All real estate investors recognize that buying a rental home, be it a studio, a duplex, a triplex or a fourplex located in a very good community, is a sure-fire means to bring in additional money on a monthly basis. While certain investors may be able to pay all cash to acquire their homes, additionally, there is the alternative to apply for a rental property loan in East Greenwich. Yet, if you happen to be self-employed or possess a low credit score, it can often be very difficult to find a regular lender like a bank that will say yes to funding your upcoming purchase. Furthermore, with speed playing an essential part in virtually all real estate deals, you will also want a fast closing instead of the typical 45-90 days it requires for a conventional bank approval to come through. Fortunately, there are more methods for getting a mortgage loan for a rental property.

Real estate investors, who are intending to acquire a new investment rental property or looking to refinance a preexisting mortgage, can always approach private loan providers for a rental home loan in East Greenwich. Unlike bank loans, the person's credit score and salary are not the most critical variables that determine eligibility for these kind of short-term loans with lending rates starting out at 10% — the rental home's cash-generating potential and the applicant's real estate knowledge are also highly relevant. East Greenwich rental property loans aren't only easy qualifying, but are additionally fast closing — meaning that you do not have to let another real estate investment opportunity slip through your fingers because you're waiting for a bank to approve your loan.

One of Read Rock Capital's customers included an independent real estate professional who had been in search of rental property financing to acquire a single-family home in South Carolina. Even while she maintained an outstanding credit score and had plenty of working capital to devote towards a 30% deposit, she did not have a strong chance of being approved for a regular bank loan, considering the fact that she was self-employed. Nevertheless, she could hardly stand to abandon this excellent opportunity which could accelerate her progress towards a strong personal financial future. Once she called Read Rock Capital, the 30% deposit and a favorable rental market evaluation worked out to her advantage and allowed her to get the money she needed to finalize the deal triumphantly.

Being an investor, you can also complete a cash-out refi on one of your other properties to appropriate equity in them to use towards other purposes. Read Rock Capital previously had a customer who had paid off a rental condominium. He was self-employed and in excess of 30 days late on his credit card bills. He did a cash-out refi on the condominium to pay down his credit cards and gave himself some space to breathe since the new mortgage payment was covered by the monthly cash flow via the rental condo.

You have made a nice start when you have identified the ideal East Greenwich rental property mortgage lender to make a loan on your deal. Complete the form on this page or get in touch with us via phone, to talk about the property or properties you have in mind.