Countless real estate investors use private real estate financing to acquire a new property or home, or remodel or refinance one they already own. As opposed to bank loans, Lawrence private mortgage loans close fast, are easy to qualify for and available to self-employed borrowers.

That means that even if your credit score recently went through the wringer, you've still got a good chance of qualifying for private money for a real estate loan so long as your project is presumed to be profitable, you have adequate money to set aside for the down payment, you have shown yourself able in past real estate ventures, you have sizeable equity contained in the home or property or you have a clear plan to pay back the loan. In addition, Lawrence private real estate mortgages close fast to ensure that you get financing right away, helping you close a deal within two to three weeks.

In most cases, borrowers ask Lawrence private mortgage lenders to fund their projects when:

1. They want to renovate or repair the house to be able to market it at a much higher price point or to get higher rents.

   As an example, one of our clients owned a twin-home / duplex. He'd already built up considerable equity available in the property and the rent payments was a regular income source. A few select home enhancements would undoubtedly help him increase his rents, but because of a low credit score of 520, it was highly probable for a bank to turn down his loan application. So the borrower got into contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that in turn got him a loan for 65% of the property's appraised value.

2. They wish to combine personal debts.

   Many people find that it's stressful to deal with numerous payments each month. In order to make the situation more reasonable, people combine their debts into an individual line of credit with only one payment per month.

3. They would like to utilize the equity available in a current property to work on an additional project.

   For instance, one of Island View's customers in Hawaii had a property valued at over a million dollars. His plans to sell the house did not work out and he finally was forced to settle for leasing the house to an interested party, with an option to buy at a future time. The rent checks were adequate to take care of the cost of his ongoing mortgage bill, taxes and homeowner's insurance obligations. The renter furthermore went ahead and paid two hundred thousand dollars in the form of a downpayment for a 3-year lease. Using these sureties to cover the home's financial obligations on a recurring basis, he approached Read Rock Capital to get a seventy percent loan-to-value private mortgage loan to help with his upcoming purchase of an investment property. This means that he was able to make his down payment for his next investment, and also pay down his present mortgage.

4. They want assistance to meet the balloon payment for the current loan.

   If someone is unable to meet a balloon payment as a result of unexpected factors, he can make an effort to refinance the loan with a different loan company. A refinance will help him avoid missing the due date for the balloon payment and avoid fees and penalties.

Hoping to connect with a private mortgage lender in Lawrence to go over loan alternatives for your upcoming project? Enter your info into the contact form or get in touch with us via phone to talk about the property or properties you have in mind.