Countless real estate investors turn to private real estate financing to buy a new home, or remodel or refinance one they already own. Blaine private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are available for self-employed applicants.

Thus, while it's possible you have poor credit, having a real estate opportunity showing promise for profits, a significant downpayment, prior real estate experience, and a good exit strategy are much more crucial in regards to being approved for private money for a real estate loan. And having fast closings of only 14 days, private real estate mortgages in Blaine are the right solution for serious real estate investors.

Most borrowers work with Blaine private mortgage lenders when:

1. They are searching for money to renovate a property or home and offer it for sale at a higher price point or to rent it out at a higher monthly amount.

   As an illustration, one of our clients held a 2-family rental property. He had plenty of equity available in the asset and the rent payments generated regular monthly income. He wanted to complete some renovation to the place in order to keep his rents high, but a below average credit score of 520 meant a bank would undoubtedly turn down his loan request. When he got in touch with Read Rock Capital to obtain financing, we were able to do a cash-out refinance at 65% of the home's assessed value.

2. They're saddled with numerous personal debts and would like to combine them.

   Countless outstanding debts with a variety of lending rates can be too much to handle and difficult to keep track of. This is why a lot of people opt to take advantage of the equity available in their residence to merge all their outstanding debts into a single private mortgage loan with a lone payment per month.

3. They want to utilize the existing equity within their current home to do another real estate project.

   One of Island View's clients in Hawaii owned a property valued at $1.2 million. Since it was difficult for him to find an interested party for the home, he had someone who was ready to lease it having the option to buy. The rental agreement income served to meet his existing mortgage expenses, taxes and homeowner's insurance. Additionally, he received a two hundred thousand dollars non-refundable downpayment for the 3 year lease agreement. These sureties meant he no longer had to concern himself with the property's future expenses, and so when a new real estate opportunity came up, he reached out to Read Rock Capital and received a private mortgage loan at seventy percent loan to value. This allowed him to pay an advance on the downpayment for his next investment, and at the same time repay his current mortgage.

4. They have an existing private loan and are not able to afford the looming balloon payment.

   If an unforeseen event stops a borrower from meeting his balloon payment deadline, he can approach a different company to refinance. A refinance can help him avoid missing the cut-off date for the balloon payment and avoid fines.

Trying to find a private mortgage lender in Blaine to finance your real estate investment? Enter your info into the form or call us and let's talk about the property or properties you have in mind.