Rental Property Financing in Hollywood
Purchasing a single-family home, a condo, a duplex, a triplex or a fourplex does not solely pull in a stable income each month, but additionally, it prepares you for a safe and trouble-free retirement. Some individuals go for an all-cash purchase, while other people prefer to pay for their investments with Hollywood rental property loans. But an awful credit score or the absence of a normal, salaried job — such as a self-employed person — will make it hard for you to procure conventional types of funding. And most banks have a prolonged loan application and approval process, which could hinder the odds of executing a successful deal, especially if the sellers are looking for a fast closing. But obtaining a mortgage loan for a rental property isn't as arduous as you may think.
Numerous private companies or individuals provide rental home loans in Hollywood, which can be used by borrowers for purchasing a new investment rental property or in order to refinance an earlier mortgage loan. Even when a real estate investor does not possess the best credit score, he still stands a good chance at being approved for these types of short-term loans with lending rates starting out at 10%, presuming that the person is experienced in running rental properties and the property has a good potential to produce steady cash flow. Also, Hollywood rental property loans, along with being easy to qualify for, are additionally fast closing, which allows you to finalize profitable real estate deals pronto.
Consider the situation of the independent realtor from South Carolina who got in touch with Read Rock Capital, wanting to obtain a single-family home utilizing rental property financing. Although she maintained a terrific credit score and was capable of putting 30% as a deposit for the house, being self-employed with irregular income meant typical financing was extremely unlikely. Nevertheless, she couldn't stand to leave behind this phenomenal opportunity which could add considerable gains towards guaranteeing a solid personal financial future. The 30% down payment and a positive analysis of rental housing costs in the neighborhood ended up to her advantage, and Read Rock Capital provided a private home loan for her right away, making it possible for her to to capitalize on an incredible home.
As a real estate investor, it's also possible to complete a cash-out refi on any of your existing houses to reclaim equity within them to employ for other investments. For example, Read Rock Capital had this borrower, a real estate investor who owned a rental home and had fully repaid the initial mortgage loan on it. He didn't have a salaried profession with a steady income and was past due for his credit card payments by more than month. He finalized a cash-out refinance on the property to pay back his credit cards and gave himself some space to breathe as the new payment was covered by the rental revenue from the condo.
Finding the right Hollywood rental property mortgage lender who recognizes your business needs and the broader context of real estate investing is a major step towards a successful purchase decision. Fill out the contact form on this page or call us, to discuss your property or properties.
A loan specialist will be in touch shortly