A lot of real estate investors use private real estate financing to pay for a new property or home, or renovate or refinance an existing one. Albany private mortgage loans have many advantages — they close fast, are easy to qualify for and are also available to self-employed applicants.

That's great news for investors since even anyone with poor credit can obtain a private money for a real estate loan provided that he has a deal that shows strong potential, he has adequate cash for a downpayment, he has demonstrated himself capable in earlier real estate investments, and he can show a sensible exit strategy. And having fast closings of 14 days, private real estate mortgages in Albany may very well be the ideal alternative for ambitious real estate investors.

In most cases, borrowers consult Albany private mortgage lenders to provide capital for their endeavors when:

1. They would like to update or fix up the home in order to sell it at a higher price point or to charge higher rents.

   For example, we had a customer who owned a two-family rental property. He had already built ample equity available in the house and the rent was a recurring income source. He wanted to complete some renovation to the property to help keep his rents high, but a lower credit score of 520 meant that a bank would doubtless turn down the mortgage application. For that reason, the customer contacted Read Rock Capital (Read Rock Capital) to do a cash-out refinance that got him financing for 65% of the duplex's appraised value.

2. They want to combine their unpaid debts.

   A lot of people find it stressful to make numerous payments every month. Due to this fact, numerous people get a loan against a property's equity to combine their outstanding debts into one single mortgage loan.

3. They want to use the existing equity in their current house to work on an additional project.

   One of Island View's customers in Hawaii owned a property worth $1M. Because it was challenging for him to get a purchaser for the place, he had someone who was willing to lease it with an option to buy. The revenue that came from the lease contract paid for his continuing mortgage payment, home owner's insurance, and property taxes. Additionally, he received a $200,000 non-refundable down payment for the three year agreement. Having these assurances to cover the house's foreseeable expenses, he ran across a new investment opportunity and contacted Read Rock Capital for a private mortgage loan nearly 70% of the home's valuation. The financing helped him finance a different investment property as well as pay off his primary mortgage.

4. The balloon payment for a previous mortgage is due and they are not able to handle it.

   A real estate investor who has a previous private mortgage loan and is not able to pay for the balloon payment as a result of a change of circumstances can fill out an application for refinancing from another company. Refinancing right before the due date allows the borrower to make the due date for the balloon payment and avoid penalty charges in connection with failing to pay the balloon payment.

Looking to make contact with a private mortgage lender in Albany to discuss financing programs for your next real estate investment? Complete the contact form or call us and let's discuss your property.