Private real estate financing involves finding a short-term mortgage loan through a privately owned business or individual person with the intention to purchase, perform upgrades on or refinance a property or home. Bangor private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are available for self-employed individuals.

That means that even if your credit score just went through the wringer, you still have a high probability of qualifying for private money for a real estate loan if your investment is regarded as profitable, you have adequate money to use for the down payment, you have proven yourself competent in real estate in the past, you have sizeable equity in the home or you have a clear-cut plan to repay the loan. In addition, the fast closing Bangor private real estate mortgages provide you with funding right away, allowing you to close a deal within 2 or 3 weeks.

Most borrowers talk with Bangor private mortgage lenders when:

1. They need to update or repair the property to allow them to offer it for sale at an increased price point or to charge higher monthly rental fees.

   To illustrate, one of our clients had a twin-home / duplex. He held a great deal of equity in the house and the rent brought in routine monthly income. A handful of select home upgrades would allow him to boost his rental prices, but since he had a below average credit score of 520, it was highly certain that a bank would turn down the mortgage application. When he contacted Read Rock Capital for a mortgage, we were glad to complete a cash-out refinance for 65% of the duplex's appraised value.

2. They wish to merge all their outstanding debts into one single payment.

   Multiple outstanding debts with a range of interest rates are often too much to handle and tough to keep tabs on. This is why many people make the decision to make use of the equity available in their property to merge their outstanding debts into just one private mortgage which has a single payment per month.

3. They would like to take advantage of the existing equity in an existing home and property to do an additional project.

   For instance, one of our previous customers located in Hawaii had a property valued at over a million bucks. While it was difficult for him to get a buyer for the home, he had found someone that was open to lease it with an option to purchase it. The income that came from the lease paid for his continuing mortgage payment, insurance, and property taxes. The tenant also agreed to pay him two hundred thousand dollars in the form of an advance payment for a 3-year contract. The signed agreement meant that he did not have to worry about the property's ongoing expenses, and as a result, when a new real estate opportunity showed up, he reached out to Read Rock Capital and obtained a private mortgage loan at seventy percent LTV. This allowed him to make the downpayment for his next property, and also repay his existing mortgage.

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

   A person who invests in real estate and currently has an existing private loan and isn't able to pay for the balloon payment thanks to a change in circumstances can apply for refinancing from an alternative lending company. A refinance can help the borrower avoid missing the cut-off date for the balloon payment and avoid penalties.

Hoping to find a private mortgage lender in Bangor to fund your real estate investment? Complete the form or call us and let's talk about your project.