Greetings…I am in need of loans on a long-term basis to buy and hold rental properties here in the Philadelphia Region. Anyone know of long-term lenders or private money lenders???
Thanks -
Jason Stackhouse
I hear you are looking for long term lenders? Like how long term? 30 Year financing on investment properties is available through conventional bank financing. Plus, the rates are very low. Avoid an adjustable rate mortgage or one that balloons and you should be all set. I doubt you can find financing longer than 30 years and plus, who would want to? You would pay so much in interest at the start that you would hardly pay anything on the property after 5 years.
Meet with a mortgage broker or a loan officer from a bank or mortgage company to get preapproved for a loan to buy rental property. Ask a mortgage broker to contact several different lenders to find the best terms for your rental property loan.