an interest rate of 0.5% while at the same time 5% is paid for the
mortgage.There are obviously other important issues which cannot
all be mentioned here. A professional advisor will help you to avoid
these traps and should be a worthwhile and cost effective investment.To find out more about our services during the Purchase Phase, the Operational Phase and Property Performance Improvement please visit our website www.berlin-portfolio.com.
Article Tags:
Real Estate, Rental Income
How,Get,Mortgage,for,Your,Real
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