Do you wish to grow your real estate portfolio? Own any expensive investment homes that could use some TLC? You can get the funding you need to purchase investment property using a line of credit.
A line of credit secured by an investment property is defined.
A line of credit (LOC) secured by a non-owner occupied property is a short-term financing solution that enables the owner to draw against the equity in that property. You can get access to funds whenever you need them with a line of credit secured by your investment property. It’s quite convenient, similar to using a credit card. You only have to pay interest on the money you borrow, up to your credit limit.
Various Choices
In the end, there are two types of investment property lines of credit:
This type of LOC is ideal for investors who only wish to have one line of credit tied to a single investment property. When it comes to fixing up their investment properties, many financiers rely on a single line of credit.
To realize their real estate aims, investors with a significant number of properties may apply for a Portfolio Line of Credit. Serious investors might use this line of credit to buy more real estate.
SteveKnowsLoans can assist you in finding the best mortgage package for your unique scenario.
Getting Approved for a Credit Line on an Investment Property
When compared to a home equity line of credit, conditions for a line of credit on an investment property are more stringent. The following are some of the most common requirements included in job postings:
When applying for a line of credit, borrowers must show proof of rental income.
At least one year must have passed after they took possession of the investment property.
They need a good credit rating to qualify.
The minimum quantity of liquid assets required by lenders varies.
Some lenders are reluctant to provide LOCs due to the inherent risk. Fortunately, here at SteveKnowsLoans, we have relationships with a wide variety of lenders who offer excellent services to our customers.
Reach Out to SteveKnowsLoans Right Away!
SteveKnowsLoans can assist you in securing a line of credit for an investment property. We’re pleased to help aspiring property moguls get their feet wet. Get in touch with SteveKnowsLoans today to discuss your options for financing investment property.
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