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Investment property financing is a good option for people thinking about purchasing an investment property or refinancing a previous home or commercial building. Access to Virginia investment property loan offerings at the appropriate time, with the right loan conditions, term and lending rate, can aid real estate investors to keep going on the road to achieving success.
Investment home mortgages, since they are fast closing and easy qualifying, offer Virginia real estate investors tremendous benefits. Privately held loan providers, as opposed to a majority of banks, will offer funds to someone who is a self-employed applicant, so long as the house is able to bring in a reliable income, and the applicant has experience in real estate management, and has a clear-cut exit strategy and displays the financial capacity to pay back the borrowed funds. The borrower must be prepared to put a down payment on the property or home or free up some existing equity. Having a lesser amount of form-filling and documentation when compared to standard bank funds, fast closing private real estate investment loans in Virginia also give people an advantage over their competitors.
Real estate investors who may have excess equity inside of their real estate holdings can make use of it for additional real estate purchases or to increase their working capital. As one example, a married couple who lived close to Lake Michigan in a tourist town purchased a bank-owned investment property for six hundred thousand dollars. They spent $150,000 on transforming and renovating the residence, after which they started a bed-and-breakfast rental and the appraised valuation rose to $1.2 million.
The total annualized cash flow derived from the home added up to $120k/year. Their below average credit score of 460 meant it was unlikely that a standard bank would help them get back their personal investment in the house by doing a refi on their existing loan. Island View Private Loan Fund (IVPLF) supplied a real estate investor loan at 65% LTV, providing them $780k, and allowing them to retrieve the investment capital they originally put into the property.
Real estate investor loans can also be a fine option for people who would like to do a cash-out loan refinance to unlock their preexisting equity for various other ventures. Suppose an investor purchases a distressed home in Virginia and rehabs and flips it, but is unable to sell it right away. His funds are trapped inside this property, which means that he may miss the chance for many other investment possibilities. Typical finance companies, such as banks, necessitate the borrower to have owned the home for a minimum of one year. But IVPLF can authorize a cash-out refinance as much as 70% loan-to-value, as calculated by the appraised as-is valuation of the home, even if the house is vacant.
At IVPLF, we realize that one's needs as an investor in real estate can vary greatly. Should you be on the lookout for a loan company who knows your expectations and can provide you with reliable information regarding your Virginia real estate investment loan options, you have discovered the right place. Complete the contact form on this page or get in touch with us via phone to discuss what sort of investment property loan is going to be best for the property or properties you have in mind.
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