Types of Income-Producing Properties

August 25, 2023 by Lending Bankers

If you want to generate passive income and invest toward retirement, one way you can do it is by investing in income-producing properties, also called income-producing assets or income-producing real estate. You might be surprised by just how many types of income-producing properties are out there. Here are some in which you can invest in Florida.

Income-Producing Properties

Single family homes: Applying for a loan for a single family home as an investment property is pretty straightforward, and the property taxes usually are not that high, making it an attractive investment option.
Multi-family homes: If you are buying a duplex, triplex or fourplex, that is a multi-family home. You will be able to rent out to more than one tenant. Of course, it can be more expensive to get started, and approval can require jumping through more hoops than you would for a single family home.
Short-term rentals: These are properties suitable for renting out for short periods of time (i.e. days or weeks rather than years) to people who are on vacation.
Fix-and flip properties: This is an investment property that requires you to do some repair work before it will be ready to rent out. But as a fix-and-flipper, your goal is to flip it after you fix it for a higher price tag than you paid to purchase it and do the repairs.
Turnkey properties: As the name suggests, this is an investment property that is pretty much ready to go when you get it. You can start renting it out right away.
Apartment buildings: An apartment building is an opportunity to invest in real estate with numerous rental units. It is a great way to build up your wealth through economy of scale.
Commercial properties: Residential properties are not all you can invest in. you also can invest in commercial properties like retail or office buildings.

The list above gives you some idea of the opportunities that are out there, but is not exhaustive. With so many options, there is something for every investor.

Invest in Income-Producing Real Estate in Florida

Lending Bankers Mortgage helps investors throughout Florida to purchase a wide variety of income-producing properties with ease. We can connect you with a real estate investment loan that will help you maximize the return on your investment. To get started, please call 786-220-1100 to schedule your consultation.

Hometown Heroes Down Payment Assistance Program Expands on July 1

August 25, 2023 by Lending Bankers

If you are shopping for a home, you may have heard of the Hometown Heroes down payment assistance program.

Great news for all Floridians—this program is expanding as of July 1, and will be available to a much broader group of homebuyers than it was in the past.

What is the Hometown Heroes Program?

Hometown Heroes is a program that is offered by the Florida Housing Finance Corporation. The income-based program is aimed at assisting first-time homebuyers with paying for their down payment and closing costs.

The program provides up to 5% of the amount of the mortgage with a (new) $35,000 cap. It is a loan, not a grant, functioning as a deferred second mortgage with a 30-year term. You must be working full-time to qualify in the same community where you are buying the home.

How is the Program Expanding?

ABC Action News WFTS Tampa Bay reports, “For a while, [the program] was only available to frontline heroes. Now, the Live Local Act put another $100 million into the program and extended it to all working Floridians.”

ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”

Get Help with Down Payment Assistance

We know you may have many questions about the Hometown Heroes down payment assistance program. During your consultation, we can give you detailed answers. We will explain how the program works and whether you are likely to qualify. We can then walk you through the details of how to apply for down payment assistance while we are helping you apply for a mortgage.

If you are ready to begin, please call us now at 786-220-1100 to schedule your consultation.

4 Tips for Choosing a Commercial Mortgage Company

May 22, 2023 by Lending Bankers

If you are shopping for commercial real estate in Miami, then you need to find a mortgage company to work with that will make the lending process fast and easy and connect you with a competitive loan. Here are a few suggestions to help you pick the right company.

Choosing a Commercial Mortgage Company: Some Advice

Go local. While there are plenty of nationwide commercial lenders, they do not know the market as well as a local Miami mortgage company. A company that is locally based can help you navigate the challenges you may face that are specific to the FL real estate market to quickly close on your ideal property.
Work with a company experienced with the type of financing you need. Commercial lending in general requires expertise that residential lenders may lack. Not only that, but sometimes commercial lending requirements are really specific. Say, for example, that you need energy financing or aviation financing. The reality is that most mortgage companies just are not going to know how to handle that. Find a company that has experience with loans for businesses in your industry.
Choose a mortgage broker in FL, rather than a lender. When you work with a mortgage broker, they will shop around on your behalf to find you the most competitive loan offers. If you work directly with lenders, you have to shop around, which takes a lot more time and effort.
Investigate the loan process. It can be helpful to familiarize yourself with the underwriting process and the steps involved in applying for a mortgage through a particular broker. Make sure that process is a fit for your business.

Buy Commercial Real Estate in Florida Now

Lending Bankers Mortgage specializes in commercial loans, including aviation loans, energy loans, vacant land loans, international loans, retail and office loans, multi-family loans and more. As a local Miami mortgage broker, we have established relationships with lenders throughout the area. To schedule your consultation, please call us today at (786) 220-1100. We can help you buy commercial real estate in Miami or elsewhere in Florida.

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Paulina Casillas

00:14 16 Aug 23

I had the pleasure of working with Danny and David on a recent transaction. Their proactive approach, lightning-fast responses, and remarkable problem-solving abilities truly stood out. Without hesitation, I would recommend their services to anyone seeking a reliable and efficient mortgage professional.

Annia T

11:35 09 Aug 23

Lending Bankers is one of the Lending institutions you will not regret to work. All of them are very knowledgeable and helpful to make this stressful process better for their client. David Otero and Gabriel Corrente help me to find a good Mortgage for my transaction in 1 Week!! Amazing 👏!! Thanks a lot for all your assistance and for keep me posted in every step. I will recommend them 💯

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14:09 08 Aug 23

Smooth process.Reliable.Assertive.Energy and intensity when it is needed.I will use them again for sure.

Alex Dodenhoff

16:02 02 Aug 23

We called Danny one week before closing after our former lender backed out. From the jump Danny was on top of things and didn't stop until it was closed, even more, we closed a day early. Simply put, Danny can make it happen!

Michelle Coalla

18:29 01 Aug 23

Danny was great! Our client couldn't get funding from their lender last minute and Danny was able to close our client in less than a week! He really saved this deal. On top of that, he was so kind and always on top of everything to make sure we met the deadline.

Maximillian Dirnfeld

17:59 01 Aug 23

Called Danny a week before closing and the man saved my deal and was professional all the way through can recommend

Jorge Vierci

21:00 27 Jul 23

GabrielTe estoy escribiendo para agradecerles con David por el trato que nos dieron en la ocasiónDel cierre de nuestra financiación para compra de departamento en el edificio Missoni BaiaNos sentimos muy a gusto les felicito y ojala mas adelante podamos hacer otro negocios.Muchas Gracias AbrazosJorge

Maria Terentyeva

21:03 22 Jul 23

Mariya and Gustavo are truly exceptional mortgage loan originators, and I cannot recommend them enough. Their commitment to providing top-notch service to their clients is second to none. Throughout my entire home buying process, they were patient, consistent, and always available to answer any questions I had. If you are looking for mortgage loan originators who are professional, knowledgeable, and simply the best, then look no further — they will not disappoint! Thanks so much again:)

Carlos R

18:52 20 Jul 23

Fantastic experience from Lending Bankers. From start to finish David and Rodrigo provided top notch service with their professionalism and attention to detail. 10/10!!!!

Andreina España

00:06 20 Jul 23

Excellent and professional service, Danny and David have helped many of my clients obtain their home mortgages. I recommend them