Loans
The majority of real estate transactions involve some sort of financing. Loan brokers, while owing you a duty to get you the best possible loan, often times get the loan that is best for their commission. Let our attorneys review and structure your loan transactions prior to close.
In a third-party financing transaction, the buyer procures its loan from a third party (typically, but not necessarily, an institutional lender).
Institutional vs. private lenders:
The term ‘institutional lender‘ refers to an entity such as a bank, savings and loan association, insurance company, large pension fund, real estate investment trust, or the like which regularly engages in the business of making real property secured loans. These lenders are distinguished from ‘private lenders‘ who are not regularly in the lending business.
Government loans:
Occasionally, real property purchases are funded by government loans. For example:
- California veterans are eligible for low-interest, long-term loans through the Department of Veterans Affairs' ‘Cal–Vet‘ program.
- Low-income, first-time homebuyers are eligible for down payment assistance in the form of deferred-payment, low-interest, junior mortgage loans.