Real Estate Investment Loans in Palatine
Numerous real estate investors use investment property financing to obtain an investment property or to refinance an existing property. Having access to Palatine investment property loan programs at the proper time, with a suitable loan structure, term and rate, can assist real estate investors to continue on the path to success.
Being a real estate investor in Palatine looking for financing alternatives, you would be happy to learn that investment home mortgages aren't only painless to qualify for, but in addition are fast closing. Privately owned mortgage companies, as opposed to virtually all banks, will lend funds to a self-employed applicant, so long as the home can bring in a reliable income, and the borrower is experienced in real estate management, and has a well-defined exit strategy and demonstrates the financial ability to pay back the financing. Aside from that, a down payment of some sort would be expected, either offered as hard cash or using equity in the property. In comparison with typical finance companies, such as banks, privately held lending institutions demand much less forms and documents, making private real estate investment loans in Palatine fast closing.
For a number of real estate investors, the preexisting equity locked within a home can be quite an easy way to generate funds for other impending property purchases or to boost the overall level of capital they have on hand. Such as the case of a past Island View client who bought a bank-owned property in a tourist destination near Lake Michigan for six hundred thousand dollars. They put in upgrades that cost $150,000, and afterwards the property, which was being run as a bed-and-breakfast, was evaluated at $1.2M according to a certified appraiser.
The couple earned $120,000/year net off of the home. But with a poor credit score of 460, there wasn't any chance they would be able to obtain a loan with a conventional bank to get back the $150,000 personal expenditure. However, Read Rock Capital (Read Rock Capital) managed to complete a real estate investor loan for them at 65% loan-to-value, enabling them to free up the capital they had personally invested in the house.
Those who would like to complete a cash-out refinance to make use of the equity within their investment properties to purchase more properties can also choose real estate investor loans. Imagine an investor friend you know who acquires a home in Palatine and fixes it up, but can't flip it because of altered circumstances. With his capital trapped in this house, he ultimately ends up missing all kinds of other real estate investment opportunities whose timing he can't predict. Most normal lending companies, including banks, won't agree to a cash-out refinance if the customer has not yet held the property for a minimum of one year. But Read Rock Capital can authorize a cash-out refi as much as 70% loan-to-value, as calculated by how much the house appraises for, even when the property is uninhabited.
Read Rock Capital recognizes that the lending needs of an investor in real estate are not the same as that of a conventional home buyer. If you are in need of a lender who is aware of your criteria and can provide you with reliable information concerning your Palatine real estate investment loan options, you've discovered the ideal place. Fill out the form or call us and let's talk about which kind of investment property loan will be ideal for the project you have in mind.
A loan specialist will be in touch shortly