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As rental property financing becomes more accessible for real estate investors more and more are seeking out new acquisitions and are looking to refinance investment property to maximize returns. However, there can be distinct differences in the terms different investors are able to obtain.
1. Keep a Good Paper Trail
Maintaining good records and a documented paper trail can go a long way to proving the profitability of a rental property and demonstrating its reliability in producing income.
2. A Great Executive Summary
Most commercial mortgage lenders are going to want to see an executive summary first. Based on what they see here they will determine whether to pass on your request or fast-track it to approval. If you aren’t sure what makes a great executive summary recruit some help in formulating one.
3. Know Your Timeline and VIPs
How long will you hold this property? Which factors are most important to you in a new rental property loan? Know your VIPs so that you can negotiate the best combination of costs, terms, early payoff penalties, and investment property mortgage rates for your personal strategy.
4. Non-Recourse Loans
Non-recourse loans provide serious benefits when it comes to reducing liability. Ask if they are available.
5. Consolidate Rental Property Loans
Consider using a blanket mortgage to consolidate current income property loans to improve property management, increase net income, and negotiate better terms on your next loan.
Rental Home Financing Investment Loans