Rental Property Financing in Texas

The majority of real estate investors recognize that purchasing a rental home, should it be a studio, a duplex, a triplex or a fourplex located in a very good community, is many times a dependable means to pull in additional income each month. While a handful of individuals are able to pay all cash to acquire their investment properties, there is also the option to obtain a rental property loan in Texas. However, if you are self-employed or have a poor credit score, it may be tough to get a standard bank to consent to funding your next investment. What's more, most banks have an approval process that is prolonged and time-consuming, which makes a fast closing nearly impossible. But getting a mortgage loan for a rental property isn't as stressful as you might believe.

Real estate investors, who are intending to buy a new investment rental property or wanting to refinance a current mortgage, can always approach private loan companies for a rental home loan in Texas. Instead of the person's income or credit score, these types of loans, which come with reduced durations of six months to three years and interest rates starting at 10%, tend to be determined by the particular home's capability to earn a reliable income, an outside valuation of the place, and in some circumstances, the person's understanding of property management. To put it briefly, the easy qualifying and fast closing Texas rental property loans from private loan providers will let you take full advantage of every worthwhile prospective real estate deal that comes your way.

Consider the situation of the independent realtor from South Carolina who got in touch with Island View Private Loan Fund, wanting to purchase a single-family home using rental property financing. The nature of her profession, being self-employed, considerably reduced her chances of being approved for a bank loan, in spite of the fact she maintained a great credit score and was in a position to pay 30% towards the deposit. On the other hand, she knew that the opportunity was far too lucrative to miss out on. Once she contacted IVPLF, the 30% down payment and a favorable rental market assessment worked to her benefit and helped her get the money she needed to finalize the deal successfully.

Being a real estate investor, you could also complete a cash-out refi on your existing properties to get back equity inside them to employ towards other investments. IVPLF in the past had a customer who had clear and outright ownership of a rental condo. He was self-employed and over thirty days late on his credit card obligations. He did a cash-out refinance on the property to pay off his credit cards and gave himself a little breathing room since the new loan payment was handled by the monthly cash flow via the rental condo.

Half the battle is won any time you have determined the proper Texas rental property mortgage lender for your real estate endeavor. Complete the form on this page or get in touch with us via phone, and let's discuss the project you have in mind.