Rental Property Financing in Frankfort

The majority of real estate investors recognize that acquiring a rental home, be it a condo, a duplex, a triplex or a fourplex in a very good community, is a sure-fire strategy to make additional revenue on a monthly basis. Even if some investors might be able to pay all cash to purchase their investment properties, another possibility is to get a rental property loan in Frankfort. But the challenge is that it is tricky to get approved for a loan from the bank should you not have an attractive credit score or if you're self-employed. Moreover, with speed as a decisive factor in many real estate transactions, you'll also want a fast closing rather than the standard forty-five to ninety days it will take for a conventional bank loan approval to come through. The good news is that there are more ways to get a mortgage loan for a rental property.

Real estate investors, who're intending to purchase a new investment rental property or looking to refi an existing loan, always have the option to approach private lenders for a rental home loan in Frankfort. Compared with bank loans, the candidate's credit score and salary aren't the most essential variables that determine eligibility for these kind of short-term loans with interest rates beginning at 10% — the property's cash-generating capacity and the borrower's real estate know-how are also highly relevant. Also, Frankfort rental property loans, apart from being easy to qualify for, are additionally fast closing, which allows you to execute contracts on valuable real estate deals without delay.

For example, a self-employed real estate broker in South Carolina got into contact with Read Rock Capital for rental property financing to obtain a single-family home. While she possessed an amazing credit score and had plenty of personal savings to apply towards a 30% down payment, she had a low likelihood of being approved for a bank loan, seeing as she was self-employed. However, she couldn't stand to abandon this unique opportunity which would make a major contribution towards guaranteeing a strong financial future. Once she reached out to Read Rock Capital, the 30% down payment and a positive rental market assessment worked out to her benefit and allowed her to get the capital she required to finalize the purchase triumphantly.

A great many real estate investors also swap out a previous loan for a brand new one so that they can draw on the equity within their existing investments. Read Rock Capital in the past had a client who had clear and outright ownership of a rental condo. He was self-employed and had failed to make a payment on his credit card bills in more than 30 days. A cash-out refinance was really the right thing for him because it not only gave him a helping hand to pay down his high-interest credit card debts, but additionally, gave him a break from his situation given that the rental income from the condo covered the new mortgage payment.

An important step is taken when you have located the best Frankfort rental property mortgage lender for your upcoming purchase. Enter your info into the contact form on this page or give us a call, to talk about the project you have in mind.

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Investment property loans only please, no primary residences at this time.