Private Real Estate Mortgages in New Haven

Private real estate financing means obtaining a short-term mortgage loan from a privately owned firm or individual person as a way to buy, perform improvements on or refinance a property or home. In contrast to bank loans, New Haven private mortgage loans are fast closing, easy qualifying and available to self-employed individuals.

Which means that even if you don't have a very good credit score, you still have a high probability of qualifying for private money for a real estate loan if your investment is regarded as profitable, you have ample capital to use for the down payment, you have shown yourself capable in prior real estate ventures, you have considerable equity in the home or property or you have an intelligible plan to repay the loan. And having fast closings of fourteen days, private real estate mortgages in New Haven may very well be the perfect choice for ambitious real estate investors.

Most real estate professionals turn to New Haven private mortgage lenders when:

  1. They need to remodel or repair the house to enable them to offer it at a much higher price or to ask for higher rents.

    Real example: one of our customers owned a 2-family rental property. He had already built up considerable equity in the property and the rent was a recurring income source. A handful of choice home enhancements would undoubtedly allow him to boost the cost of rent, but because of a low credit score of 520, it was extremely certain that a bank would turn down his mortgage application. Right after he approached Read Rock Capital for financing, we were able to complete a cash-out refinance for 65% of the duplex's value.

  2. They wish to consolidate their financial debts.

    Countless unsecured debts with various lending rates can be very overwhelming and challenging to keep tabs on. Due to this, some individuals borrow from their home equity to combine each of their debts into just one mortgage loan.

  3. They want to use the existing equity within a current property or home to work on a different real estate project.

    For example, a homeowner in Hawaii owned a home valued at $1.2M. Since it was challenging for him to secure a buyer for his home, he had identified someone who was wanting to lease it having an option to buy. The money that came from the lease contract paid for his ongoing mortgage expenses, home owner's insurance, and property taxes. The renter also agreed to pay two hundred thousand dollars as a downpayment for a 3 year lease. Using these sureties to take care of the home's expenses on an ongoing basis, he phoned Read Rock Capital to get a 70% LTV private mortgage loan to help with his upcoming investment. Meaning that he was able to make the down payment for his next property, and also help with his existing mortgage.

  4. They want assistance to meet the balloon payment for the current private loan.

    If an unexpected mishap hinders a borrower from meeting his balloon payment due date, he can contact a different loan provider to refinance. A cash-out refinance can help the person make the balloon payment and evade consequences.

Hoping to meet a private mortgage lender in New Haven to discuss funding programs for your upcoming project? Enter your info into the contact form or give us a call to talk about the property or properties you have in mind.

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