Definition of Terms

Types of Loans

Bridge Loans
Waban Mortgage can provide a bridge loan (interim financing) for an individual or business until permanent financing or the next stage of financing is obtained. Money from the new financing is generally used to “take out” (i.e. pay back) the bridge loan. We can be the perfect lender for these type of financing needs, where the loan may only be needed for a short period of time.

Construction Loans
Waban Mortgage can provide financing if you are renovating an existing property or developing new construction, we can set up a construction schedule of disbursements that will fit your needs.

Purchase Real Estate
Waban Mortgage can finance the purchase of any investment property, including the acquisition of land for development

Consolidation of Debt or Raising Business Capital
Waban Mortgage can finance any individual or business need as long as the borrower has sufficient real estate equity in non-owner occupied property to secure the debt

Refinance of Existing Debt
Waban Mortgage can provide interim financing to replace existing debt with a new debt obligation under different terms. If you are being pressured to pay off a current mortgage or loan obligation, we can help by acting quickly to pay off the existing obligation while you negotiate a longer term mortgage under more advantageous terms.

Types of Borrowers

Any borrower needing capital who has non-owner occupied real estate to use as collateral is eligible to apply to be a borrower.

Our Borrowers include real estate investors, renovation contractors and home builders, as well as business owners who have non owner occupied property to be used as collateral.

Our referrals come from mortgage brokers, realtors, and by word of mouth. We will always protect the interest of any referring professional.

Collateral for our loans can include any commercial property, multi-family rental properties and vacation or second homes not deemed the borrowers “principal” residence.