Investment property loans helped a convenience store owner who wanted to buy a single-family rental home in West Lafayette, Indiana. This was a real hot market due to the influx of people moving from Illinois to escape high taxes. However, his income was going to pose a problem.
Being self-employed, he did not show a lot of income and did not qualify for any residential loan products. We were able to secure him an investment property loan that is fixed for the next 30 years without any income verification whatsoever. All we needed to prove is that the rental income from the property would cover the loan and his credit was over 660. He could buy this investment home and then buy more down the road, which he will be definitely taking advantage of.