Numerous real estate investors turn to private real estate financing to acquire a new home or property, or remodel or refinance one they already own. Whereas traditional lending institutions, for example, banks require a lengthy, drawn out application process and are more than likely to be reluctant to loan money to a self-employed customer, private mortgage loans in Lansing close fast and have minimal eligibility requirements.

So while you might have poor credit, having a real estate opportunity with good potential, a sizeable down payment, previous experience in real estate, and an intelligible exit strategy are more relevant when it comes to being qualified for private money for a real estate loan. What's more, the fast closing Lansing private real estate mortgages provide you with financing without delay, allowing you to close a deal within two to three weeks.

Typically, customers get a hold of a private mortgage lender in Lansing when:

1. They're looking for funds to remodel a property or home and offer it for sale at a much higher price or to rent it out at a higher monthly amount.

   By way of example, there was this borrower who owned a two-unit rental. He already retained a significant amount of equity in the building and the rent payments brought in a steady income. A few choice home improvements would help him bump up his rental prices, but because of a below average credit score of 520, it was very likely for a bank to turn down his loan application. Consequently, the borrower got into contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance which in turn gave him financing for 65% of the duplex's value.

2. They would like to consolidate their debts.

   Many people think it is stressful to deal with multiple payments each month. To help put together a more workable situation, some people combine their outstanding debts into just one loan with only one payment per month.

3. They wish to employ the existing equity in one home and use it to acquire a different one.

   As an example, one of Island View's past borrowers in Hawaii had a house appraised at more than a million dollars. When he was unable to procure a buyer for the house, he agreed to a lease-option-to-buy deal with somebody. The revenue that stemmed from the rental payments took care of his continuing mortgage bill, insurance, and property taxes. Additionally, he was given a $200k non-refundable downpayment for the three year lease. These assurances meant that he did not have to worry about the home's future expenses, and thus, when a new real estate opportunity surfaced, he found Read Rock Capital and got a private mortgage loan at 70% LTV. The borrowed funds helped him put enough money towards a different investment as well as deal with his primary mortgage.

4. They already have an existing mortgage and are not able to afford the pending balloon payment.

   If an unanticipated event stops someone from making his balloon payment due date, he can find a new lender to refinance. A cash-out refinance will help you pay the balloon payment and escape fines.

Looking to discuss financing options with a private mortgage lender in Lansing? Submit the form or get in touch with us via phone to discuss your property or properties.