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Home>> Buyers Resources>> Real Estate Information>> Interim Financing
Interim FinancingInterim financing is something that is a short term loan, usually lasting anywhere from six months to five years, with the average being three years.Usually this type of loan is made during the construction of a building, and will eventually be replaced by a loan that is much larger and has a longer term. The interest rates that are set for interim financing will often fluctuate over a loan index that is defined during the term that the loan is set for, and the rates will either reset or adjust when the loan becomes mature. Sometimes the rate will be set at a fixed rate, and that is something that is good when you are talking in terms of budget. Because the lender knows that the chances are good that it will be taken over by a loan that is larger, often the interim financing loans will be interest only. |
Lots of times there are penalties for prepayment of the loan, but if it’s converted into a permanent financing the fees may be waived. The advantage of interim financing is that you can have a better position for negotiating it and it will allow you to purchase the property without having to sell your other property first.
Susan Polan knows how important it is to find a Palm Beach, Florida Real Estate specialist that can handle the transaction from beginning to end with expertise, efficiency and success. It is her desire to provide buyers and sellers interested in the Palm Beach Real Estate market helpful articles and information that can make their Palm Beach lifestyle a reality. Susan also knows that buying a home is much more than the home itself, so please enjoy this and other articles on this web site along with the most current information regarding homes for sale and that have sold in Palm Beach. Read on to find out more about relocation to the city of Palm Beach to begin living in the Palm Beach Lifestyle! Susan Polan understands that specialized needs of the wealthiest buyers and is the right choice to help you buy or sell a home in Palm Beach, Florida. Licensed Real Estate Professional Illustrated Properties Real Estate Inc. Web Site 561-222-0755 Direct 561-366-1121 Office EMAIL Me 249 Royal Palm Way, Suite 301 Palm Beach, Florida 33480 www.SusanPolan.com
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