Residential Loans
Residential Loans with KRA Private Mortgage Funding
Whether you’re buying your first home, investing in residential property, or transitioning between homes, we provide personalized lending plans to meet your unique needs. Our expertise in private mortgage loans ensures you receive the best terms and support throughout the loan process.
What is a Residential Loan?
Residential loans, including residential land loans and residential transition loans, are designed to help individuals finance the purchase, development, or improvement of residential properties. Here’s an in-depth look at how residential loans work:
Purpose and Use
- Home Purchase: Residential loans can be used to finance the purchase of a new home, covering a significant portion of the property’s cost.
- Land Purchase: Residential land loans are designed for those looking to buy land on which they plan to build a home. These loans provide the necessary funds to secure the land.
- Home Improvement: Residential loans can also finance home renovations, allowing homeowners to upgrade or expand their existing properties.
- Bridge Financing: Residential bridge loans are short-term loans that help homeowners bridge the financial gap when buying a new home before selling their current one. As experienced residential bridge loan lenders, KRA offers flexible terms to facilitate smooth transitions.
Commercial Loan vs. Residential Loan
Understanding the differences between commercial loans and residential loans is crucial when choosing the right financing option. Keep in mind that all of our private mortgage loans are short-term (6 months to 3 years max), high-interest, balloon loans. Here’s a comparison to help you understand the key distinctions:
Commercial Loan
- Purpose and Use: Used for business purposes, including purchasing commercial real estate, funding business expansions, and acquiring equipment.
Residential Loan
- Purpose and Use: Used for personal purposes, such as buying a home, purchasing land for residential development, or financing home improvements.
How KRA Private Mortgage Funding Can Help
At KRA Private Mortgage Funding, we understand that every borrower’s needs are unique. Here’s how we can help you secure the best residential loan:
- Customized Lending Plans: We create tailored lending plans that align with your specific needs, whether you’re purchasing a home, buying land, or financing a transition between properties.
- Expert Guidance: Our knowledgeable team provides expert guidance throughout the loan process, helping you make informed decisions and secure the best terms.
- Fast Approvals: With our streamlined application process, you can expect a full loan approval within 72 hours of providing all required documents, allowing you to move forward with your plans without delay.
- Local Expertise: As specialists in private mortgage loans in North Carolina and South Carolina, we have a deep understanding of the local market and can provide insights and support tailored to these vibrant communities.
Contact us today to learn more about our residential loan options and start creating a personalized lending plan that fits your needs. Let’s make your homeownership dreams a reality together.
*If you complete an application, please e-mail it to kristi@kraprivatemortgage.com.*