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The purchase of a single-family home, a condo, a duplex, a triplex or a fourplex doesn't merely generate a consistent source of income every month, but additionally, it equips you for a secure and pleasant retirement. Even though some real estate investors prefer to use their personal savings to finance their investment homes, other people go for Indiana rental property loans. Yet, in case you are self-employed or possess a low credit score, it might be challenging to obtain the green light from a regular lending institution to fund your upcoming investment. And with speed being a significant factor in almost all real estate deals, you'll also want a fast closing instead of the standard 6-12 weeks it takes for a standard bank approval to happen. But were you aware that you have further alternatives for obtaining a mortgage loan for a rental property?
A large number of private companies or individuals offer rental home loans in Indiana, which can be put into use by real estate investors for buying a new investment rental property or in order to refinance an existing home loan. Even when a real estate investor doesn't possess a very good credit score, he still stands a good chance of being approved for these forms of short-term loans with interest rates beginning at 10%, provided that the borrower is experienced with managing rental properties and the property has a real potential to generate consistent revenue. What's more, Indiana rental property loans, along with being easy to qualify for, are additionally fast closing, which allows you to finalize lucrative real estate transactions pronto.
Among Island View Private Loan Fund's customers was an independent realtor who had been looking for rental property financing to acquire a single-family home in South Carolina. The type of her employment drastically lessened her prospect of being eligible for a mortgage loan from a bank, despite the fact that she possessed an excellent credit score and was able to pay 30% towards the down payment. Yet she could not let this incredible opportunity be squandered. Using the considerable down payment and positive rental analysis, IVPLF had no difficulty approving her a private home loan to enable her to profit from this outstanding investment opportunity.
As an investor, you could also complete a cash-out refi on one of your other houses to reclaim equity within them to employ towards other investments. For example, IVPLF had this customer, an investor who owned a rental property and had fully repaid the original mortgage on it. He was a self-employed freelancer and more than a month late on his credit card bills. A cash-out refi was really the right thing for him because it not only helped him settle his high-interest credit card obligations, but in addition, offered him a break from his predicament given that the rental income from the condo took care of the new loan payment.
Selecting the right Indiana rental property mortgage lender who appreciates your needs and the larger framework of real estate investing is a significant step to making your next investment. Fill out the form on this page or give us a call, to talk about the project you have in mind.
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