Private real estate financing helps investors buy, remodel or refinance a home utilizing a short-term mortgage from a privately owned firm or an individual. State College private mortgage loans have many advantages — they are fast closing, easy qualifying and are also available to self-employed individuals.

It means that no matter the quality of your credit score, there is still a strong likelihood of qualifying for private money for a real estate loan provided that your investment is regarded as profitable, you have ample money to use for the downpayment, you have proven yourself capable in past real estate investments, you have significant equity in the property or home or you can show a legitimate plan to take care of the loan. Furthermore, if you need a fast closing, there are no better options than State College private real estate mortgages.

Most individuals speak with State College private mortgage lenders when:

1. A rehab or renovation can help to offer the house at a higher price or ask for significantly more rent.

   By way of example, we had a borrower who owned a two-unit rental property. He had already built up a good amount of equity in the property and the monthly rent checks was a recurring source of income. A handful of select home improvements would allow him to bump up his rents, but because of a low credit score of 520, it was very likely for a bank to turn down his mortgage application. When he got in contact with Read Rock Capital to get a mortgage, we were able to do a cash-out refinance for 65% of the house's market value.

2. They would like to combine their debts.

   Multiple unsecured debts with different rates can be very overwhelming and difficult to keep an eye on. To successfully arrange a more reasonable situation, people merge each of their financial debts into an individual line of credit with only one monthly payment.

3. They want to release the equity in one home or property and purchase another one.

   One of Island View's clients located in Hawaii owned a home valued at $1M. Because it was challenging for him to get an interested party for the place, he had found an individual who was wanting to lease it having an option to purchase it. The rent amount was more than enough to pay for the cost of his ongoing mortgage bill, property taxes and homeowner's insurance payments. The person furthermore went ahead and paid him two hundred thousand dollars in the form of a deposit for a 3-year agreement. Having these assurances to handle the home's financial obligations on a regular basis, he contacted Read Rock Capital to get a 70% loan-to-value private mortgage loan to aid in his subsequent investment. Meaning that he could make a downpayment for his next investment, and also help with his present mortgage.

4. The balloon payment for their current private loan is due and they are not able to handle it.

   If a person is unable to meet a balloon payment due to unexpected factors, he can make an effort to refinance the loan with a different lender. A cash-out refinance will help the borrower make the balloon payment and evade fines.

Are you searching for a private mortgage lender in State College to help you afford your real estate investment? Complete the form or give us a call and let's talk about the project you have in mind.