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Investment property financing is utilized by borrowers as an interim technique to buy a residential or commercial investment property or to get refinancing for an existing home or building. With the proper West Virginia investment property loan, in addition to favorable financing conditions and interest rates, real estate investors can easily ascend the ladder of success.
Being a real estate investor in West Virginia looking for lending alternatives, you might be happy to find out that investment home mortgages are not only easy to get approved for, but in addition are fast closing. As opposed to banks, private financing companies tend not to frown upon the approval of a loan for a self-employed person, especially if the home has the potential to create revenue, and the person has proven experience in real estate operations, as well as a detailed plan for the project and the fiscal capacity to handle the loan terms. The borrower must be prepared to put a deposit for the home or free up some existing equity. When compared to conventional finance companies, such as banks, privately held mortgage lenders require significantly less paperwork, making private real estate investment loans in West Virginia fast closing.
For a lot of real estate investors, the existing equity locked within a property is often a good way to generate capital for other impending property purchases or to increase the amount of cash they have on hand. For instance, there was a husband-and-wife duo who acquired a bank-sold property for $600k in a popular tourist area near Lake Michigan. They spent $150,000 on upgrades, and afterwards used the home as a B&B offering short-term accommodations. It was then appraised at $1.2 million by a third-party professional appraiser.
The couple earned $120k/year net off of the property. But with a poor credit rating of 460, there was no chance they could obtain a loan with a regular bank to reclaim the $150,000 personal investment. A real estate investor loan at 65% LTV with Island View Private Loan Fund (IVPLF) handed the couple $780,000 and helped them recover their personal investment in the property.
Real estate investor loans are furthermore good for those who select to do a cash-out refi to use equity from their investment properties for putting money down on other homes. Imagine somebody who acquires a house in West Virginia and remodels it, but cannot flip it due to changed circumstances. His money is locked in this home, stopping him from utilizing it for other types of investments. Banks or other traditional loan providers won't say yes to a cash-out refi if the applicant has owned the property for less than a full year. But no matter if the property is unoccupied and waiting for someone to buy it, IVPLF can still complete a cash-out refinance as much as 70% loan-to-value of the as-is valuation of the residence.
As an investor in real estate, you need to have a lender who will understand your diverse funding needs. Your research for the most suitable West Virginia real estate investment loan stops here. Enter your info into the contact form or give us a call and let's talk about what sort of investment property loan is going to be best for your project.
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