Many real estate investors turn to private real estate financing to purchase a new home, or update or refinance one they already own. Burton private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are available for self-employed individuals.

That's why, while you might don't have great credit, having a promising opportunity, a significant downpayment, previous experience in real estate, and a clear-cut exit strategy are far more important when qualifying for private money for a real estate loan. What's more, Burton private real estate mortgages close fast to grant you financing without delay, allowing you to close a deal within 2 or 3 weeks.

Most borrowers depend on Burton private mortgage lenders when:

1. They want to find capital to remodel a property or home and sell it for a higher price point or to up the lease amount for renters.

   Real example: one of our customers operated a two-unit rental. He already had a considerable amount of equity available in the property and the rent payments generated steady income. He sought to do some modifications to the place to help maintain high rents, but a lower credit score of 520 meant a bank would doubtless turn down his mortgage request. For that reason, the client called Read Rock Capital (Read Rock Capital) to do a cash-out refinance which in turn gave him financing for 65% of the property's market value.

2. They have multiple unsecured debts and wish to combine them.

   Numerous outstanding debts with varying interest rates can be very overwhelming and difficult to keep tabs on. On that basis, some individuals do a loan against a property's equity to combine all their financial debts into one manageable payment.

3. They wish to use their house's existing equity for another home purchase.

   To provide an example, a homeowner located in Hawaii had a property appraised at $1.2M. When he was unable to secure a buyer for his house, he agreed to a lease-option-to-buy deal with an interested party. The rent amount was sufficient to pay for the cost of his monthly mortgage bill, property taxes and homeowner's insurance payments. The tenant additionally included two hundred thousand dollars for a non-refundable down payment as part of signing the 3 year lease agreement. These assurances meant he no longer needed to be concerned about the home's future expenses, and thus, when a new real estate opportunity showed up, he came to Read Rock Capital and got a private mortgage loan at seventy percent loan to value. This let him pay an advance on the down payment for his next property, and at the same time pay down his current mortgage.

4. They have an existing mortgage and cannot afford the pending balloon payment.

   A person who invests in real estate and has a previous private loan and is not able to afford the balloon payment because of a change of circumstances can fill out an application for refinancing from a different company. Refinancing right before the term date helps the borrower to make the deadline for the balloon payment and avoid penalties related to failing to pay the balloon payment.

Want to discuss your mortgage options with a private mortgage lender in Burton? Fill out the form on this page or give us a call to talk about your property.