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A rental property in a good part of town — no matter a single-family home, a condominium, a duplex, a triplex, or a fourplex — is generally a worthy investment for any real estate investor seeking regular monthly revenue and a stable personal financial outlook for years to come. Although some individuals would rather make use of their savings to afford their investments, other people opt for Rhode Island rental property loans. But the obstacle is that it is tough to receive approval for a loan from the bank when you don't have an attractive credit score or happen to be self-employed. And with speed being a key factor in most real estate negotiations, you'll also want a fast closing opposed to the standard 6-12 weeks it takes for a traditional bank approval to come through. But obtaining a mortgage loan for a rental property is not as stressful as you might believe.
Numerous private financial organizations or individuals provide rental home loans in Rhode Island, which may be put into use by real estate investors for buying a new investment rental property or for refinancing an earlier mortgage loan. Even if a real estate investor doesn't possess a great credit score, even so he has a good chance to be approved for these forms of short-term mortgage loans with interest rates starting at 10%, provided that the individual is knowledgeable about taking care of rental homes and the property has a good chance to create steady revenue. Rhode Island rental property loans aren't merely easy qualifying, but are also fast closing — because of this you do not have to allow any more investments to slip through your fingers because you're waiting for a bank to say yes to your loan.
For example, a self-employed real estate broker in South Carolina once contacted Island View Private Loan Fund for rental property financing to acquire a single-family home. The type of her profession, being self-employed, significantly decreased her prospect of being eligible for a mortgage loan from a bank, despite the fact that she possessed an ideal credit score and was in a position to pay 30% towards the down payment. Nevertheless, she could hardly stand to leave behind this excellent opportunity which could accelerate her progress towards a strong financial future. The 30% down payment and a thorough analysis of rental prices in the community ended up in her benefit, and IVPLF provided a private mortgage loan for her without delay, enabling her to capitalize on an incredible home.
Countless investors furthermore perform a cash-out refinance on existing real estate assets to make use of the equity in them for an alternative real estate investment or to pay off other financial debt. IVPLF once had a customer who had clear and outright ownership of a rental condominium. He was a self-employed individual and fell behind on his credit cards for over a month. He did a cash-out refi on the condominium to pay down his credit cards and allowed himself a little breathing room since the new mortgage payment was taken care of by his rental income from the condo.
Selecting the right Rhode Island rental property mortgage lender who understands your needs and the real estate investment landscape is half the battle. Fill out the contact form on this page or get in touch with us via phone, to discuss the property you have in mind.
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