All real estate investors know that purchasing a rental home, should it be a townhome, a duplex, a triplex or a fourplex located in a great community, is a reliable strategy to pull in additional income on a monthly basis. Certain investors go for an all-cash purchase, while others favor to finance their investment homes with Townsend rental property loans. Yet, if you are self-employed or have a poor credit score, it can be hard to get a standard lender like a bank to say yes to financing your next purchase. And the majority of banks employ a prolonged loan application and approval process, which can limit the odds of closing on a successful transaction, particularly if the sellers are looking for a fast closing. But are you aware that there are more ways for acquiring a mortgage loan for a rental property?

Real estate investors, who're intending to purchase a new investment rental property or seeking to refi an existing loan, always have the option to approach private lenders for a rental home loan in Townsend. Instead of the borrower's take-home pay or credit score, these kind of loans, which have reduced time frames of six months to three years and lending rates starting at 10%, tend to be decided upon by the specific rental home's power to earn a steady income, a third-party assessment of the place, and in some cases, the individual's practical experience with rental property management. Furthermore, Townsend rental property loans, aside from being easy to qualify for, are additionally fast closing, which allows you to finalize moneymaking real estate deals without delay.

One of Read Rock Capital's borrowers included an independent realtor who was trying to find rental property financing to buy a single-family home in South Carolina. The nature of her profession, being self-employed, greatly lessened her likelihood of qualifying for a mortgage loan from a bank, even though she had an excellent credit score and was in a position to provide 30% for the deposit. Nevertheless, she could hardly stand to throw away this excellent investment opportunity that could add substantial gains towards guaranteeing a solid financial future. When she called Read Rock Capital, the 30% down payment and a strong rental market evaluation worked to her advantage and helped her obtain the funds necessary to close on the deal triumphantly.

Many investors also execute a cash-out refi on existing properties and assets to make use of the equity within them for an alternative purchase or to pay off some other financial debt. Read Rock Capital in the past had a client who had paid off a rental condo. He was self-employed and in excess of a month late on his credit card obligations. A cash-out refinance was really the right thing for him because it not only helped him settle his high-interest credit card bills, but in addition, offered him rest from his situation, because the rental income via the condo covered his new mortgage payment.

Half the battle is won as soon as you've determined the proper Townsend rental property mortgage lender for your upcoming purchase. Complete the form or give us a call, to talk about the property you have in mind.