Rental Property Financing in Greenwich

A rental home in an ideal neighborhood — regardless of if it's a single-family house, a studio, a duplex, a triplex, or a fourplex — is often a rewarding financial investment for a real estate investor hoping for steady monthly cash flow and a sound financial outlook for many years to come. Though a handful of investors are able to pay all cash to buy their homes, another alternative is to obtain a rental property loan in Greenwich. Yet, if you happen to be self-employed or possess a poor credit score, it might be tough to get a standard bank to consent to financing your next investment. What's more, most banks have an approval process that is lengthy and drawn out, making a fast closing extremely tough. Fortunately, there are further ways to get a mortgage loan for a rental property.

Real estate investors, who are planning to purchase a new investment rental property or wanting to refinance a preexisting mortgage loan, can always approach private loan providers for a rental home loan in Greenwich. In contrast to bank loans, the applicant's credit score and take-home pay are not the most significant components that establish qualification for these short-term loans whose interest rates start from 10% — the home's cash-generating capacity and the borrower's real estate knowledge will also be very pertinent. Greenwich rental property loans are not just easy to be eligible for, but are additionally fast closing — meaning you do not have to allow another real estate investment opportunity to fall through your fingers while you wait around for a bank to approve your loan.

Consider the circumstances of the independent realtor from South Carolina who got in touch with Read Rock Capital, looking to purchase a single-family home using rental property financing. Regardless of the fact that she had an outstanding credit score and had sufficient personal savings to apply towards a 30% deposit, she did not have a strong prospect of being approved for a bank loan, given that she was self-employed. Yet she did not want to allow this incredible opportunity to pass her by. Once she reached out to Read Rock Capital, the 30% down payment and a positive rental market assessment worked out to her advantage and allowed her to procure the funds necessary to close the deal successfully.

As an investor, you could also perform a cash-out refinance on any of your existing houses to appropriate equity in them to employ for other investments. To illustrate, Read Rock Capital had this borrower, an investor who was the owner of a rental home and had completely paid back the original mortgage loan on it. He did not have a salaried profession with consistent cash flow and was past due for his credit card payments by over 30 days. A cash-out refi, with the rental profits from the condo to take care of the new mortgage payment, made sure that he would be equipped to pay off his earlier debts while also getting a little breathing room.

You're off to a good start when you've found the perfect Greenwich rental property mortgage lender to finance your deal. Complete the contact form or call us, and let's talk about the property you have in mind.

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