Funding Success Story: How CYR Funding Helped a Client’s Dream of a Rental Property Come True
If you are looking to earn an income from a rental property but think that it just is not possible right now because you cannot get a mortgage or because you have not saved up enough of a down payment, then you may want to think again. At CYR Funding, we specialize in helping our clients find creative solutions so that they can purchase investment properties and live the lifestyle they dream of.
One of our recent funding success stories illustrates this point.
Funding for a Future Rental Property
We recently had a professional come to us who was looking to buy a house that she wished to use as a commercial and rental property. At this time, the house was completely vacant and there was no income that we could demonstrate to a potential lender.
Since a loan from a traditional bank would have been out of the question, CYR reached out to its network of alternative and private lenders and were able to source both a first and second mortgage for our client at 65% and 85% respectively. This was welcome news for our client as it meant that now she only had to come up with a 15% down payment in order to purchase the home.
But the good news for our client did not stop there. CYR Funding was able to negotiate with both lenders to have the interest payments pre-paid for the full term of the mortgage.
This gave the client time to get the home fixed up and fully occupied and allowed time for her rental income to start flowing in. Essentially she was able to prepay the mortgage which made both her and the lenders extremely happy.
Within one year, we expect our client to have sustainable income from her rental property. At that point, the team at CYR Funding looks forward to helping her transition into a more traditional mortgage with a bank.
CYR Funding can help you too!
This is just one of many examples where CYR Funding has come up with a creative solution to help a client. Do you have your eye on a rental property? Are you waiting to make a real estate purchase because conditions are not yet in your favour? You may not have to wait after all if you have the right mortgage professionals on your side!
Contact CYR Funding today and learn what we can do to make your real estate dreams a reality!