One Time Close Construction to Perm Financing

Construction to Perm Lenders Lending Source Approved by Builder and Builder has been approved to build: Countrywide Home Loans – Private Mortgage Group Bruce Gibson 303-601-5046 mobile 720-963-7562 direct Clarion Mortgage Dawn Renee Mack & Jody Watters 303-691-5058 direct Fractional Share Ownership Lenders First Fractional Funding (Denver), Erik Anderson: 303-221-3119 www.firstfractionalfunding.com Maverick Lending (Dillon), Angela Page: 970-468-9322 / 877-357-7243 www.mavericklending.com Summit Resort Lending (Frisco), Eric King: 970-668-1681 / 866-352-0290 www.summitresortlending.com United Mortgage Funding (Denver), Curt Vogel: 303-220-0444 www.umf4loans.com Carteret Mortgage Corp.: (970) 513-9077 / F) (970) 262-9059 Steve Gordon VP Fractional & Condotel Division www.mtgsandbeyond.com

Basic Contracts Information

Price of Homes and availability of lots are subject to change at any time without notice. Once you enter into a Contract with the builder. The contract is a fixed sum contracts. The prices are all inclusive and include both the home and the lot.

Earnest Money Deposit required is $12,000 and is non-refundable. The earnest money is held by the title company not the builder. A portion of the earnest money is used to (Holds Lot – Covers cost of Prelim work that must be done prior to closing soil, perk, survey, fees) . The portion of the money used prior to closing is not refundable regardless if the buyer closes o the property. The amount needed is lot specific and will be discussed before hand. Standard On-site construction can take as long as 12-14 months+ due to weather delays. The building envelope for each home generally runs 7-9 months. This is why we use a combination of both on site and off site building techniques.

The properties located within areas requiring a Architectural Review will add generally 1 additional month for the administrative process.

Basic Financing Requirement Guidelines

The ability to Fractionalize Ownership requires a qualification process and specific guidelines. It is property specific and therefore we are unable to post the details on-line. We would be happy to discuss the process with you.

Broker Commissions

3% Broker Co-op is paid to Real Estate Technology Group, Inc as well as a co-op licensed realtor by the builder. The co-op commission is based on based on the price of the home only. Closings in most cases are scheduled 60- 75 days from Date of Contract.

Investment Options

Option #1
Investors can elect the option of purchasing a home at a deep discount from current market value. Generally 10-20% below. Then we assist the investor in reselling the home once construction is completed and a Cert. of Occupancy is obtained from the County Building Department at current retail value.

Fractional Share Investor Concept:

Option #2
Investors can elect the option of purchasing a home at a deep discount from current market value. Generally 10-20% below. Then resell the home in 1⁄4 shares at a premium. This provides people the opportunity to have ownership and obtain possession for 3 months of the year in a million dollar single family home for the price of what one could expect to pay for a condominium in a resort community. Marketing for 1⁄4 share buyer, reservations and deposits can be obtained prior to the completion of the project, so the ownership shares can be sold & closed as soon after a C.O. is available further reducing the risk to the investor. There are some additional fees and application process required to qualify a property for option #2.

How Does these Options work?

For example: Investor Price $1,000,000. Market Value $1,200,000 in Option #1 Investor receives a profit of $200,000 in Option #2, Investor sells 1⁄4 shares at $350,000 and receives a profit of $ 400,000. In Option #2 Investor is required to pay down the initial debt from each 1⁄4 share sold by $250 until the initial mortgage debt is satisfied.

How 1⁄4 share Ownership Share Works
Each 1⁄4 share interest permits each investor exclusive use of the home for a 3-month period of time during a 12-month calendar year. Each 3 months shall rotate by 3 months each year to provide each owner use of the property for the same 3-month period of time once every 4 years.

About Fractional Home Ownership

A second home has been called the ultimate discretionary purchase --something that many people would like to have but no one needs. People who do own a place at the beach, the lake or in the mountains often are quick to express frustration at not being able to spend more time there. It hardly makes sense to have the expense of a mortgage, upkeep, insurance and taxes for a place you don't use more than a few of weeks and or months a year. To deal with that situation, family members and friends often have joined forces to buy a place. It cuts down on the cost and everyone gets to enjoy a place that's more than just a hotel room. In 1994, a new concept debuted in the United States -- fractional ownership of vacation homes. Patterned after fractional ownership of private jets, the concept formalizes the idea of a group of relatives or buddies pooling their resources to buy a getaway place.

Fractional ownership offers individuals the opportunity to buy partial ownership of a really nice place in a resort area they would not otherwise be able to afford

Similar to time shares If it sounds a lot like a time share, that's because there are similarities. The more fractions that are sold, the more it resembles a time share. Both can be bought as deeded properties (some time shares are now sold as club memberships instead of time in a specific unit), and can be rented out, shared with family and friends, sold or left to someone in a will.

The big difference: money The big differences between time shares and fractional ownership properties are prices, financing and fees. While time shares can be had for a few thousand dollars, fractional ownerships can run $100,000 or more -- much more.

Click Here for an Article on Fractional Share Ownership

If you are interested in becoming an Investor with us or owning a 1/4 share ownership interest in a property, please contact us.

 

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