Private real estate financing helps investors pay for, renovate or refinance a property or home via a short-term mortgage from a private business or an individual. Unlike loans from banks, Burlington private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed customers.

This is great for investors considering that even anyone with lousy credit can opt for private money for a real estate loan provided that he has a promising project, he has adequate cash for a downpayment, he has shown himself able in earlier real estate investments, and has a good exit strategy. Besides, if you need a fast closing, you won't come across any alternatives better than Burlington private real estate mortgages.

Generally, people reach out to a private mortgage lender in Burlington when:

1. They would like to remodel or make repairs to the house so that they can offer it for sale at a much higher price point or to bring in higher rents.

   Real example: one of our borrowers operated a 2-family rental. He had an abundance of equity available in the building and the rent payments brought in regular income each month. While some upgrades to the property might have helped him collect more rent, a bank would definitely have turned down the mortgage application, because he had a credit score of a mere 520. Hence, the customer called Read Rock Capital (Read Rock Capital) to do a cash-out refinance that in turn gave him a loan for 65% of the home's market value.

2. They want to combine all their unsecured debts into one single payment.

   Many of us find it stressful to manage multiple payments every month. Because of this, many people make the decision to take advantage of the equity available in their home to consolidate their outstanding debts into only one loan with a lone monthly payment.

3. They want to capitalize on the equity in a current property or home to work on a different real estate project.

   Here is an example. A homeowner located in Hawaii had a property valued at $1,200,000. He wanted to sell the house but that never materialized and he eventually had to settle for leasing the house, with the option to buy at a future time. The cash that stemmed from the lease contract paid for his continuing mortgage expenses, home owner's insurance, and taxes. He also received a $200,000 non-refundable downpayment for the three year lease contract. With these assurances taking care of the property's bills on a recurring basis, he approached Read Rock Capital to get a 70% LTV private mortgage loan to aid in his next purchase of an investment property. This gave him ample capital to put towards a deposit or his next investment, but also helped him pay down the current mortgage.

4. The balloon payment for a previous mortgage is owed soon and they can not afford it.

   A person who invests in real estate and currently has an existing private mortgage loan and isn't able to afford the balloon payment because of a change of circumstances can submit an application for refinancing from a different lending company. Refinancing right before the due date enables the borrower to make the deadline for the balloon payment and avert any consequences in connection with failing to pay the balloon payment.

Hoping to find a private mortgage lender in Burlington to fund your real estate investment? Enter your info into the form or call us and let's discuss your property or properties.