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Investment property financing is frequently utilized by investors as a short-term tool to buy a residential or commercial investment property or to refinance a current investment. Access to Rhode Island investment property loan programs at the right time, with the proper loan conditions, time period and interest rate, can help real estate investors continue on their road to success.
Real estate investors in Rhode Island will be happy to hear that investment home mortgages, besides being painless to be approved for, are additionally fast closing. Contrary to banks, private loan firms don't pooh-pooh the authorization of a loan for a self-employed borrower, especially if the investment project can generate cashflow, and the borrower has successful experience in real estate operations, along with an exit strategy and the financial means to satisfy the loan terms. The debtor will also want to either have funds available for a down payment or be prepared to utilize the home equity in their property. Having a lesser amount of form-filling and paperwork as compared to regular bank financing, fast closing private real estate investment loans in Rhode Island also offer borrowers an edge over their competition.
Numerous real estate investors utilize the equity within their real estate holdings as a means to acquire funds for buying additional investment properties or purely to give a boost to the cash they have readily accessible. For instance, there was this husband-and-wife duo that acquired a bank-sold house at a cost of $600k in a popular tourist destination near Lake Michigan. They spent $150,000 on transforming and renovating the house, and after that they started a bed-and-breakfast rental and the appraised valuation went up to $1.2 million.
The property produced a net cash flow of $120k per year. But with a low FICO score of 460, there was no chance they could work out a loan with a regular bank to get back the $150,000 personal investment. Island View Private Loan Fund (IVPLF) approved a real estate investor loan at 65% loan-to-value, giving them with $780k, and allowing them to get back the cash they put into the home at the outset.
Investors that want to do a cash-out refi to take advantage of the equity in their properties to purchase more properties may also opt for real estate investor loans. Think about the instance of a person who obtains a fix-and-flip property or home in Rhode Island, does the appropriate renovations, but is struggling to locate a buyer for it. His investment dollars are trapped in this home, which means that he may miss the chance for many other investment possibilities. Most traditional lending companies, such as a bank, won't consent to a cash-out refi if the borrower has not yet held the home for less than 12 months. Conversely, IVPLF is capable of doing a cash-out refi up to 70% loan-to-value according to the as-is valuation of the property as calculated by a professional appraiser, even though the property is empty and waiting around to sell.
At IVPLF, we fully understand that one's needs as a real estate investor may vary greatly. Should you be trying to find a loan provider who knows your needs and can supply you with reliable information concerning your Rhode Island real estate investment loan options, you've found the ideal place. Complete the contact form or give us a call and let's discuss what kind of investment property loan will be most suitable for the property or properties you have in mind.
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