Cleveland Lawyers Assisting With Real Estate Financing Since 1886
Real estate financing is a crucial component of nearly every real estate purchase and development project. It involves obtaining the necessary funds to purchase or develop property, often through a variety of financial instruments and agreements. Without proper financing, most transactions would not be feasible.
Founded in 1886, Cavitch Familo & Durkin, is one of Cleveland’s oldest and most respected real estate law firms. Our extensive history and deep understanding of real estate law make us well-equipped to assist clients with their financing needs. We know how legal nuances impact real estate financing and are committed to guiding our clients through the complexities of securing funds for their real estate endeavors.
Understanding The Methods Of Financing Your Real Estate Project
Most buyers and developers need assistance from banks or other lenders to finance and make possible their transactions. Here are some common methods:
- Mortgage: A mortgage is a loan secured by the property itself. It allows buyers to purchase a property by paying a portion upfront, borrowing the rest and repaying the mortgagee (lender) with regular payments, interest included.
- Loan: A general loan can be obtained from banks or financial institutions. It requires repayment over time with interest.
- Private funding: This involves funds from private individuals or groups who lend money based on agreed terms, often with more flexibility – but fewer legal protections – than traditional loans.
- Seller financing: The seller provides financing to the buyer, allowing them to pay in installments. Also known as a contract for deed, this method can be beneficial when traditional financing is unavailable.
- Lease-to-buy: This arrangement allows a buyer to lease a property with the option to purchase it later, applying a portion of rent towards the purchase price.
Working with a real estate attorney can help you secure financing with favorable terms and reduce your personal risk. We are dedicated to providing clear, practical legal guidance to ensure your interests are protected.
Contact Our Cleveland Real Estate Law Firm
We invite you to contact us to discuss your real estate financing needs. Schedule a consultation to explore how we can support your project and help you achieve your goals. Call 216-621-7860 today.