Loans
Investor Mortgages
Second Federal has developed a market niche catering to residential real estate investors. Whether you are starting out with your first property or have a large portfolio, Second Federal can provide the personal attention and service you want and deserve.
Some of the benefits of working with Second Federal are:
- Local decision making
- Fast turnaround times (typically 30 days or less when needed)
- Flexible terms
- No bank deposit accounts required
- Low fees
Other helpful information for investors in making their decision to choose Second Federal as your preferred mortgage lender:
- Loans can be in the name of an individual or an LLC. All mortgages in the name of an LLC require the personal guarantee of each LLC member.
- Short-term lending can be interest only.
- Adjustable-rate loans are fixed for five years, then reset every five years thereafter.
- Most loan terms amortize over 25 years.
- Renovation loans have the option of converting to permanent financing.
- We do not have sales goals so we are only interested in doing the right thing for our customers in our desire to operate a safe and sound financial institution.
We offer mortgages to suit the needs of real estate investors:
- Single Family (1-4)
- Mixed Use
- Multi-Family (5+ units)
- Commercial
- Construction (Renovation only)
From our customers, we do require the following:
- At application, complete individual and corporate financial information for the previous two years including all tax returns.
- Annually, updated financial information, rent rolls and current tax filings.
We invite your inquiry as to how we may help you.
Homeowner Mortgages
Second Federal is pleased to offer 15 and 30-year fixed mortgages for the individual homeowner. While our rates tend to be high, we do not sell our loans and thus provide personal attention to you and your loan for its term. We can also quickly deal with homeowners who get hung-up by other mortgage lenders for a myriad of reasons. When you have our word, you have it for life.
