Rental Property Financing in Johns Creek
The purchase of a single-family home, a flat, a duplex, a triplex or a fourplex doesn't merely generate a steady source of income on a monthly basis, but additionally, it sets you up for a secure and pleasant retirement. Even though some individuals would rather use their savings to fund their investments, many others opt for Johns Creek rental property loans. Yet, in case you are self-employed or have a sub-optimal credit score, it can often be very difficult to receive approval from a standard lending institution to finance your next investment. What's more, most banks have an approval process that is rather long and drawn out, which means a fast closing is nearly impossible. But are you aware that there exist other options for acquiring a mortgage loan for a rental property?
A large number of real estate investors prefer a rental home loan in Johns Creek from private loan providers to afford their new investment rental property or to refinance an existing mortgage. Instead of the applicant's take-home pay or credit score, these types of loans, which come with shortened terms of 6 months to 3 years and lending rates beginning at 10%, are often judged by the particular home's ability to earn a regular income, a third-party valuation of the property, and sometimes, the person's familiarity with managing rental properties. What's more, Johns Creek rental property loans, besides being easy to qualify for, are additionally fast closing, which allows you to close moneymaking real estate deals pronto.
As an example, a self-employed real estate broker in South Carolina recently contacted Read Rock Capital for rental property financing to acquire a single-family home. Though she had a high credit score and enough savings to make a 30% down payment, she had a low chance of being approved for a bank loan, seeing as she was self-employed. But, she believed that the opportunity was too good to miss out on. When she got in touch with Read Rock Capital, the 30% advance payment and a positive rental market evaluation worked to her advantage and enabled her to get the money necessary to close the sale triumphantly.
Countless real estate investors furthermore perform a cash-out refi on preexisting properties and assets to take advantage of the equity within them for an alternative purchase or to pay off some other debt. One of Read Rock Capital's valued clients was someone who owned a rental condominium clear and outright. He was self-employed and fell behind on his credit card bills for over 30 days. He completed a cash-out refinance on the condominium to repay his credit cards and allowed himself some space to breathe given that the new loan payment was handled by the monthly cash flow via the rental condo.
You are off to a nice start once you have come across the perfect Johns Creek rental property mortgage lender to make a loan on your real estate venture. Complete the form or get in touch with us via phone, and let's talk about the property or properties you have in mind.
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