Countless real estate investors use private real estate financing to pay for a new home or property, or renovate or refinance one they already own. Contrary to bank loans, Danbury private mortgage loans close fast, are easy to qualify for and offered to self-employed applicants.

That's why, while it's possible you don't have good credit, having a real estate opportunity with promise for profits, a substantial down payment, previous experience in real estate, and a good exit strategy are more relevant in regards to being approved for private money for a real estate loan. Furthermore, if you are hoping for a fast closing, you won't see any available alternatives better than Danbury private real estate mortgages.

Commonly, people approach a private mortgage lender in Danbury when:

1. A rehab or renovation can help them offer their property at a higher price point or ask for extra rent.

   For example, we had this borrower who owned a 2-family rental. He already had a significant amount of equity in the building and the monthly rent brought in a steady cash flow. He wanted to perform some modifications to the place to be able to maintain high rents, but a low credit score of 520 meant that a bank would undoubtedly turn down the loan application. Thus, he came to Read Rock Capital to do a cash-out refinance and acquired a loan at 65% LTV.

2. They want to merge their unsecured debts into a single loan.

   A lot of people find it stressful to deal with numerous payments every month. As a result, lots of people borrow from their home equity to combine all their outstanding debts into one manageable payment.

3. They prefer to take advantage of their house's equity for a different real estate deal.

   By way of example, one of our previous clients located in Hawaii had a property appraised at over a million dollars. Since it was hard for him to secure a buyer for his house, he had a person who was willing to lease it having an option to purchase it. The income that stemmed from the lease contract paid for his ongoing mortgage payment, home owner's insurance, and taxes. He also was given a $200,000 non-refundable down payment for the 3-year contract. With this collateral to take care of the property's foreseeable financial obligations, he stumbled on a new investment opportunity and approached Read Rock Capital for a private mortgage loan nearly seventy percent of the property's estimated value. This enabled him to pay an advance on the downpayment for his next investment, and also repay his existing mortgage.

4. They have a previous loan and are not able to pay the pending balloon payment.

   If someone is not able to pay a balloon payment due to unforeseen factors, he can try to refinance the loan with a new mortgage lender. Refinancing prior to the term date helps the borrower to make the due date for the balloon payment and stay clear of penalties associated with failing to pay the balloon payment.

Are you searching for a private mortgage lender in Danbury to finance your real estate investment? Submit the contact form on this page or give us a call and let's discuss your property.