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Purchasing a SFH, a flat, a duplex, a triplex or a fourplex doesn't solely pull in a steady cash flow every month, but in addition, prepares you for a secured and pleasant financial future. Even though some real estate investors prefer to make use of their personal savings to finance their investments, others go with West Virginia rental property loans. But the challenge is that it can be challenging to receive approval for a bank loan if you don't possess an exceptional credit score or if you are self-employed. Also, most banks have an approval process that is long and time-consuming, meaning that a fast closing is extremely difficult. But did you know that there exist other ways for acquiring a mortgage loan for a rental property?
A large number of private companies or individuals offer rental home loans in West Virginia, which may be put into use by borrowers for acquiring a new investment rental property or for refinancing an existing mortgage loan. Instead of the person's source of income or credit score, these kind of loans, which come with shorter durations of 6 months to 3 years and rates starting out at 10%, are usually judged by the specific rental home's capability to earn a regular cash flow, a third-party appraisal of the premises, and in some cases, the borrower's understanding of property management. West Virginia rental property loans are not just easy qualifying, but are also fast closing — which means that you don't have to let any more real estate investment opportunities fall through your fingers because you're waiting for a bank loan to be approved.
For instance, a self-employed real estate professional in South Carolina approached Island View Private Loan Fund for rental property financing to acquire a single-family home. The type of her employment substantially decreased her prospect of being approved for a mortgage loan from a bank, in spite of the fact she maintained a remarkable credit score and was in a position to put 30% towards the down payment. Yet she did not want to allow this unbelievable investment opportunity to go to waste. Using the deposit and favorable rental market analysis, IVPLF did not have any difficulty giving her a private mortgage loan to allow her to profit from this exceptional opportunity.
A large number of real estate investors also do a cash-out refi on preexisting properties and assets to take advantage of the equity in them for another purchase or to settle other personal debt. IVPLF previously had a borrower who had paid off a rental condo. He was self-employed and over 30 days past due on his credit card obligations. A cash-out refi was exactly what was right for him because it not just gave him a helping hand to pay off his high-interest credit card bills, but additionally, offered him a breather from his problems, since the monthly rent via the condo paid for the new mortgage payment.
Half the battle is won when you've found the proper West Virginia rental property mortgage lender for your upcoming purchase. Submit the contact form on this page or call us, and let's talk about the property or properties you have in mind.
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