Rental Property Financing in Spartanburg

Virtually all real estate investors realize that acquiring a rental property, should it be a condominium, a duplex, a triplex or a fourplex in an excellent neighborhood, can be a sure-fire means to bring in additional revenue on a monthly basis. Even if a number of real estate investors might be able to pay all cash to purchase their properties, another alternative is to apply for a rental property loan in Spartanburg. But if you happen to be self-employed or possess a poor credit score, it can be difficult to get approval from a conventional bank to finance your next purchase. Additionally, a bank loan approval process is rather long and time-consuming, making a fast closing virtually impossible. But did you know that there are additional ways for acquiring a mortgage loan for a rental property?

Quite a few real estate investors take out a rental home loan in Spartanburg from private lenders to afford their new investment rental property or to refinance a preexisting mortgage. Unlike bank loans, the borrower's credit score and wages generally are not the most significant variables that determine qualification for these sort of short-term loans whose lending rates start from 10% — the property's cash-generating capability and the individual's real estate know-how may also be highly applicable. Spartanburg rental property loans aren't just easy to be eligible for, but are also fast closing — because of this you do not have to let another investment fall through your fingers because you're waiting around for a bank loan to be approved.

For example, a self-employed real estate professional in South Carolina contacted Read Rock Capital for rental property financing to buy a single-family home. While she maintained an amazing credit score and had sufficient working capital to apply towards a 30% down payment, she did not have a strong chance of being eligible for a bank loan, due to the fact she was self-employed. However, she could not stand to abandon this excellent investment opportunity that would make a huge contribution towards securing a solid financial future. Aided by the sizeable down payment and favorable rental analysis, Read Rock Capital didn't have any problem granting her a private mortgage loan to enable her to cash in on this great investment opportunity.

A lot of real estate investors also perform a cash-out refinance on preexisting assets to make use of the equity in them for an alternative real estate investment or to pay back some other personal debt. Read Rock Capital once had a client who had clear and outright ownership of a rental condo. He was a self-employed individual and fell behind on his credit card bills for more than 30 days. A cash-out refi, aided by the rental earnings via the condo covering the new loan payment, ensured that he was equipped to pay off his prior credit card debts as well as gaining a bit of breathing room.

Half the battle is won if you have identified the best Spartanburg rental property mortgage lender for your real estate endeavor. Submit the form on this page or call us, to talk about the project you have in mind.

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