Rental Property Financing in Washington DC

A rental property in a good part of town — no matter a SFH, a studio, a duplex, a triplex, or a fourplex — is generally a valuable financial investment for any real estate investor seeking to find steady monthly revenue and a stable personal financial future. Even though some individuals choose to make use of their savings to fund their investment properties, others go with Washington DC rental property loans. Yet, a horrible credit score or the absence of normal, salaried employment — like being self-employed — can make it hard for you to find conventional types of financing. And the majority of banks have a lengthy loan application and approval process, which could hinder your chances of making a successful transaction, especially if the sellers want a fast closing. Thankfully, there are further means to procuring a mortgage loan for a rental property.

Many real estate investors take out a rental home loan in Washington DC from private loan providers to buy their new investment rental property or to refinance an existing loan. Rather than the borrower's take-home pay or credit score, these kind of loans, which come with shortened term lengths of six to thirty-six months and interest rates starting out at 10%, are usually decided upon by the particular home's power to generate steady income, a 3rd party appraisal of the property, and in some cases, the individual's knowledge of rental property management. Simply speaking, the easy qualifying and fast closing Washington DC rental property loans from private loan providers will let you take full advantage of every worthwhile prospective real estate deal that comes your way.

One of Island View Private Loan Fund's customers included an independent real estate agent who had been searching for rental property financing to purchase a single-family home in South Carolina. Despite the fact that she had a superb credit score and could put 30% as a down payment for the property, being self-employed with inconsistent income meant typical financing was not realistic. Still, she could not stand to lose this phenomenal investment opportunity that could speed up her progress towards a strong financial future. The 30% down payment and a detailed examination of rents in the community ended up to her advantage, and IVPLF approved a private loan for her right away, helping her to make the most of a terrific deal.

As a real estate investor, you can also complete a cash-out refinance on any of your other houses to unlock equity within them to utilize for other purposes. Among IVPLF's clients was someone who owned a rental condo without a mortgage. He didn't have a typical salaried job with a consistent income and was past due for his credit card payments by over 30 days. He finalized a cash-out refi on the property to pay off his credit cards and allowed himself some breathing room since the new payment was covered by his rental income from the condo.

An essential step is taken as soon as you have identified the right Washington DC rental property mortgage lender for your upcoming purchase. Fill out the form or call us, to talk about the project you have in mind.

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  • Investment property loans only please, no primary residences at this time.