Partnering with you to make your dreams come true
Millbury National Bank News
Own an Investment Property That Needs Updating?
Sounds Like You Need a LIPLOC!
As most native New Englanders know, winters in the Northeast tend to be brutal, year in and year out. That harsh weather takes its toll on everything…the pothole filled roads, the broken branches, people’s demeanor for the dreary winter, and your investment properties. Whether your property needs a fresh coat of paint, a new roof, some updated siding, or an overall general improvement to the interior, Millbury National Bank can help you make these necessary improvements. Not only will these improvements help the curb appeal of your property, but it will also allow for more income from the updated units. By updating and renovating a tired rental property, an owner can increase the desirability of their unit and leverage the equity to purchase additional investment properties.
One may ask how one would go about obtaining these goals. With Millbury National Bank’s newest product…the Liquid Investment Property Line of Credit, or LIPLOC, for short. In simple terms, this is essentially a Home Equity Line of Credit for your investment property. This is a 20 year note and mortgage, of which you are able to draw off of the line for the first 10 years of the loan and only required to make monthly interest payments. After the first 10 years, the loan will begin billing monthly payments of principal and interest. By only requiring interest payments for the first 10 years of the note, it allows the owner of the investment property to make the necessary improvements while minimizing their payments on a mortgage.
If you think this is the right product for you, getting started is simple! All Millbury National Bank would need is a personal financial statement, personal tax returns, business tax returns (if applicable) and the address of the property…it’s as simple as that. Come in and talk to one of our knowledgeable loan officers to see if we can give you the financial tools to improve your properties…the rest is up to you!
Millbury National Bank is now on Facebook. Like us on Facebook and receive a free gift!