Vaster Funded: South Hampton Home (Water Mill, NY)

This incredible South Hampton home located in Water Mill, New York, spans 6,500 square feet with seven bedrooms and 10 bathrooms. The entire property has been beautifully renovated and updated with tasteful finishes and high-end features. For instance, the property comes with its own pool and tennis court where you can enjoy the warm summer months.

Investment Type: Residential

Property Description: Single family home

Loan Amount: $3,355,000

Community

Water Mill is a hamlet within the Town of Southampton on Long Island, New York. This tiny town only has about 1,724 residents with a population density of about 156.8 per square mile. There are 722 total households in the area, out of which 24.4% had children under age 18 living with them, 57.2% were married couples living together, 34.2% were non-families, and 5.8% had a female householder with no husband present. 

The median age in Water Mill is 46 years old with a population breakdown of 20.1% under the age of 18, 4.6% from 18 to 24, 24.0% from 25 to 44, 31.5% from 45 to 64, and 19.8% above 65 years old. The racial makeup in Water Mill is 95.42% White, 2.49% African American, 0.70% Asian, 0.93% from other races, and 0.46% from two or more races. Hispanic or Latinos made up 3.31% of the population. 

The median household income in Water Mill is $84,400, which makes sense when you consider that in 2010, the town was listed by Forbes as the 14th most expensive zip code in the entire United States with a median home price of nearly $3,000,000. 

Based on this information, a $3,000,000-plus loan doesn’t seem too crazy! In fact, it seems right in line with the local real estate market — which is why it’s so important to understand the local market if you’re looking to invest or just to buy. 

Financing

Vaster provided a $3,355,000 loan to a client who had an existing bridge loan on the home. Since they had an existing bridge loan with a term that was about to expire, they needed to refinance the property in less than four weeks. While most lenders wouldn’t work with such a large and expedited request, Vaster was up for the challenge. 

We were able to close the loan within just 22 days — well ahead of the initial deadline. As a result, the client plans to rent out this home and use it as a vacation property. 

Vaster

This refinancing wouldn’t be possible without Vaster. But who is Vaster, what do they do, and why should you work with them? Here’s what you need to know: 

Who Is Vaster

Vaster is the one-stop-shop lender for every financing situation. Founded in 2017, we are a private lender for residential, commercial, and raw land projects. We are backed by Fortune International Group and The Related Group, so we have access to an incredible amount of knowledge about real estate market trends and dynamics. Altogether, our team has decades of experience in both the lending and real estate industries. We can effectively combine these two industries to offer not just funding but also expertise. 

What Does Vaster Do?

Vaster provides financing for various projects, including commercial multi-family units, residential primary residence homes, and even land development. We primarily offer bridge loans as we see them as unique financing solutions that provide borrowers with the flexibility and speed they need to close a deal. 

Bridge loans are temporary financing solutions designed to “bridge the gap” between closing on a property and securing permanent financing. Getting approval for a loan can take a long time if you’re trying to work with traditional lenders like big banks.

Why Work With Vaster?

So why should you work with Vaster instead of working with other lenders — including big banks? 

• Vaster offers personalized assistance, and we are extremely flexible so that we can find the perfect financing solution for your needs and goals.
• Vaster offers expedited closing that allows you to make more competitive offers in hot real estate markets.
• Vaster prioritizes transparency and provides you with all the information you need to know about our process, fees, and costs of your loan.
• Vaster also prioritizes customer service, so we are always here to provide you with answers if you have any questions. 

How to Get Started With Vaster?

So how do you get started with Vaster  and secure the property of your dreams? 

• Get started with an online application to fill out your loan purpose, the desired timeline, requested loan amount, purchase price, property type, and property address. 
• From there, we follow up with you for more information regarding your finances and the property in question, be prepared to provide relevant documentation, including income tax returns, income statements (W-2s/1099s), pay stubs, bank account statements, investment account statements, etc.
• Finally, we finalize and process your application to get you approved and get your money to you as quickly as possible — sometimes within just a few days.

Final Thoughts

Vaster took on this project in the South Hamptons, and we can take yours on too! So feel free to reach out to our lending and real estate experts today for more information on how we can meet your lending needs and get you into the property of your dreams. 

Sources:

Water Mill, NY Real Estate | Town & Country Real Estate

Bridge Loan | Investopedia

7 Documents You Need When Applying for a Home Loan | Credit Karma