Countless real estate investors turn to private real estate financing to buy a new property, or update or refinance one they already own. Monticello private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are open to self-employed applicants.

So even if you don't have good credit, having a real estate opportunity with good potential, a substantial downpayment, previous experience, and a clear-cut exit strategy are much more relevant in regards to being qualified for private money for a real estate loan. In addition, the fast closing Monticello private real estate mortgages give you funding right away, helping you close on a deal within a few short weeks.

Generally, clients reach out to a private mortgage lender in Monticello when:

1. They are searching for funds to remodel a home and sell it at a much higher price or to rent it out for more money.

   To illustrate, one of our customers owned a duplex. He held an abundance of equity available in the building and the rent generated regular monthly income. Though some improvements to the units would have enabled him to collect higher rent, a bank would undoubtedly have turned down his loan request, considering that he had a credit score of merely 520. And so he came to Read Rock Capital to get a cash-out refinance and acquired financing at 65% LTV.

2. They want to consolidate their debts.

   Most people find it stressful to make multiple payments on a monthly basis. For this reason, some people make the decision to make the most of the equity available in their property to combine all of their outstanding debts into a single private loan with a single payment per month.

3. They prefer to take advantage of their house's equity for an additional real estate deal.

   As one example, a homeowner located in Hawaii owned his residence which was appraised at $1,200,000. While it was tough for him to secure a buyer for his home, he had identified someone who was open to lease it with an option to purchase it. The revenue that came from the lease contract took care of his regular mortgage expenses, home owner's insurance, and property taxes. The tenant furthermore agreed to pay him two hundred thousand dollars as a deposit for a 3 year lease contract. These sureties meant that he no longer needed to be concerned with the property's future expenses, and so when another great investment opportunity showed up, he came to Read Rock Capital and obtained a private mortgage loan at seventy percent loan to value. This gave him ample money to use for a deposit on his next property, but also helped him pay down the existing mortgage.

4. The balloon payment for an existing loan is owed soon and they are unable to pay it.

   If someone can't pay a balloon payment because of unanticipated causes, he can make an effort to refinance the loan with a new loan company. A refinance will help the borrower hit the cut-off date for the balloon payment and steer clear of any fees and penalties.

Hoping to meet a private mortgage lender in Monticello to talk about funding options for your upcoming real estate investment? Enter your info into the contact form on this page or give us a call to talk about the project you have in mind.