Visio Financial Services will focus on an incredible need in the market that has never been served by traditional mortgage products.
Austin, TX (PRWEB) June 25, 2013
Econohomes, a leading national reseller of homes, has announced that it is launching a sister company, Visio Financial Services (VFS), to finance buyers of distressed homes across the United States.
According to Jeff Ball, CEO of Econohomes, “the availability of debt capital to finance the purchase and renovation of affordable, distressed homes is critical to the continued healing and long term health of the United States housing marketing.” Institutional investors are playing an important role in renovating $75,000 plus homes in certain key markets, but as Ball says, “residential real estate investing, particularly on inexpensive homes, remains a hyper-local proposition, dominated by small, local investors that often do not have access to alternative capital providers.”
Visio Financial Services will focus on an incredible need in the market that has never been served by traditional mortgage products. According to data from the National Association of Realtors, approximately 20% of existing homes sales each year are for homes with sales prices of $100,000 or less. In a typical year, this represents more than 1 million homes, many of which have enough deferred maintenance that they cannot qualify for traditional mortgage finance.
Drawing on the experience Econohomes has buying, selling and financing thousands of distressed homes throughout the U.S., Visio Financial Services plans to offer a suite of loan products that are simple, fast and dependable for buyers of affordable homes.
Visio Financial Services initially will originate loans in 35 states but plans to expand into the rest of the country later in 2013. The company is expecting to hire an additional 20 dedicated employees by the end of the year, most of which will be based at its headquarters located in Austin, Texas.
Visio Financial Services is an asset-based lender, requiring a 35% cash down payment, but limited borrower verification. VFS currently offers purchase loans only with up to 60-month terms, with no prepay penalties. States where Visio Financial Services currently services loans: AL, AK, AZ, CA, CT, DE, FL, GA, IL, IN, KY, LA, MD, MO, MS, MI, MT, ND, NH, NJ, NM, NY, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WY.
More details on the Econohomes financing portfolio are available at http://visio.econohomes.com.
About Econohomes & Visio Financial Services
Based in Austin, Texas, Econohomes unlocks the enormous potential of distressed properties for buyers, sellers, and communities. With hundreds of investment properties offered in more than 39 states and a proven track record of acquiring and selling thousands of properties since 2005, Econohomes is the alternative pipeline for distressed properties. Econohomes buys REO properties in volume at discounted prices from mortgage lenders and servicers, and almost instantly makes these properties available online to buyers at affordable prices.
Visio Financial Services, also based in Austin, Texas, is a sister company of Econohomes that is now able to provide flexible financing for purchases of any REO or distressed home in 35 states. Loans from Visio Financial Services are available to any 3rd party with a fast and easy application that requires no income verification or credit checks. For more information about the flexible loans from Visio, please visit: https://www.econohomes.com/financing.