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Apartment Loan During Covid 19The Covid-19 pandemic has disrupted the normal economic activities that many companies thrive upon. Several industries, such as restaurants, bars, retail stores, travel-related businesses and other types of entities have realized higher losses than expected. Property owners who need to borrow money can apply for a cash-out apartment building loan.

Can an Apartment Building Owner Get a Cash-Out Refinance Loan During Covid-19? 

A real estate investor may need funding for a variety of reasons. Perhaps, a loan is desired to make property repairs or to make upgrades to improve the appearance of an apartment building.

Property enhancements that provide significant upgrades and more amenities for tenants could also raise the value of the apartment building. 

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apartments 2658687 640Financing an income-producing property with more than five units will require a commercial mortgage loan. Although, getting a funding approval for a self-employed investor without proof of income is not easily accomplished with a local bank. Direct Apartment Lenders offers stated income multifamily loans for under one-million dollars.

Buying a Multifamily Apartment With No Income Verification

Commercial apartment lenders normally want to see that a borrower has enough income to cover the mortgage note for the subject property. 

It might seem unrealistic to approve a commercial loan request for an applicant who cannot supply proof of income. 

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search 4083722 640Entrepreneurs provide a variety of helpful products and services. While a business owner might be good at selling certain items, acquiring money for real estate could be a far more challenging task. Direct Apartment Lenders offers nationwide apartment loans for self-employed borrowers.

Why is Financing More Difficult to Obtain for Self-Employed Individuals?

Unlike a traditional full-time job, where an employee’s salary can increase year-after-year, earnings for an entrepreneur or for a small business may be inconsistent.

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architecture 3107817 640Commercial property ownership enables an investor to search for growth-oriented opportunities. In some cases, it might be a good idea to obtain a lower mortgage rate or to use a portion of the property’s equity to make several repairs and overdue upgrades. Tips from Direct Apartment Lenders are helpful for an investor who wants to refinance an apartment loan.

Refinancing an Apartment Building Loan 

Unlike refinancing a residential home mortgage loan that typically has a 30-year term, commercial apartment building loans often have shorter terms. 

Apartment lenders also provide 30-year fixed-rate mortgages, however, many investors select shorter loan terms, such a two-year, five-year or a seven-year mortgage term. 

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apartment building 153091 640Real estate provides a variety of ways to earn consistent income. Ideally, an investor would be able to generate cash every month without trading time for money. Direct Apartment Lenders explains how an investor can buy an apartment for passive income.

About Passive Income

Most people rely on earned income to pay for everyday expenses.

Unfortunately, many studies show that a large percentage of employed workers in the United States are living paycheck-to-paycheck.

This means that folks are typically spending money at a faster pace than earnings are received.

Although, with a variety of income-producing assets, an investor can earn passive income without expending a lot of effort or reporting to a job to work for the money.

Passive income may be realized though the ownership of stocks, bonds, savings, retirement accounts and real estate.  

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