Rental Property Financing in Somerset

Most real estate investors realize that purchasing a rental property, whether it's a condo, a duplex, a triplex or a fourplex in an excellent neighborhood, can be a sure-fire strategy to bring in additional cash flow on a monthly basis. Even though a few investors prefer to make use of their savings to afford their investment homes, many others go with Somerset rental property loans. Yet, if you happen to be self-employed or have a poor credit score, it can often be very challenging to get approval from a regular bank to fund your upcoming purchase. And almost all banks employ a lengthy loan approval process, which could limit your chances of making a successful deal, especially if the sellers want a fast closing. But are you aware that there exist other options for obtaining a mortgage loan for a rental property?

Real estate investors, who're intending to purchase a new investment rental property or who want to refinance a preexisting home loan, can always approach private lenders for a rental home loan in Somerset. Compared with bank loans, the borrower's credit score and income generally are not the most important components that establish eligibility for these kind of short-term loans whose rates begin at 10% — the rental home's cash-generating capability and the person's real estate knowledge may also be highly relevant. Somerset rental property loans aren't only easy qualifying, but are also fast closing — which means you do not have to let another real estate investment opportunity fall through your fingers while you wait for a bank loan to be approved.

Among Read Rock Capital's customers was an independent realtor who was in search of rental property financing to obtain a single-family home in South Carolina. Even though she maintained an excellent credit score and was capable of putting 30% towards the home, the fact that she was self-employed with inconsistent earnings meant traditional financing was out of the question. On the other hand, she knew that the opportunity was way too good to pass up. Using the sizeable down payment and property appraisal, Read Rock Capital had no trouble approving her a private mortgage loan to help her profit from this great opportunity.

Some real estate investors also refinance a previous mortgage for another one so that they can recover the equity in their existing investment properties. For example, Read Rock Capital had this client, a real estate investor who owned a rental property and had totally paid back the original mortgage loan on it. He did not have a typical salaried profession with a consistent source of income and was late on his credit card payments by more than thirty days. He finalized a cash-out refinance on the place to repay his credit cards and gave himself a bit of breathing room given that the new payment was paid by his rental income from the condo.

Half the battle is won when you have located the proper Somerset rental property mortgage lender for your upcoming purchase. Enter your info into the form or call us, to talk about the property or properties you have in mind.

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