Numerous real estate investors rely upon private real estate financing to buy a new property, or remodel or refinance an existing one. Gillette private mortgage loans have many advantages — they close fast, are easy to qualify for and are also available for self-employed applicants.

This means that regardless of whether you have a good credit score, there is still a high likelihood of getting private money for a real estate loan if your investment is viewed to be profitable, you have enough capital to set aside for the downpayment, you have shown yourself competent in the real estate market in the past, you have significant equity in the property or you can show a clear plan to take care of the loan. Furthermore, if you would like a fast closing, you will not see many available alternatives better than Gillette private real estate mortgages.

Ordinarily, customers rely on Gillette private mortgage lenders to loan money for their real estate activities when:

1. They are in need of money to remodel a property or home and sell it for a higher price point or to up the lease amount for renters.

   One example is a borrower who owned a two-family rental property. At the time, he had a significant amount of equity in the house and the monthly rent delivered steady income. Although several upgrades to the units could have helped him charge more rent, a bank would have turned down the mortgage request, because his credit score was merely 520. Accordingly, he came to Read Rock Capital to get a cash-out refinance and obtained financing at 65% LTV.

2. They want to combine their financial debts.

   The majority of people find that it's stressful to manage numerous payments each and every month. To make the situation more manageable, people merge each of their debts into a single loan with only one payment per month.

3. They wish to unlock their equity in one home or property and acquire another one.

   For example, a borrower located in Hawaii had a home valued at $1,200,000. Since it was tough for him to secure an interested party for the house, he had identified someone that was ready to lease it with the option to purchase it. The lease payments made it possible to meet his existing mortgage payment, property taxes and insurance. The tenant also gave $200k towards a non-refundable downpayment as he signed the 3-year lease contract. With these assurances taking care of the home's financial obligations on a recurring basis, he phoned Read Rock Capital for a seventy percent LTV private mortgage loan to aid in his subsequent real estate investment. Meaning that he was able to make his deposit for the new property, and also help with his current mortgage.

4. They have a previous loan and cannot afford the pending balloon payment.

   If a person is not able to meet a balloon payment due to unanticipated factors, he can make an effort to refinance the loan with a new mortgage lender. A refinance will help the person hit the due date for the balloon payment and prevent any fines.

Do you need a private mortgage lender in Gillette to help you afford your investment purchase? Submit the form or get in touch with us via phone to talk about the property or properties you have in mind.