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A lot of real estate investors rely upon private real estate financing to buy a new property, or update or refinance one they already own. Whereas conventional lending institutions, for example, banks will require an extended, drawn out application process and are likely to hesitate to offer money to a self-employed applicant, private mortgage loans in Maine close fast and are easy qualifying.
Thus, while you might don't have very good credit, having a real estate opportunity showing good potential, a substantial downpayment, previous real estate experience, and a well-defined exit strategy are more relevant in terms of being approved for private money for a real estate loan. And with fast closings of just 2 weeks, private real estate mortgages in Maine may very well be the ideal choice for serious real estate investors.
Often, borrowers rely upon Maine private mortgage lenders to finance their real estate activities when:
They need to remodel or fix up the property to allow them to offer it for sale at a higher price or to ask for higher monthly rental fees.
One example is an applicant who owned a 2-unit rental. He'd already built up a good amount of equity in the property and the monthly rent checks was a recurring source of income. Although several upgrades to the place may have enabled him to ask for higher rent, a bank would definitely have turned down the mortgage request, considering that his credit score was only 520. Right after he got into contact with Read Rock Capital for a loan, we were glad to do a cash-out refinance for 65% of the duplex's appraised value.
They want to merge all their outstanding debts into one single loan.
Countless debts with a range of lending rates can be extremely overwhelming and difficult to keep an eye on. To set up a more manageable situation, some people combine their debts into just one loan with just one monthly payment.
They wish to take advantage of their home's equity for an additional purchase.
As one example, a borrower in Hawaii had a house appraised at $1,200,000. When he failed to find a buyer for the house, he signed a lease-option-to-buy arrangement with somebody. The lease payments made it possible to meet his existing mortgage, taxes and insurance. The tenant additionally included $200k for a non-refundable deposit as he signed the 3 year lease agreement. With the help of these assurances to pay for the home's foreseeable expenses, he stumbled on a new real estate investment opportunity and contacted Read Rock Capital for a private mortgage loan close to 70% of the home's appraised value. The financing helped him finance a different investment as well as pay down his primary mortgage.
They already have a preexisting private loan and can't afford the pending balloon payment.
If an unexpected incident stops someone from hitting his balloon payment due date, he could approach an alternative loan provider to refinance. Refinancing ahead of the due date helps you to make the due date for the balloon payment and stay clear of consequences related to missing the balloon payment.
Hoping to make contact with a private mortgage lender in Maine speak about funding alternatives for your upcoming project? Enter your info into the contact form or get in touch with us via phone and let's discuss the project you have in mind.
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