Rental Property Loans
Enjoy low rates and flexible terms when you choose WEOKIE for your rental property purchase or refinance.
Features of Our Rental Property Loans
If you're considering buying a residential rental property, WEOKIE is your partner.
Loans for purchase and refinance, including cash-out
Competitive rates
Flexible amortizations up to 30 years
Up to 80% LTV on all improved property
Down payments start at 20%
Easy and quick application process
Best of all, WEOKIE offers local servicing and expert guidance so you can secure the best rental property loan to achieve your goals!
Benefits of WEOKIE Commercial Loans
As a not-for-profit financial cooperative, our earnings are returned to our members in the form of better rates, lower fees, and the best quality products and services. We offer financing for long-term, permanent commercial real estate loans, whether it’s for your own business or investment and owner-occupied or non-owner-occupied.
Low Rates
We can offer our members better interest rates so more of your payment goes to the principal.
Extended Amortization
Our commercial loans are amortized for up to 30 years to suit your budget.
Fewer Fees
Pay no upfront application or processing fees and no prepayment penalty fee.
Purchase or Refinance
Make a new purchase or refinance your existing commercial loan with a cash-out option.
Up to 80% LTV
As low as 20% equity on refinances or purchases.
Easy, Fast Application
Our loan process is simple, and we make quick decisions so you can take the next steps.
Low rates, affordable payments
As a not-for-profit financial cooperative, our earnings are returned to our members in the form of better rates, lower fees, and the best quality products and services. WEOKIE offers competitive interest rates. And for well-qualified buyers, up to 30-year amortization with no prepayment penalty. This longer amortization allows you to pay less every month, preserving cash flow for your business.
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Amortization
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15 Year
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20 Year
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25 Year
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30 Year
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Monthly Payment
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$8,439
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$7,164
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$6,443
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$5,996
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Best for cash flow
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Monthly Payment Amounts based on $1,000,000 Loan Amount
"WEOKIE Federal Credit Union is fantastic. They have always been super helpful and willing to go the extra mile to help their members. They employ the best people who always treat you like a good neighbor. Highly recommend!"
Shane S.
Ready to take the next step?
Let’s grow your real estate portfolio.
Contact our Commercial Loan Department to discuss your options.
Local expertise for local businesses
When you join WEOKIE Federal Credit Union, you become a part-owner and join our community of more than 60,000 members in the Oklahoma City area. We've been serving our membership since 1969 and we'd love to serve you!
If you're looking for a commercial loan, our experienced team offers local, Oklahoma decision-making and in-house underwriting and servicing. Our loan process is streamlined for your convenience, and we'll take the time to understand your unique needs.
Let WEOKIE know when you're ready to buy or refinance a rental property.
Rental Property Loan FAQs
A rental property loan is a type of mortgage that is specifically designed for investment properties. It allows real estate investors to purchase or refinance properties that they plan to rent out for income.
Here's how a rental property loan typically works:
- Application: The investor applies for a rental property loan with a financial institution or lender. The lender will evaluate the investor's creditworthiness and the property's potential to generate rental income.
- Property valuation: The lender will perform a property valuation to determine the market value of the property.
- Loan approval: If the lender approves the loan, the investor will receive funds to purchase or refinance the rental property.
- Rental income: The investor will collect rental income from the property, which can be used to cover the mortgage payments and other expenses associated with the property.
- Property management: The investor is responsible for managing the rental property, including finding tenants, collecting rent, and maintaining the property.
Overall, a rental property loan provides real estate investors with the funding they need to acquire or refinance investment properties. It's important to carefully consider the costs and risks associated with rental property investments before taking out a rental property loan.
The rate for a rental property loan varies depending on factors such as your credit score, current market rates, and amortization. Generally, rental property loans tend to have slightly higher interest rates compared to primary residence mortgages. To get a personalized rate quote, we recommend reaching out to our Commercial Loan Department which can guide you through the process and provide you with more detailed information.
Getting a rental property loan can be a smart investment for several reasons:
- Generate Passive Income: Owning rental property allows you to generate passive income through monthly rent payments, which can help you build long-term wealth.
- Diversify Your Investment Portfolio: Rental property is an excellent way to diversify your investment portfolio, which can help you minimize risk and achieve your financial goals.
- Appreciation: Over time, your rental property may appreciate in value, which means that it could be worth more than you initially paid for it. This appreciation can provide you with a significant return on your investment.
- Tax Benefits: Rental property owners can take advantage of various tax benefits, including deductions for mortgage interest, property taxes, and repairs and maintenance expenses.
- Leverage: Obtaining a rental property loan allows you to leverage your investment and purchase a property that you may not have been able to afford otherwise.
Overall, getting a rental property loan can be a smart financial decision for those looking to build wealth and generate passive income over the long term.