Rental Property Financing in Clemson

Virtually all real estate investors are aware that purchasing a rental home, be it a studio, a duplex, a triplex or a fourplex located in a great area, can be an effective way to generate extra income on a monthly basis. Certain real estate investors go for an all-cash acquisition of a property, while others elect to finance their investment properties with Clemson rental property loans. But a terrible credit score or not having a normal, salaried occupation — such as being self-employed — will make it tough for you to find conventional sorts of financing. Also, the majority of banks have an approval process that is prolonged and time-consuming, which means a fast closing is almost impossible. But getting a mortgage loan for a rental property isn't as painful as you might imagine.

Many real estate investors opt for a rental home loan in Clemson from private loan providers to afford their new investment rental property or to refi a current home loan. Even when an investor does not possess the best credit score, he nonetheless maintains good odds to be approved for these forms of short-term loans with rates beginning at 10%, presuming that the person is experienced in managing rental homes and the property has a real potential to create steady revenue. Clemson rental property loans are not just easy to be eligible for, but are also fast closing — which means that you don't have to allow any more investments to slip through your fingers while you wait around for a bank to say yes to your loan.

Among Read Rock Capital's borrowers was an independent realtor who had been searching for rental property financing to buy a single-family home in South Carolina. The nature of her employment significantly decreased her likelihood of being approved for a bank loan, regardless that she maintained an exceptional credit score and was prepared to pay 30% towards the deposit. Still, she could not stand to leave behind this excellent opportunity that could speed up her progress towards a solid personal financial future. The 30% down payment and a detailed analysis of rental prices in the community ended up in her favor, and Read Rock Capital agreed to a private loan for her without delay, helping her to capitalize on a terrific deal.

A large number of real estate investors furthermore complete a cash-out refi on their preexisting properties and assets to make use of the equity in them for a different investment or to repay some other unpaid debt. For example, Read Rock Capital had this client, a real estate investor who owned a rental property and had completely paid it off. He was self-employed and more than a month late on his credit card bills. He did a cash-out refi on the place to repay his credit cards and gave himself a little space to breathe given that the new payment was handled by his monthly cash flow via the rental condo.

An important step is taken any time you've located the proper Clemson rental property mortgage lender for your upcoming purchase. Submit the contact form on this page or give us a call, to talk about your property.

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Investment property loans only please, no primary residences at this time.