The SCI or real estate civil society is a company bringing together individuals who invest in real estate together to build up additional income. Sometimes such a company needs additional funds in order to make rental investments. She will therefore have recourse to a mortgage. What is special about the SCI mortgage loan? How to find the best offer? Explanations.
For a bank, when a member of an SCI or all the partners takes out a loan in order to make a rental investment, it is the same loan as that granted to an individual. That the funds are intended for investments through a civil real estate company does not change the fact that this credit will take the same form as a conventional mortgage. In principle, there is no obligation for the members of an SCI to borrow together. Generally, it is a single member who goes into personal debt in order to support the group's project. In this case, he is solely responsible for the debt and in the event of non-payment, it is his personal property that will be implicated. As with a conventional loan, a personal contribution is required when applying for a mortgage by an SCI.
However, since the goal of the company is to invest in rental housing that generates income, it will have no trouble obtaining a mortgage without input from the banks. With regard to guarantees, banks ask the SCI for the same guarantees as for individuals, namely, a mortgage or a guarantee via a surety company. For more precautions, banks tend to ask partners to stand surety for others, in case of non-payment. Finally, it is also necessary to take out loan insurance in the name of the SCI. This insurance will cover the monthly payments in the event of disability or death of the borrower.
A good mortgage offer is an offer that offers an advantageous rate. However, this rate varies according to the conditions of the contract and the borrower profile. However, the offers for the same borrower file can also vary between banks, which is why it is necessary to put them in competition. When it comes to looking for a credit offer, a borrower cannot simply sign the contract offered by his current bank for the sole and good reason that his offer will not necessarily be the best for his project. It is advisable to put several establishments in competition in order to find the perfect interlocutor.
Doing this work yourself is, however, complex. Generally, after concluding a sales agreement for a given property, the borrower only has 45 days to find his financing. Where funding is not obtained within this timeframe, the investment will be cancelled. To speed up the search for the ideal home loan, it is useful to go through an online home loan comparator. Using a single form to be completed by the borrower, the tool gathers offers from banks in no time to allow the user to compare them.
In addition, the use of a mortgage broker is also effective. Knowing the sector like the back of his hand, this professional is able to direct his client to the lending organization most likely to meet his criteria. He will give his client the benefit of his know-how by providing him with advice on putting together a concrete file and will help him negotiate the rates. With the broker, the borrower will benefit from support until the funds are released.
