Private real estate financing gives assistance to real estate investors who want to pay for, remodel or refinance a property via a short-term mortgage from a privately owned firm or an individual. Although traditional lenders such as banks have a prolonged, drawn out application process and are more than likely to be reluctant to give money to a self-employed client, private mortgage loans in Norwich close fast and are easy qualifying.

That's why, even if you have lousy credit, having a promising opportunity, a significant downpayment, past real estate experience, and a clear-cut exit strategy are more relevant when it comes to qualifying for private money for a real estate loan. Besides, if you are looking for a fast closing, you won't find any available alternatives better than Norwich private real estate mortgages.

Most individuals talk with Norwich private mortgage lenders when:

1. They're in search of capital to repair a property or home and market it at a higher price point or to rent it out for more money.

   As an illustration, one of our applicants owned a 2-family rental property. He previously built adequate equity available in the building and the monthly rent checks was a recurring source of income. He desired to perform some improvements to the units in order to maintain high rents, but a below average credit score of 520 meant a bank would undoubtedly turn down his loan application. Thus, he turned to Read Rock Capital to do a cash-out refinance and obtained financing at 65% LTV.

2. They've got multiple debts and want to consolidate them.

   Multiple unsecured debts with varying interest rates are quite overwhelming and hard to keep tabs on. Because of this, numerous people choose to take advantage of the equity in their residence to merge all of their unsecured debts into a single loan which has a lone payment per month.

3. They want to utilize their home's existing equity for another home purchase.

   Here is an example. A client in Hawaii had his residence which was appraised at $1.2M. When he was not able to procure a buyer for the house, he entered into a lease-option-to-buy arrangement with an interested party. The rental agreement income helped him meet his existing mortgage expenses, property taxes and homeowner's insurance. The renter additionally included two hundred thousand dollars in the form of a non-refundable deposit as part of signing the three year lease contract. With the help of this collateral to pay for the house's foreseeable expenses, he stumbled on another great real estate investment opportunity and got into contact with Read Rock Capital for a private mortgage loan close to seventy percent of the home's estimated value. This not only gave him adequate capital to use for a down payment or his next investment, but also made it easier for him to repay the current mortgage.

4. They need assistance to meet the balloon payment for a previous private loan.

   If a person is not able to meet a balloon payment resulting from unforeseen causes, he can attempt to refinance the loan with another mortgage company. A refinance can help him avoid missing the due date for the balloon payment and steer clear of any consequences.

Want to discuss financing options with a private mortgage lender in Norwich? Enter your info into the form or get in touch with us via phone to talk about the property you have in mind.