Rental Property Financing in St Petersburg
Most real estate investors realize that buying a rental home, should it be a condo, a duplex, a triplex or a fourplex located in a great area, can be a reliable method to pull in additional money on a monthly basis. Although some real estate investors prefer to utilize their savings to fund their investments, many others go for St Petersburg rental property loans. But the challenge is that it can be tricky to receive approval for a bank loan should you not possess a superb credit score or if you are self-employed. What's more, a bank loan approval process is lengthy and drawn out, which means a fast closing is nearly impossible. But getting a mortgage loan for a rental property isn't as arduous as you might believe.
A large number of private financial organizations or individuals provide rental home loans in St Petersburg, which may be utilized by investors for purchasing a new investment rental property or in order to refinance an earlier mortgage loan. As a substitute for the borrower's income or credit score, these kind of loans, which come with shortened time frames of 6 months to 3 years and lending rates beginning at 10%, are often determined by the specific rental home's ability to earn a regular income, a 3rd party valuation of the property, and sometimes, the borrower's experience in property management. In short, the easy qualifying and fast closing St Petersburg rental property loans from private loan companies will help you take full advantage of every worthwhile prospective real estate deal that comes your way.
Among Read Rock Capital's borrowers was an independent real estate professional who had been looking for rental property financing to obtain a single-family home in South Carolina. While she possessed a great credit score and enough personal savings to apply towards a 30% down payment, she did not have a strong likelihood of qualifying for a regular bank loan, seeing that she was self-employed. But she couldn't let this unbelievable real estate opportunity go to waste. The 30% deposit and a detailed analysis of the cost of rent in the community ended up in her favor, and Read Rock Capital was able to provide a private mortgage loan for her right away, helping her to capitalize on a remarkable home.
Being an investor, you can also perform a cash-out refi on your current properties to appropriate equity in them to employ towards other investments. For instance, Read Rock Capital had this borrower, an investor who was the owner of a rental property and had completely paid back the original mortgage on it. He was a self-employed individual and had failed to make a payment on his credit card bills in over 30 days. He finalized a cash-out refi on the property to pay back his credit cards and gave himself a bit of space to breathe since the new payment was covered by his monthly cash flow via the rental condo.
Selecting the right St Petersburg rental property mortgage lender who recognizes your needs and the broader context of real estate investing is half the battle. Complete the form on this page or give us a call, and let's discuss the project you have in mind.
A loan specialist will be in touch shortly