Private Real Estate Mortgages in Dover

Private real estate financing means finding a short-term mortgage through a private business or individual as a way to purchase, carry out upgrades on or refinance a property. Although conventional lending institutions, for example, banks require a prolonged, time consuming application process and in all likelihood will think twice about giving money to a self-employed applicant, private mortgage loans in Dover close fast and are easy qualifying.

This is great for real estate investors because an individual with weak credit can qualify for private money for a real estate loan given that he has a project that shows strong potential, he has plenty of cash for a down payment, he has proven himself capable in real estate, and has a sensible exit strategy. Additionally, Dover private real estate mortgages close fast to supply you with financing right away, letting you close within two to three weeks.

Commonly, people reach out to a private mortgage lender in Dover when:

  1. A rehab or renovation will make it possible to market the house at a much higher price or charge more rent.

    As an illustration, one of our applicants operated a 2-unit rental property. He'd already built considerable equity available in the asset and the rent payments was a regular income source. He sought to do some upgrades to the units to help keep his rents high, but a below average credit score of 520 meant a bank would turn down his loan request. After he approached Read Rock Capital to obtain a loan, we were happy to complete a cash-out refinance at 65% of the home's valuation.

  2. They want to combine financial debts.

    Numerous unsecured debts with varying interest rates can be very overwhelming and tough to manage. As a result, some individuals get a loan against their home's equity to combine all their financial debts into a single mortgage loan.

  3. They would like to unlock their existing equity in one property and use it to acquire a different one.

    One of Island View's customers located in Hawaii had a property worth $1M. His idea was to sell the house but it did not work out and he ultimately was forced to be satisfied with leasing the home, with an option to buy at a later date. The lease payments served to meet his current mortgage expenses, property taxes and insurance. The renter furthermore went ahead and paid him 200k as a down payment for the three year contract. The signed agreement meant that he no longer had to worry about the home's ongoing financial obligations, so when a new real estate opportunity came up, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This not only gave him adequate cash to use for a downpayment or his next investment, but also helped him pay off the current mortgage.

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

    If a person cannot pay a balloon payment thanks to unexpected causes, he can make an effort to refinance his loan with a new lending company. A cash-out refinance can help the person complete the balloon payment and evade consequences.

Wanting to connect with a private mortgage lender in Dover to discuss loan programs for your next real estate investment? Submit the form on this page or get in touch with us via phone to talk about your property.

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