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A large number of real estate investors work with investment property financing to acquire an investment property or to get refinancing for a current home or building. With the appropriate Maine investment property loan, in addition to suitable financing terms and lending rates, real estate investors can quickly scale the ladder of success.
Investment home mortgages, since they are fast closing and easy to be approved for, offer Maine real estate investors huge advantages. As opposed to banks, privately held lending companies will not pooh-pooh authorizing a loan to a self-employed individual, especially if the investment project has the potential to create income, and the client has proven practical experience in real estate management, as well as a well thought-out project plan and the fiscal means to satisfy the terms. The applicant should be ready to put a deposit on the home or utilize preexisting equity. Since private lenders typically need less forms and documents compared with banks and government bureaus, private real estate investment loans in Maine don't take as much time compared to traditional lending options and close fast.
For numerous real estate investors, the preexisting equity in a property or home is often an easy way to get capital for upcoming property purchases or to improve the overall level of money they have on hand. Such as the case of a prior Island View client who purchased a bank-auctioned home in a touristy area on Lake Michigan for six hundred thousand dollars. They did some improvements which set them back $150,000, and after that the home, which was being managed as a B&B, was valued at $1.2M according to a licensed appraiser.
The home provided a net income of $120k/year. But having a poor FICO score of 460, there wasn't any way they could obtain a loan with a conventional bank to get back the $150,000 personal expenditure. A real estate investor loan at 65% loan-to-value with Read Rock Capital (Read Rock Capital) gave the couple $780k and made it so they could recover their personal investment in the property.
Real estate investor loans are furthermore great for individuals who elect to do a cash-out refi to take equity out of their real estate holdings and use it for putting money down on other investment properties. Think about the scenario of an individual who buys a fix-and-flip property or home in Maine, does the appropriate renovations, but is struggling to find someone to buy it. His investment dollars are stuck inside this property, which means that he may miss the chance for many other business opportunities. Conventional lending institutions, such as banks, necessitate the individual to have owned the home for at least 1 year. But no matter if the property is vacant and waiting for someone to buy it, Read Rock Capital can still administer a cash-out refinance of up to 70% LTV of the as-is value of the premises.
At Read Rock Capital, we fully grasp that your personal wants and needs as an investor in real estate can vary significantly. If you are looking for a loan company who understands your requisites and can supply you with dependable guidance concerning your Maine real estate investment loan options, you've found the perfect place. Submit the contact form on this page or call us to talk about what type of investment property loan is going to be most suitable for the property or properties you have in mind.
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