Private Real Estate Mortgages in Miles City

Private real estate financing can help investors buy, fix up or refinance a property utilizing a short-term mortgage from a privately owned firm or an individual. Whereas traditional lending institutions such as banks necessitate a lengthy, drawn out application process and are more than likely to think twice about lending money to a self-employed applicant, private mortgage loans in Miles City close fast and have minimal eligibility requirements.

That's good for investors because even an individual with poor credit can apply for private money for a real estate loan assuming that he has a promising deal, he has adequate cash for a downpayment, he has shown himself able in earlier real estate investments, and he has a plan for an exit strategy. Combined with fast closings of 14 days, private real estate mortgages in Miles City may very well be the right alternative for real estate investors.

Commonly, people get in contact with a private mortgage lender in Miles City when:

  1. They wish to remodel or repair the home in order to sell it at a higher price point or to bring in higher monthly rental fees.

    By way of example, there was this borrower who owned a 2-family rental property. He had already built sufficient equity in the building and the rent payments was a routine source of income. While a few improvements to the place would have enabled him to charge more rent, a bank would definitely have turned down the loan request, because he had a credit score of a mere 520. Hence, the client got in contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that in turn gave him financing for 65% of the home's valuation.

  2. They would like to merge each of their financial debts into one payment.

    A lot of people think it is stressful to make multiple payments each month. To put together a more workable situation, people merge their unsecured debts into only one loan with one monthly payment.

  3. They prefer to release the existing equity in one house and buy a different one.

    One of Island View's borrowers located in Hawaii owned a home worth $1M. His plans to sell the house never materialized and he ultimately had to be content with leasing the home to someone, with the option to purchase it at a future time. The rent checks were sufficient to cover the cost of his ongoing mortgage bill, taxes and insurance obligations. In addition, he was given a two hundred thousand dollars non-refundable down payment for the three year agreement. These sureties meant that he did not have to be concerned with the property's future expenses, and so when a new real estate opportunity came up, he found Read Rock Capital and received a private mortgage loan at 70% loan to value. This let him pay an advance on the downpayment for the new investment, and furthermore pay down his present mortgage.

  4. They want assistance to meet the balloon payment for the existing mortgage.

    If someone is not able to make a balloon payment resulting from unforeseen factors, he can try and refinance the loan with a new lender. A cash-out refinance will help you make the balloon payment and escape fines.

Looking to make contact with a private mortgage lender in Miles City to discuss funding programs for your upcoming project? Complete the contact form or get in touch with us via phone to talk about the property you have in mind.

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Investment property loans only please, no primary residences at this time.