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Investment property financing is a great option for people thinking of purchasing an investment property or refinancing an existing property. Getting access to Pennsylvania investment property loan programs at the right time, with the proper loan structure, term and lending rate, can help real estate investors continue on their road to financial prosperity.
Investment home mortgages, being fast closing and easy to be approved for, offer Pennsylvania real estate investors incredible advantages. As opposed to banks, privately held financing firms will not frown upon authorizing a loan to a self-employed individual, especially if the property has the potential to generate a profit, and the borrower has proven experience in real estate management, in addition to a detailed plan for the project and the financial means to fulfill the terms. The individual will also want to either be able to afford a down payment or be prepared to use the home equity in the property. Because privately held loan companies generally need a lot less paperwork than banks and government agencies, private real estate investment loans in Pennsylvania take less time compared with traditional lending options and close fast.
Real estate investors who've built up extra equity inside their real estate holdings can put it to use towards further real estate purchases or to increase their working capital. Such as the case of a prior Island View borrower who bought a bank-owned piece of real estate in a touristy area next to Lake Michigan at a cost of six hundred thousand dollars. They invested $150,000 in renovations, and subsequently put the property to use as a bed-and-breakfast offering short-term accommodations. It was then appraised at $1.2 million by a third-party appraisal professional.
The home provided a net cash flow of $120,000 per year. A weak credit score of 460 made it nearly impossible to use a regular bank to recover their personal expenditure of $150k. A real estate investor loan at 65% loan-to-value with Island View Private Loan Fund (IVPLF) gave the couple $780k and made it so they could recover their personal investment in the project.
Real estate investor loans can also be a fine alternative for people who want to do a cash-out refi to release their preexisting equity for various other purchases. Imagine an investor friend you know who purchases a home in Pennsylvania and repairs it and brings it up to date, but can't sell it due to altered circumstances. His funds are locked in this home, due to which he may miss out on a number of other investment possibilities. Banks or other customary loan providers will not consent to a cash-out refi if the applicant has held the house less than a full year. But no matter if the property is empty and sitting around for a buyer, IVPLF is still able to issue a cash-out refinance as much as 70% loan-to-value of the as-is valuation of the residence.
At IVPLF, we understand that one's wants and needs as a real estate investor may vary considerably. So if you are in search of a suitable lender who is going to inform you of your various options concerning Pennsylvania real estate investment loans, your search is over. Complete the contact form on this page or give us a call and let's talk about which investment property loan will be best for your property.
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