Rental Property Financing in Evansville

A rental property in a good neighborhood — regardless of if it's a single-family house, a condo, a duplex, a triplex, or a fourplex — can be a valuable financial investment for almost any real estate investor seeking a reliable monthly income and a stable financial outlook for years to come. Some individuals go for an all-cash purchase, while others prefer to finance their investments with Evansville rental property loans. But the difficulty is that it is tricky to get approved for a bank loan should you not possess an exceptional credit score or if you are self-employed. And the majority of banks employ a rather long loan application and approval process, which could hinder the odds of making a successful deal, particularly if the sellers are seeking a fast closing. But did you know that there are other ways for obtaining a mortgage loan for a rental property?

Countless private companies or individuals make rental home loans in Evansville available, which may be utilized by investors for purchasing a new investment rental property or to refi an earlier home loan. Regardless if an investor does not have the best credit score, he still has a good chance of being approved for these types of short-term mortgage loans with rates starting out at 10%, provided that the borrower is experienced with running rental homes and the property has a strong potential to generate steady revenue. Evansville rental property loans aren't merely easy to be eligible for, but are also fast closing — which means that you do not have to allow any more investments to fall through your fingers because you're waiting around for a bank loan to be approved.

Consider the case of the independent realtor from South Carolina who reached out to Read Rock Capital, hoping to obtain a single-family home utilizing rental property financing. Although she maintained a superb credit score and was able to put 30% as a down payment for the property, the fact that she was self-employed with unpredictable income meant typical funding options were not possible. But she could not allow this once-in-a-lifetime opportunity to go to waste. Once she got in touch with Read Rock Capital, the 30% advance payment and a favorable rental market evaluation worked out to her advantage and allowed her to get the money necessary to close the sale triumphantly.

Numerous real estate investors also swap out an old mortgage for another one so that they can recuperate the equity within existing investment properties. Read Rock Capital once had a customer who had clear and outright ownership of a rental condominium. He was self-employed and more than thirty days late on his credit card bills. A cash-out refi, with the rental profits from the condo going towards the new loan payment, made certain that he would be equipped to pay off his existing debts while also gaining a bit of breathing room.

Finding the right Evansville rental property mortgage lender who recognizes your business needs and the real estate investment landscape is a major step to a successful purchase decision. Enter your info into the contact form or call us, and let's talk about your property.

Request More Information

A loan specialist will be in touch shortly

Personal Info

Project Info

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