Rental rates are on the rise across the country, not just in the major coastal cities. Yes, New York City and San Francisco are seeing rental rates go through the roof, but even smaller cities are seeing rental rates go up as homeownership continues to slide.
Being a landlord in this environment is a good place to be, passively generating income that seems guaranteed to increase year over year for a long time. But attracting tenants and maintaining your rental property is neither cheap nor easy.
Whether you’re thinking about becoming a landlord, or you already own an investment property or two that is already generating income, it’s good to have capital on hand to deal with wear and tear, repairs, periodic upgrades, and sporadic vacancies.
Private Landlord Loans From NLDS Corp.
NLDS Corp. offers two ways to help landlords get access to the capital they need to acquire and maintain their investment properties.
For current landlords who need access to capital to make major repairs or rehabilitate their properties, NLDS Corp. offers 30 year fixed cash out refinance options. With this option, landlords can spread out the cost of major rehabilitation projects. For new landlords or landlords looking to increase their property holdings, NLDS Corp. also offers 30 year fixed purchase money loans.
Both loans can be up to 75% of the value of the property with interest rates starting at 6.5%. Yes, traditional bank loans offer slightly better terms than private hard money loans, but hard money loans come with several benefits that traditional banks cannot offer.
First, the higher interest rates reflect the fact that you don’t need perfect credit scores to qualify for a private hard money loan. People with credit scores as low as 630 can qualify for NLDS Corp. hard money loans.
Second, NLDS Corp. hard money loans can get you money much more quickly than traditional bank loans. Their 30 year fixed loans can be closed in as little as 20 days.
Third, it can be difficult to get approval for mortgages on investment properties, but NLDS Corp. landlord loans are specifically designed for investment properties.
Sometimes, a landlord may need capital to not only purchase a property, but to fix it up before he can begin renting it out. NLDS Corp. allows aspiring landlords to roll their ARV loans into a 30 year fixed landlord loan program so they can spread out the cost of a rehabilitating a property.