Get Support
(408) 657-3780
Owning a second home can serve many practical purposes. It may be a desired travel destination where you spend part of the year with your friends and family. It can also serve as a secondary residence if you regularly travel to another area for work. It can be a long-term plan for retirement. A second home can also serve as a housing location for family members who are unable to work.
Traditional banks may offer little flexibility for purchasing second homes. This is because purchasing a second home increases your overall cost without necessarily increasing your income, which traditional banks find risky. We provide solutions for borrowers obtaining second homes, including:
Proximity to your current primary residence is acceptable in some instances, allowing your purchase to be for business or lifestyle purposes as opposed to only for vacation purposes.
Upgrades and improvements can be funded as part of your initial purchase loan.
Rental income for qualification – short-term rental income can be acceptable in cases where you rent to other vacationers when you're away.
In addition to being a desired getaway, owning a second home for vacation purposes can serve as a great investment strategy. Earning short-term rental income in addition to long-term equity appreciation can be a much better strategy than a timeshare membership.
Financing a vacation rental through a traditional bank can lead to roadblocks, including not being able to qualify using short-term leases, unwarrantable property associations, high-rise buildings, and titles as trust, Corp, or LLC. These restrictions make many owners think their dreams are not achievable when, in fact, there are many lenders interested in these exact scenarios. We can provide loans to meet the following situations:
Often challenging to finance through traditional banks. We provide both investment and second-home options for condotels.
Allows you to finance with other owner partners.
Acceptable for trust, LLC's, Corporations, and partnerships.
Vacation rental and other short-term leasing are accepted as qualifying income.
Including high investment to owner concentration, current association litigation, and many other factors can be acceptable for financing.
You're looking into vacation property. You see an excellent opportunity to purchase a beach condo in a vacation destination you have always loved. Short-term rental rates pay well for this location, so it seems like a great idea, especially since the vacation rental income can more than cover the mortgage when you're not there.
Block: Using vacation rental income to finance a vacation home is usually impossible through traditional banks. It's even rarer with other lenders, especially if you don't have at least two years of investment management experience.
Unblock: We can help you plan your vacation home purchase using vacation rental income. We have access to loan programs that allow vacation and other forms of rental income. We can also help first-time investors who do not have experience in vacation or other rental homes.
Your parents are elderly and can't qualify to refinance their home because they no longer have enough income for a loan. They have an adjustable loan and must lock in a fixed rate before the payment gets too high. You plan to help them refinance as a co-signer since you have plenty of income and good credit.
Block: Because you own a primary residence nearby, lenders will not accept your application as a second home. In this case, you're typically left with the only option of paying investment property mortgage rates and fees, meaning your monthly payment and closing costs will be more expensive than anticipated.
Unblock: We have access to loan programs that allow for the occupancy classification of a second primary residence. This means that lenders consider your parents' home an extension of your primary residence because you're housing family members who cannot work at their current age.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Dignissimos repellendus repudiandae incidunt quidem pariatur expedita, quo quis modi tempore non.
We want to give you 10% discount for your first order,
Use discount code at checkout
We want to give you 10% discount for your first order,
Use discount code at checkout