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Wednesday, 26 June 2019 17:10

Vacation Rental Property Loans - Top Markets

Vacation Rental Property Loans - Top Markets

Vacation Rental Property Loans Top Markets for 2019Do you specialize in renting out vacation homes? Yes, we have short term vacation rental financing!

Or, have you simply decided that it’s time to diversify your real-estate portfolio by adding some vacation properties to it?

Either way, you’ve chosen a great year. 2022 has seen some fantastic opportunities spring up for those who want to profit by purchasing vacation properties. So, before you use your vacation rental property loans on traditional hotspots like Las Vegas or Miami, take a moment to consider some up-and-coming options.

The Top 5 Places to Use Vacation Rental Property Loans

While you always want to do your research about a particular city to find the best possible opportunity for your new investment, the five cities on this list should prove to make that an extremely easy process.

1. Pigeon Forge, Tennessee

With a population of just over 6,000, Pigeon Forge, TN may not seem like the kind of place tourists flock to every year to have a good time.

However, that’s exactly what happens. Tourists love Pigeon Forge for a number of reasons, not the least of which is that it’s home to the world-famous Dollywood co-owned by the legendary country star, Dolly Parton. This theme park alone brings in 3 million tourists a year, making it the most popular ticketed attraction in the entire state.

That’s far from all, though. The city also boasts some other impressive stats:

  • Unemployment is at 4.375% compared to the national average of 3.9%
  • The job market has increased by 2% over the past year
  • Job growth is expected to go up 43.7% over the next 10 years (34.375% is the national average)
  • The sales tax rate is only just about the national average, 9.8% vs. 7.3%
  • There is no income tax


All of these factors point to a future where Pigeon Forge is still welcoming plenty of tourists every year – tourists who will need places to stay.

2. Gatlinburg, Tennessee

Vacation rental property loans are becoming extremely popular in Tennessee. Besides everything Pigeon Forge has to offer, there’s also Gatlinburg.

Located just about 20 miles to the south of Pigeon Forge, the vacation rental property market in Gatlinburg benefits greatly from this proximity. At the same time, with only about 4,000 residents, it’s another small city that offers a number of large attractions.

The entire Smoky Mountain Range attracts millions of tourists every year, but only Gatlinburg is home to Skylift Park, which hosts “the longest pedestrian suspension bridge in North America.” That’s why so many tourists visit this town throughout the year. There’s simply no better view of these mountains than standing on the bridge or taking one of their lifts for a ride. Those who are a bit fainter of the heart can also take in exceptional views from the SkyDeck.

For all of these reasons and more, Gatlinburg’s economy is as healthy as Pigeon Forge’s with similar rates.

3. Panama City Beach, Florida

Panama City is a far more familiar face for those of you who know the tourism industry in the U.S. Its long list of attractions includes St. Andrews State Park and Coconut Creek Family Fun Park.

Still, most tourists probably come here simply because its spot on the Gulf of Mexico is incredible. Located in the panhandle but not too close to Pensacola or Tallahassee, Panama City has become a popular attraction for families on vacation.

The economy in Panama City reflects this, as well:

  • Unemployment is at 3.9%, the same as the national average
  • The job market has increased by 2% over the past year
  • Job growth is expected to go up 34.3% over the next 10 years
  • The sales tax rate is below the national average at 7%
  • There is no income tax

 4. Killington, Vermont

Though it’s the smallest city on our list with just over 800 residents, Killington has a lot to offer landlords because of its sole attraction: the Killington ski resort. While the resort itself offers its own rooms, there are plenty of visitors who would love to stay in a rental home.

The economy of Killington is also promising for those looking to apply for rental property loans:

  • Unemployment is at 3.2%
  • The job market has increased by .9% over the past year
  • Job growth is expected to go up 26.4% over the next 10 years
  • The sales tax rate is below the national average at 7%

5. Palm Coast, Florida

We finish our list with another addition from the Sunshine State, Palm Coast. It’s also our biggest with a population of 85,500.

Aside from being right on the central-eastern coast of Florida, the city also offers a number of fun attractions including Marineland, which gives every visitor the opportunity to watch and even play with dolphins.

Palm Coast is also very popular among history buffs, who frequently come to visit Fort Matanzas and other significant sites in and nearby the city.

The economy of Palm Coast reflects the beautiful city’s popularity, as well:

Given how big Palm Coast is, you’ll also have a plethora of options when looking for rental homes to purchase.

We Customize Vacation Rental Property Loans Based on Your Needs

At Our Company, we never offer one-size-fits-all vacation rental property loans because we know every client is different, both in terms of the homes they want to buy and their long-term goals. We can create loans to help you purchase, refinance, or cash out. We have single property rental investment loansDSCR loans with no ratio (no W2 required), multifamily lending, short term rental loans for Airbnb properties, apartment building loans for credit challenged investors, and the best investment property refinance lenders around to free up your equity.

Nonetheless, because we’re a nonbank lender that focuses solely on rental-property investors, we can also offer an underwriting process that is streamlined for quick turnaround times. You never have to worry about missing out on an opportunity because we made you wait 30-45 days for approval.

So, if you’re in the market for vacation rental property loans, contact us today and let’s get your application process started right away or use our fast online loan application.

 

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Rental Home Financing, as the best mortgage lenders we originate rental home loan products and cash out refinance investment property loans as the best investment property refinance lenders. Commercial blanket loans are available with a commercial purpose to suit your needs.

Also, as DSCR loan specialists, we are currently authorized to make such loans in most all areas of the United States. Specific circumstances will determine whether we have the ability approve/close portfolio rental home loans in your state(s). When you are ready to get a mortgage for rental property, we are ready to serve you.

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