Rental Property Purchases
A great many Americans today consider investing in real estate to be a better investment than the stock market! Ownership of rental property is certainly a way to leverage investment capital and enjoy tax-advantaged investments. However, you also need to be a good manager and have an aptitude for maintaining properties. Rental property management is time intensive, but can be financially rewarding.
Competitive rates that can be floating or fixed.
Loan are generally amortized over a 15 year period with balloon terms of 3 and 5 years fairly common.
Loans are generally based upon a percentage of the appraised value or the sales price (whichever is less). Apply now!
In addition to completing a loan application, it is generally recommended that you bring along the following additional financial information to expedite your loan request:
- A business financial statement, and copies of business tax returns covering a 3-year period if possible (if you are separately incorporated).
- A personal financial statement and copies of 3 years of personal tax returns if possible.
- A copy of the real estate contract for the property you are acquiring with a legal description.
- A short business plan indicating how you intend to use the loan proceeds to affect growth, cut costs, or improves operations. In short, why you want to purchase this property and your future thoughts about other purchases.
- An appraisal will be required, as well as an attorney’s opinion or a title policy. These are normally ordered after the borrower’s credit has been approved.
