Loan Programs
Welcome to Friel Mortgage, where we offer residential, commercial, and investment real estate loans tailored to meet your financial needs. Our team of experts, led by Daniel Friel, is dedicated to providing personalized service and expert guidance to help you secure the right loan for your property.
Traditional
A traditional real estate loan is money you borrow to buy or refinance a property like a primary home, second home, or investment property.
Bridge Loans
A bridge loan is a temporary loan that helps you bridge the gap between buying a new property and selling your current one. It provides quick funds for the new purchase while you're waiting to sell the old place. Once you sell, you use that money to pay off the bridge loan. It's like a financial bridge to smoothly move from one property to another.
Fix and Flips
A fix and flip loan is money you borrow to buy a property that needs some work, fix it up, and then sell it for a profit. It's a loan designed specifically for turning a not-so-great house into a more valuable one. Once you sell the fixed-up property, you use that money to pay back the loan. It's a way to fund the purchase and renovation of a property with the goal of making money when you sell it.
New Construction / Land
A construction loan is a special loan for building a house. Instead of getting all the money upfront, you get it in stages as the construction progresses. So, you can pay for things like the foundation, walls, and roof as they are built. Once the house is complete, the construction loan is usually replaced with a regular mortgage to pay off the total cost. It's a way to finance the building process step by step.
Hard Money
A hard money loan is a type of loan that's usually used for shorter-term projects, like real estate investments or house flipping. It's given by private investors or companies, not traditional banks. The loan is often based more on the value of the property you're buying than your credit score or financial history. People use hard money loans when they need fast cash for a project and may not qualify for a regular bank loan.
Investment Property
Loans for investment properties are acquired to fund the buying of properties intended for investment purposes, whether commercial or residential real estate. These loans are tailored to assist individuals, investors, or businesses in acquiring properties that can be rented out to generate income.