Rental Property Financing in Wichita Falls
Buying a single-family home, a studio, a duplex, a triplex or a fourplex doesn't solely generate a regular cash flow each month, but also equips you to have a secure and trouble-free personal economic future. While some people would rather utilize their savings to finance their investments, others opt for Wichita Falls rental property loans. But a bad credit score or the absence of regular, salaried employment — such as being self-employed — can make it challenging for you to procure conventional types of funding. And most banks have a rather long loan approval process, which may reduce the odds of closing on a successful deal, especially if the sellers are looking for a fast closing. But obtaining a mortgage loan for a rental property is not as challenging as you might think.
A large number of real estate investors take out a rental home loan in Wichita Falls from private loan providers to buy their new investment rental property or to refinance a preexisting loan. Unlike bank loans, the applicant's credit score and income aren't the most significant factors that establish eligibility for these kind of short-term loans whose interest rates start from 10% — the rental home's cash-generating potential and the person's real estate experience may also be very pertinent. Wichita Falls rental property loans are not only easy qualifying, but are additionally fast closing — because of this you don't have to let any more real estate investment opportunities slip through your fingers while you wait for a bank loan to be approved.
For instance, a self-employed real estate professional in South Carolina approached Read Rock Capital for rental property financing to buy a single-family home. Although she had a superb credit score and was able to put 30% as a deposit for the home, being self-employed with unpredictable income meant traditional financing was not realistic. But she didn't want to let this once-in-a-lifetime opportunity be squandered. Using the deposit and favorable rental market analysis, Read Rock Capital did not have any difficulty giving her a private loan to allow her to take advantage of this great opportunity.
Being a real estate investor, it's also possible to do a cash-out refinance on your existing properties to get back equity in them to use towards other purposes. For instance, Read Rock Capital had this client, an investor who owned a rental home and had completely paid it off. He was self-employed and over 30 days past due on his credit card bills. A cash-out refinance was precisely the right thing for him since it not just helped him settle his high-interest credit card bills, but in addition, offered him a break from his predicament, since the monthly rent via the condo took care of the new mortgage payment.
You've made a good start if you have located the ideal Wichita Falls rental property mortgage lender to make a loan on your deal. Fill out the form or give us a call, to talk about the project you have in mind.
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