Real Estate Investment Loans in Kittery
Investment property financing is widely used by borrowers as a short-term tool to purchase a commercial or residential investment property or to refinance an existing investment. Getting access to Kittery investment property loan programs at the proper time, with the proper loan conditions, duration and rate, can assist real estate investors to continue on the route to success.
Real estate investors in Kittery are going to be delighted to find out that investment home mortgages, apart from being easy to be approved for, are also fast closing. Privately held mortgage companies, contrary to a majority of banks, will provide funds to someone who is a self-employed borrower, so long as the investment will bring in a reliable income, and the person has experience in real estate management, and offers a transparent and sensible exit plan and shows the financial capacity to pay back the mortgage. Aside from that, a down payment of some kind would be required, whether in the form of cash or using home equity in the property. Compared to conventional lending institutions like banks, privately held lending companies require significantly less paperwork, making private real estate investment loans in Kittery fast closing.
Real estate investors who've built up extra equity inside their properties can utilize it towards additional real estate ventures or to increase their working capital. To illustrate, a husband and wife living next to Lake Michigan in a tourist area bought a bank-owned investment home for $600k. They invested $150,000 in improvements, and afterwards used the home as a bed-and-breakfast providing short-term lodging. It was then appraised at $1.2 million by a 3rd party appraisal professional.
The property produced a net income of $120,000 per year. But having a poor credit score of 460, there wasn't any chance they would be able to work out a loan with a regular bank to recoup their $150,000 personal investment. Read Rock Capital (Read Rock Capital) authorized a real estate investor loan at 65% loan-to-value, providing the couple with $780k, and helping them unlock the cash they originally put into the home.
Real estate investor loans are also a superb choice for people who would like to do a cash-out refinance to release their preexisting equity for other real estate transactions. Consider when someone purchases a rundown house in Kittery and rehabs and flips it, but is unable to sell it right away. With his cash caught up in this home, he ultimately ends up missing many other investment opportunities whose timing he cannot predict. Banks or other customary financial institutions will not approve a cash-out refinance if the borrower has owned the house for less than a year. But Read Rock Capital can approve a cash-out refinance as high as 70% LTV, depending on how much the home appraises for, even when the property is unoccupied.
At Read Rock Capital, we realize that an individual's needs as a real estate investor can vary significantly. Your quest for a suitable Kittery real estate investment loan stops here. Fill out the form on this page or get in touch with us via phone to discuss what type of investment property loan will be suitable for the project you have in mind.
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