A lot of real estate investors rely on private real estate financing to buy a new property, or remodel or refinance one they already own. Contrary to bank loans, Billerica private mortgage loans are fast closing, easy qualifying and offered to self-employed applicants.

Which means that even if your credit score just went through the wringer, there is still a strong likelihood of receiving private money for a real estate loan assuming that your project is viewed to be profitable, you have enough capital to set aside for the downpayment, you have demonstrated yourself able in prior real estate investments, you have sizeable equity in the home or you can show a well-defined plan to pay back the loan. Furthermore, if you are hoping for a fast closing, you will not see many alternatives better than Billerica private real estate mortgages.

In general, clients reach out to a private mortgage lender in Billerica when:

1. They are searching for capital to fix up a house and offer it at a much higher price or to up the lease amount for renters.

   One example is a borrower who operated a two-unit rental property. He had already built up adequate equity available in the house and the rent payments was a recurring source of income. Some choice home improvements would allow him to increase the cost of rent, but having a lower credit score of 520, it was very likely that a bank would turn down his loan request. When he contacted Read Rock Capital for a loan, we were glad to do a cash-out refinance at 65% of the house's appraised value.

2. They would like to merge their outstanding debts into just one payment.

   Countless unsecured debts with different interest rates are often rather overwhelming and challenging to keep an eye on. To successfully make the situation more manageable, some people combine each of their unsecured debts into one single loan with only one monthly payment.

3. They want to use their house's equity for an additional home purchase.

   For example, a homeowner located in Hawaii owned a property appraised at $1,200,000. When he failed to find a buyer for the house, he entered into a lease-option-to-buy deal with an interested party. The rental agreement payments helped him meet his existing mortgage, taxes and insurance. The renter also put $200k towards a non-refundable down payment as part of signing the three year contract. These assurances meant he did not have to concern himself with the property's future financial obligations, and as a result, when a new real estate opportunity surfaced, he came to Read Rock Capital and received a private mortgage loan at seventy percent loan to value. This not only gave him enough capital to put towards a downpayment on his next investment, but additionally made it easier for him to deal with the existing mortgage.

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

   If an unexpected incident prevents a person from making his balloon payment due date, he can seek out another lender to refinance. A refinance can help him hit the due date for the balloon payment and prevent any fees and penalties.

Looking to discuss your financing options with a private mortgage lender in Billerica? Enter your info into the form or call us to discuss the property or properties you have in mind.