Apartment Loan Bangor ME
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What is an Apartment Loan?
When someone uses an apartment loan to buy apartment units or condos , he or she typically rents out as many units as possible, using the rent to both pay back the loan and make money from the rental. The owner hopes that the value of the units will increase so that he or she is able to make a profit from the investment as well as collecting the monthly rent.
Apartment loans are often confused with mortgages , but the two have several large differences. Mortgages are used to pay for both the home and the land upon which the home is built. Apartment loans are strictly for the living units . Someone who owns several units in a building does not own the land, but simply the units. These units can then be rented out to tenants .