A lot of real estate investors go with private real estate financing to purchase a new property, or remodel or refinance an existing one. Unlike bank loans, New York private mortgage loans are fast closing, easy qualifying and accessible to self-employed borrowers.

Meaning that whether or not you have a good credit score, there is still a strong likelihood of getting private money for a real estate loan provided that your undertaking is regarded as profitable, you have enough money to use for the downpayment, you have shown yourself capable in the real estate market in the past, you have substantial equity in the home or you have a clear plan to pay off the loan. Furthermore, if you're searching for a fast closing, you will not see many alternatives better than New York private real estate mortgages.

Primarily, clients confer with New York private mortgage lenders to fund their real estate ventures when:

1. They need to remodel or make repairs to the home and property in order to market it at an increased price or to charge higher rents.

   To illustrate, one of our clients owned a twin-home / duplex. He held an abundance of equity available in the house and the rent checks generated routine income each month. He desired to complete some modifications to the place to be able to keep his rents high, but a low credit score of 520 meant that a bank would doubtless turn down the mortgage request. Right after he approached Read Rock Capital for a loan, we were glad to do a cash-out refinance at 65% of the property's assessed value.

2. They would like to combine their unpaid debts.

   Many people find it stressful to take care of countless payments every month. As a result, some individuals borrow from a property's equity to consolidate all of their debts into one single manageable payment.

3. They prefer to take advantage of their house's existing equity for another home purchase.

   By way of example, one of Island View's previous customers in Hawaii had a house valued above one million bucks. His plans to sell the house never transpired and he eventually was forced to settle for leasing the home to an interested party, with the option to purchase it at a later time. The rent checks were more than enough to take care of the cost of his ongoing mortgage bill, taxes and homeowner's insurance payments. The person also went ahead and paid him 200k for an advance payment for a 3 year lease. With the help of these assurances to cover the house's foreseeable bills, he stumbled on another promising real estate investment opportunity and approached Read Rock Capital for a private mortgage loan close to seventy percent of the property's appraised value. This allowed him to make the deposit for his next property, and also helped with his existing mortgage.

4. The balloon payment for a preexisting mortgage is owed soon and they are unable to handle it.

   If an unforeseen event prevents someone from making his balloon payment due date, he can find a new mortgage lender to refinance. A refinance will help the person hit the cut-off date for the balloon payment and prevent any fees and penalties.

Intending to discuss your financing plans with a private mortgage lender in New York? Fill out the contact form on this page or get in touch with us via phone and let's discuss your property or properties.