A lot of real estate investors rely upon private real estate financing to acquire a new home or property, or rehab or refinance one they already have. Fort Lee private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also offered to self-employed individuals.

That is good news for investors considering that even an individual with bad credit can opt for private money for a real estate loan provided that he has a project that shows strong potential, he has enough cash for a downpayment, he has demonstrated himself able in real estate, and can show a sensible exit strategy. Combined with fast closings of only 14 days, private real estate mortgages in Fort Lee are the right choice for serious real estate investors.

Most borrowers use Fort Lee private mortgage lenders when:

1. A remodeling job or renovation will make it possible to sell the house at a higher price point or ask for extra rent.

   For instance, there was a client with a 2-unit rental. He'd already built up considerable equity in the asset and the rent was a regular revenue stream. He desired to perform some modifications to the place in order to maintain high rents, but a lower credit score of 520 meant that a bank would turn down his mortgage application. So he reached out to Read Rock Capital for a cash-out refinance and received financing at 65% LTV.

2. They need to merge all their unsecured debts into one loan.

   Most people find it stressful to make countless payments each month. As a result, many individuals do a loan against their home equity to consolidate all their unsecured debts into just one manageable payment.

3. They wish to take advantage of their house's equity for another home purchase.

   One of our clients located in Hawaii had a residence valued at over $1,000,000. When he was unable to secure a buyer for his property, he inked a lease-option-to-buy deal with somebody. The amount of rent was adequate to take care of his regular mortgage payment, taxes and homeowner's insurance obligations. The renter also consented to pay him $200,000 for a down payment for a three year agreement. The signed agreement meant he no longer needed to concern himself with the property's future financial obligations, and thus, when a new real estate opportunity came up, he reached out to Read Rock Capital and obtained a private mortgage loan at seventy percent loan to value. The financing helped him put enough money towards a different investment and also pay down his primary mortgage.

4. The balloon payment for an existing loan is owed soon and they can't afford it.

   If a borrower is not able to meet a balloon payment thanks to unanticipated factors, he can try and refinance the loan with an alternative lending company. Refinancing before the due date helps you to make the deadline for the balloon payment and avert any fees and penalties associated with missing the balloon payment.

Interested in discussing financing programs with a private mortgage lender in Fort Lee? Submit the contact form on this page or give us a call and let's talk about the project you have in mind.