Private Real Estate Mortgages in Minnetonka

Private real estate financing gives assistance to real estate investors who want to purchase, renovate or refinance a property or home via a short-term mortgage from a privately owned business or an individual. As opposed to loans from banks, Minnetonka private mortgage loans are fast closing, have minimal eligibility requirements and accessible to self-employed borrowers.

So even if you have lousy credit, having a promising opportunity, a significant down payment, prior real estate experience, and a well-defined exit strategy are much more important in terms of being eligible for private money for a real estate loan. Additionally, Minnetonka private real estate mortgages close fast to provide you with financing right away, letting you close on a deal within two to three weeks.

In general, investors get in contact with a private mortgage lender in Minnetonka when:

  1. They wish to update or repair the home and property to enable them to sell it at a higher price or to ask for higher rents.

    E.g. a past borrower owned a twin-home / duplex. At the time, he had a lot of equity in the house and the rent payments delivered steady income. A handful of select home upgrades would undoubtedly help him bump up his rents, but since he had a lower credit score of 520, it was very likely that a bank would turn down his mortgage application. Thus, he reached out to Read Rock Capital for a cash-out refinance and obtained financing at 65% LTV.

  2. They would like to combine their personal debts.

    Countless debts with varying interest rates can be extremely overwhelming and challenging to keep tabs on. In order to arrange a more workable situation, people consolidate all their debts into only one loan with only one monthly payment.

  3. They would like to unlock their equity in one house and invest in a different one.

    As an illustration, a client located in Hawaii owned a house appraised at $1,200,000. Since it was difficult for him to secure an interested party for his house, he had found someone that was ready to lease it with an option to purchase it. The funds that stemmed from the lease paid for his ongoing mortgage bill, home owner's insurance, and property taxes. Additionally, he was given a $200,000 non-refundable down payment for the three year agreement. Having this collateral to pay for the house's foreseeable expenses, he discovered another great investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan close to 70% of the home's appraised value. This not only gave him plenty of money to put towards a downpayment on his next home, but additionally made it easier for him to repay the current mortgage.

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

    If an unexpected event prevents a person from making his balloon payment deadline, he could find an alternative loan company to refinance. A cash-out refinance can help the person make the balloon payment and escape consequences.

Looking to make contact with a private mortgage lender in Minnetonka to go over financing programs for your upcoming investment? Complete the contact form or get in touch with us via phone to discuss the project you have in mind.

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