Rental Property Financing in Mountain Village

The purchase of a single-family home, a flat, a duplex, a triplex or a fourplex will not merely pull in a stable source of income on a monthly basis, but also sets you up for a secure and pleasant financial future. While a number of investors are able to pay all cash to buy their homes, there's also the option to try to obtain a rental property loan in Mountain Village. But the problem is that it can be tricky to get approved for a bank loan should you not have an exceptional credit score or if you happen to be self-employed. Moreover, with speed being a significant factor in almost all real estate deals, you'll also want a fast closing opposed to the standard 6-12 weeks it takes for a traditional bank loan approval to come through. But getting a mortgage loan for a rental property isn't as painful as you might imagine.

Various private companies or individuals make rental home loans in Mountain Village available, which may be used by borrowers for purchasing a new investment rental property or in order to refinance a preexisting home loan. Instead of the applicant's source of income or credit score, these kind of loans, which come with shortened term lengths of six to thirty-six months and interest rates beginning at 10%, are often judged by the specific property's power to bring in regular income, a third-party valuation of the premises, and in some cases, the borrower's practical experience with rental property management. Mountain Village rental property loans aren't only easy to be eligible for, but are additionally fast closing — meaning you don't have to let any more investments slip through your fingers while you wait for a bank to say yes to your loan.

Consider the situation of the independent realtor from South Carolina who came to Read Rock Capital, intending to purchase a single-family home making use of rental property financing. Regardless of the fact that she possessed a high credit score and had sufficient working capital to make a 30% down payment, she had a low likelihood of qualifying for a bank loan, considering the fact that she was self-employed. And yet she couldn't allow this once-in-a-lifetime investment opportunity to go to waste. The 30% down payment and a thorough assessment of rental housing costs in the community worked out to her advantage, and Read Rock Capital was able to approve a private home loan for her without delay, allowing her to capitalize on an amazing home.

Many real estate investors furthermore do a cash-out refi on preexisting assets to make use of the equity within them for an additional investment or to pay back other personal debt. To illustrate, Read Rock Capital had this borrower, a real estate investor who owned a rental home and had completely paid back the initial mortgage loan on it. He was self-employed and over thirty days late on his credit card payments. He did a cash-out refi on the property to repay his credit cards and allowed himself a little breathing room as the new mortgage payment was handled by the monthly cash flow via the rental condo.

Half the battle is won if you've identified the proper Mountain Village rental property mortgage lender for your real estate endeavor. Complete the contact form on this page or give us a call, 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.