SOURCE: Econohomes

Econohomes

June 17, 2011 08:00 ET

Econohomes Introduces Expanded Longer-Term Loan Product Ideal for Real Estate Investors

Financing Program Designed to Help Real Estate Investors Renovate More Distressed REO Properties

AUSTIN, TX--(Marketwire - Jun 17, 2011) - Econohomes, the leading online source for wholesale investment properties, introduces a longer-term loan product. To date, Econohomes' finance offerings for real estate investors allowed them to improve and rehabilitate foreclosure properties. Now, with a new three year amortization loan option, investors can cash flow their renovated and rented investment properties.

This longer-term financing product will facilitate more investment from local investors, who are hungry to buy, rehabilitate, rent and, resell distressed REO properties priced under $50,000. A recent research report from Econohomes underscores the importance of small, local investors in healing the U.S. residential housing market.

"Appropriate debt capital is a key ingredient to getting distressed REO property back into the housing stock. Our asset based loan products are ideal for investors long on hard work, but short on the ability to fully document their income and assets," says Econohomes CEO, Jeff Ball.

The Econohomes loan offering includes:

  • Flexible short- and medium-term financing including 3, 6, 9, and 12-month fully amortized loans and the new longer-term 3-year amortization loan with a 1-year balloon.
  • All loans require a 35% down payment (minimum of $5,000), but have no credit check, income qualifying, or property inspection.
  • Fast and simple closing process with support from the Econohomes full-service, in-house team of real estate experts.
  • Low financing fees, competitive interest rates, and no prepayment penalties.
  • Loans are tailored exclusively for investors and are not provided to owner-occupiers at this time.

More details on the Econohomes financing portfolio are available at http://www.econohomes.com/financing.

About Econohomes

Econohomesunlocks the enormous potential of distressed properties for buyers, sellers, and communities. With hundreds of properties offered in more than 39 states and a proven track record of acquiring thousands of properties since 2005, Econohomes is the alternative pipeline for distressed properties. Econohomes buys residential properties in volume at discounted prices from mortgage lenders and servicers, and almost instantly makes these properties available online to buyers at affordable prices. Econohomes is the leading online source for wholesale investment properties.

Contact Information

  • Contact:
    Amy Hasbrouck
    Vice President, Marketing
    Phone: 512-696-1997 x 500
    Email Contact