What Is Rental Property Refinancing?
Did you know that your rental property is a potential goldmine, which means that it can get you access to fast cash? And, you don’t even have to sell the property for it! With rental property refinancing, this is possible.
Rental property refinancing involves changing your current mortgage with a brand new loan that has new terms and interest rates. The highlight of this upgrade is that you can draw out the balance from your rental property’s equity to fund repairs or make new additions to drive up its value.
Most investors still pay high-interest rates on rental properties that were purchased years ago, when interest rates were skyrocketing. By applying for a rental property refinancing loan, they can not only negotiate for better rates but also end up with additional cash to make property improvements.
How Does Rental Property Refinancing Work?
Your rental property’s current market value can be much higher than what it was when you applied for the first mortgage. Refinancing is the key to ensuring that you use this equity in your favor to grow your portfolio of rental property investments.
Our rental property refinancing process is pretty simple. Just fill out a form to express your interest. After we understand your needs, you will also be asked to furnish a few documents, such as two forms of identification, a purchase contract, and proof of insurance. The loan is based on your property’s income generation capabilities, not on your salary or credit scores.
At this point, we also quickly determine the market value of your property and its profitability, in terms of rents. Once this is done, you can expect your loan to be approved ASAP!
Want to know how our refinancing program can help you get better loan terms?
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Advantages Of Rental Property Refinancing
In addition to the process being less time-consuming than traditional loans, Rental Property Refinancing has multiple benefits for their end-users. Here is a list of advantages listed
- Quick Approval: We are not your traditional lender! Our entire process is quick, simple, and designed keeping our clients in the center of it all.
- LTV Up To 80%: We walk the extra mile to ensure that you get the cash you need to diversify your portfolio of assets.
- No Income Verification: We help real estate investors grow fast! No hassles of income verifications or credit score checks when you choose us as your lender.
- Different Properties Funded: We approve loans on a wide range of properties, including condos and condotels. The possibilities are endless with SYLA Lending.
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Eligibility — How To Qualify For A Rental Property Refinancing?
Whether you want to increase living space to bring in more tenants, make upgrades, or finance another rental property investment without having to tap into your savings, refinancing can work wonders for your long-term financial success as a real estate investor. If you feel that your old rates and terms could do with a little revisiting, then refinancing might just be the way to go. If you also require additional cash to fund your personal needs, this may be a great option for you.
What sets us apart from our competitors is that we offer loan amounts up to $3 million to property investors! SYLA Lending’s experts will help you lock in competitive rates while ensuring that you don’t have to wait too long to get approved. Get easy access to flexible refinancing options by joining forces with us today.
Where To Get Rental Property Refinancing?
Are you interested in exploring our rental property refinancing program to give wings to your real estate investment goals? We are here to guide you through every step of the refinancing process! Our team is committed to helping you get access to funds in a seamless, hassle-free manner. If you have any questions about our interest rates or loan terms, hit us up now!
Give us a call today.