Private Real Estate Mortgages in Newport News

Numerous real estate investors depend on private real estate financing to purchase a new property, or rehab or refinance one they already have. Unlike bank loans, Newport News private mortgage loans are fast closing, have minimal eligibility criteria and available to self-employed individuals.

Meaning that even if you do not have a great credit score, there is still a strong likelihood of qualifying for private money for a real estate loan as long as your investment is regarded as profitable, you have adequate money reserved for the down payment, you have shown yourself able in the real estate market previously, you have considerable equity in the property or you have a clear-cut plan to pay back the loan. And with fast closings of only two weeks, private real estate mortgages in Newport News may very well be the perfect choice for real estate investors.

Normally, investors get in touch with a private mortgage lender in Newport News when:

  1. They're in search of capital to repair a property and offer it at a much higher price or to up the lease amount for renters.

    As an example, one of our clients owned a duplex. He previously built sufficient equity available in the property and the rent payments was a routine source of income. Though some improvements to the property may have helped him charge higher rent, a bank would likely have turned down the loan request, given that his credit score was a mere 520. And so he came to Read Rock Capital for a cash-out refinance and acquired a loan at 65% LTV.

  2. They want to consolidate personal debts.

    A lot of people think it is stressful to take care of multiple payments every month. This is why numerous people make the decision to take advantage of the equity available in their house to combine all their debts into a single private mortgage loan with a single payment per month.

  3. They want to use the existing equity within their current property to work on an additional project.

    For instance, one of our past customers located in Hawaii had a place appraised at over one million bucks. When he was unable to procure a buyer for his house, he inked a lease-option-to-buy deal with an interested party. The cash that stemmed from the lease took care of his regular mortgage payment, insurance, and property taxes. The renter furthermore consented to pay 200k for a deposit for the 3-year lease agreement. Having these sureties to take care of the home's financial obligations on an ongoing basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan to aid in his subsequent purchase of an investment property. Meaning that he could make a deposit for his next investment, and also repay his current mortgage.

  4. They already have a preexisting mortgage and are unable to pay the pending balloon payment.

    If someone can't make a balloon payment due to unanticipated factors, he can make an effort to refinance the loan with a different mortgage company. Refinancing right before the term date helps the borrower to meet the deadline for the balloon payment and stay clear of fees and penalties associated with missing the balloon payment.

Trying to find a private mortgage lender in Newport News to help you afford your real estate investment? Enter your info into the contact form on this page or get in touch with us via phone and let's discuss your property or properties.

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