Long Term Rental
Long term rental loans are a type of financing that is specifically designed for borrowers who are looking to purchase a property for the purpose of generating rental income. These loans, which are also known as rental property loans or long term rental mortgages, are provided by traditional banks and other financial institutions, and can be used to finance the purchase of a wide range of rental properties, including houses, apartments, and commercial buildings.
One of the key features of long term rental loans is that they typically offer higher loan-to-value ratios than traditional mortgages. This means that borrowers can often finance a larger portion of the purchase price of the property with a long term rental loan, which can be especially helpful for those who are looking to purchase a property with a high value.
IO Options
Apply Now!
Long Term Rental Loans
Another key feature of long term rental loans is that they typically have more flexible qualification requirements than traditional mortgages. This is because the loan is secured by the rental income that the property is expected to generate, rather than by the borrower's personal credit history. As a result, borrowers who may not qualify for a traditional mortgage due to factors such as a low credit score or high debt-to-income ratio may still be able to obtain a long term rental loan.
One potential drawback of long term rental loans is that they may come with higher interest rates than traditional mortgages. This is because these loans are considered to be riskier by lenders, due to the fact that the borrower is relying on the rental income from the property to make the loan payments. However, for borrowers who are able to qualify for a long term rental loan, the higher loan amounts and more flexible qualification standards can make them a good option.
Testimonials
Why Should You Choose Us?
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our simple Hard Money Rate Quote.
- Customer Focused
- Minimal Documentation
- In-Houses Controls
- Best Loan Services
Our Core Investing Service
Whether you’re looking to purchase a new home or refinance your existing home,Groves Capital can provide all the help you need.