Private Real Estate Mortgages in Coventry

A lot of real estate investors rely upon private real estate financing to buy a new home, or remodel or refinance one they already own. While standard lending institutions such as banks will require an extended, drawn out application process and are more than likely to be reluctant to lend money to a self-employed client, private mortgage loans in Coventry close fast and have minimal eligibility criteria.

That's good news for investors because a person with poor credit can opt for private money for a real estate loan assuming that he has a project that shows strong potential, he has sufficient money for a down payment, he has demonstrated himself able in past real estate investments, and he has a preplanned exit strategy. Combined with fast closings of two weeks, private real estate mortgages in Coventry may very well be the ideal alternative for serious real estate investors.

In general, people approach a private mortgage lender in Coventry when:

  1. A remodeling job or restoration will help to market their property at a higher price point or charge extra rent.

    For instance, there was this client with a two-family rental. He already had a good deal of equity available in the property and the rent brought in a steady cash flow. A handful of choice home upgrades would undoubtedly allow him to raise his rents, but since he had a below average credit score of 520, it was very certain for a bank to turn down his loan application. For that reason, the client got into contact with Read Rock Capital (Read Rock Capital) to complete a cash-out refinance which in turn gave him financing for 65% of the duplex's appraised value.

  2. They wish to merge all their financial debts into a single loan.

    Many of us think it is stressful to make numerous payments each month. For this reason, many people opt to take advantage of the equity available in their property to combine each of their financial debts into a single private mortgage which has a single payment per month.

  3. They would like to take advantage of the equity available in a current home and property to do another real estate project.

    One of our borrowers located in Hawaii owned a residence worth $1M. When he failed to procure a buyer for his home, he agreed to a lease-option-to-buy contract with someone. The rental agreement payments served to meet his current mortgage, property taxes and homeowner's insurance. The renter additionally gave two hundred thousand dollars in the form of a non-refundable downpayment as he signed the three year lease agreement. Having these assurances to pay for the home's foreseeable financial obligations, he ran across another promising investment opportunity and got in touch with Read Rock Capital for a private mortgage loan around 70% of the property's value. The borrowed funds helped him pay for a new investment as well as pay off his primary mortgage.

  4. They have a previous private loan and are unable to afford the pending balloon payment.

    If an unanticipated mishap stops a person from meeting his balloon payment due date, he can find an alternative loan company to refinance. A cash-out refinance will help the person make the balloon payment and evade consequences.

Looking to make contact with a private mortgage lender in Coventry to go over loan programs for your next investment? Submit the form on this page or call us to discuss the property or properties you have in mind.

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Investment property loans only please, no primary residences at this time.