Owners of multi-family apartment buildings in metro Atlanta, GA with balloon notes and limited refinancing options have an opportunity to sell fast.
OR IMMEDIATE RELEASE / PRURGENT
(Atlanta, Georgia) -- UREA Holdings "Ultisky Real Estate Holdings, LLC" today announced plans to purchase multi-family apartment buildings ranging from 20 to 150 units in metro Atlanta, Georgia with balloon notes now coming due. The company plans to purchase commercial properties direct from owner-operators and help save money on real estate broker commissions, as well as time by offering streamline super fast closings.
Unlike an adjustable rate mortgage, a balloon note is when the borrower benefits from receiving an introductory interest rate or low monthly payments. However, once the balloon note becomes due this type of loan requires a borrower to fulfill repayment in a lump sum. Which balloon note mortgages are typically issued with a short-term duration.
According to Kyle Ransom, President of UREA Holdings, balloon notes typically become due within 5 to 10 years and very common in the commercial real estate industry. He stresses that if the balloon payment is not paid when due, the lender will notify the borrower of a mortgage loan default, tremendously harming the borrower's credit score. Ransom says if the default is not resolved the borrower will then lose the commercial property to foreclosure.
A foreclosure stays on a credit report for 7 years. That means it will negatively affect credit scores for 7 years. UREA Holdings buys apartments, self-storage, retail centers, mobile home parks, office, industrial and hotels.
Ransom says that most direct owners-operators of apartments simply don't plan to refinance their balloon mortgages in time. He stresses direct owners-operators of apartments don't allow themselves enough time to qualify for a refinance and to close. Time often runs out to refinance a mortgage loan and pay off the balloon note before the termination date to help avoid a mortgage loan default.
Generally, loans for apartments are originated by local and regional banks making up around 19% of permanent apartment loans. Most of these loans for apartment financing are issued by banks, credit unions, governmental agencies and others. However, Fannie Mae, FHA, and Freddie Mac still typically account for as much as 40% of all permanent apartment loan origination. Where national lenders from banks account for more than a third of permanent apartment loans.
To contact UREA Holdings about selling an apartment with a balloon note please email kyleureaholdings.com or visit https://ureaholdings.com/sell-your-property or call (470) 362-7887 for more information.