A lot of real estate investors count on private real estate financing to buy a new property or home, or remodel or refinance an existing one. In contrast to bank loans, Leominster private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed borrowers.

That's why, while it's possible you have lousy credit, having a real estate opportunity showing good potential, a considerable down payment, past experience, and a clear-cut exit strategy are much more relevant in terms of being eligible for private money for a real estate loan. Besides, if you would like a fast closing, you will not see many available alternatives better than Leominster private real estate mortgages.

Most real estate professionals speak with Leominster private mortgage lenders when:

1. They need to renovate or fix up the property or home so they can sell it at an increased price or to get higher monthly rental fees.

   One example is an applicant who held a two-family rental. He held plenty of equity available in the property and the rent checks generated regular monthly income. He wanted to perform some renovation to the place in order to keep his rents high, but a lower credit score of 520 meant a bank would undoubtedly turn down the loan application. Accordingly, he turned to Read Rock Capital to obtain a cash-out refinance and obtained a loan at 65% LTV.

2. They want to combine each of their financial debts into one single loan.

   Numerous debts with a range of rates can be too much to handle and challenging to keep an eye on. Due to this fact, numerous people borrow against their home's equity to merge their financial debts into one loan payment.

3. They would like to take advantage of the existing equity available in a current house to work on a different real estate investment.

   As one example, a client located in Hawaii had a home appraised at $1.2M. When he could not find a buyer for the house, he agreed to a lease-option-to-buy arrangement with an interested party. The lease payouts served to meet his current mortgage, property taxes and homeowner's insurance. The tenant also went ahead and paid $200,000 in the form of a down payment for a 3-year agreement. Having these sureties to handle the property's expenses on a recurring basis, he approached Read Rock Capital to obtain a 70% loan-to-value private mortgage loan for his subsequent investment. This means that he could make the deposit for his next property, and also repay his current mortgage.

4. They need help to satisfy the balloon payment for a previous mortgage.

   A person who invests in real estate and already has an existing private mortgage loan and is unable to afford the balloon payment thanks to a change of circumstances can submit an application for refinancing from an alternative lending company. A cash-out refinance will help the person make the balloon payment and evade penalty.

Looking to make contact with a private mortgage lender in Leominster to talk about loan programs for your next project? Complete the contact form or get in touch with us via phone to talk about the project you have in mind.