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A rental property situated in a nice area — regardless of if it's a single-family home, a studio, a duplex, a triplex, or a fourplex — can be quite a worthwhile investment decision for almost any real estate investor hoping for a regular monthly income and a sound financial outlook for many years to come. Though a number of individuals might be able to pay all cash to purchase their homes, additionally, there is the option to try to obtain a rental property loan in New York. But the challenge is that it is harder to get approved for a loan from the bank when you don't have an exceptional credit score or if you happen to be self-employed. And almost all banks employ a rather long loan approval process, which can impede your chances of executing a successful deal, particularly if the sellers want a fast closing. But getting a mortgage loan for a rental property isn't as challenging as you might imagine.
Numerous private companies or individuals make rental home loans in New York available, which may be utilized by real estate investors for acquiring a new investment rental property or to refinance a preexisting home loan. Even in the event a real estate investor does not possess a good credit score, he still holds good odds of being approved for these forms of short-term loans with rates starting out at 10%, assuming the person is experienced in dealing with rental properties and the place has a good potential to produce consistent cash flow. Also, New York rental property loans, along with being easy to qualify for, are also fast closing, which helps you execute contracts on profitable real estate deals pronto.
For example, a self-employed real estate professional in South Carolina once got into contact with Island View Private Loan Fund for rental property financing to purchase a single-family home. Despite the fact that she had a superb credit score and could put 30% as a deposit for the home, being self-employed with irregular earnings meant that traditional financing was extremely unlikely. But she couldn't let this unbelievable real estate opportunity go to waste. When she approached IVPLF, the 30% advance payment and a positive rental market assessment worked out to her advantage and allowed her to procure the money she needed to close on the purchase triumphantly.
A great many investors also swap out an old home loan for a new one in order to tap into the equity within existing investment properties. Among IVPLF's borrowers happened to be someone who owned a rental condominium clear and outright. He was a self-employed individual and fell behind on his credit cards in over 30 days. He finalized a cash-out refinance on the condo to repay his credit cards and gave himself a little space to breathe given that the new payment was taken care of by his monthly cash flow via the rental condo.
You have made a good start when you have come across a good New York rental property mortgage lender to make a loan on your real estate venture. Fill out the form on this page or call us, to talk about the property or properties you have in mind.
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