Rental Property Financing in East Haven

A rental property situated in a good community — regardless of if it's a SFH, a studio, a duplex, a triplex, or a fourplex — can be a rewarding investment decision for almost any real estate investor hoping for a regular monthly income and a secure financial future. Even if some people are able to pay all cash for their investment properties, there's also the option to try to obtain a rental property loan in East Haven. But the difficulty is that it can be challenging to receive approval for a bank loan when you don't have a good credit score or if you're self-employed. Also, most banks have an approval process that is lengthy and drawn out, making a fast closing virtually impossible. But were you aware that there exist further alternatives for acquiring a mortgage loan for a rental property?

Real estate investors, who're planning to purchase a new investment rental property or seeking to refinance a current mortgage loan, can always approach private loan companies for a rental home loan in East Haven. As an alternative to the person's pay check or credit score, these kind of loans, which come with shortened terms of 6 months to 3 years and rates starting at 10%, are often determined by the specific home's capability to earn a reliable income, a third-party assessment of the place, and in some cases, the borrower's knowledge of handling rental properties. East Haven rental property loans are not merely easy to be eligible for, but are also fast closing — meaning that you do not have to let any more investments slip through your fingers because you're waiting for a bank loan to be approved.

As an example, a self-employed real estate professional in South Carolina once approached Read Rock Capital for rental property financing to acquire a single-family home. The type of her profession, being self-employed, dramatically reduced her likelihood of being eligible for a bank loan, even though she had an outstanding credit score and was in a position to put 30% towards the down payment. But she did not want to let this incredible investment opportunity pass her by. Once she got into contact with Read Rock Capital, the 30% deposit and a strong rental market evaluation worked to her advantage and enabled her to obtain the money necessary to finalize the deal successfully.

Some investors also refinance a previous home loan for a brand new one in order to draw on the equity within their existing investment properties. Read Rock Capital once had a borrower who had paid off a rental condominium. He was a self-employed freelancer and more than a month past due on his credit card obligations. A cash-out refi was precisely what was right for him since it not just gave him a helping hand to work out his high-interest credit card bills, but in addition, offered him a break from his situation given that the rental income via the condo took care of his new mortgage payment.

An important step is taken after you've determined the right East Haven rental property mortgage lender for your real estate endeavor. Complete the contact form on this page or give us a call, to talk about the property you have in mind.

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