A lot of real estate investors go with private real estate financing to purchase a new home or property, or renovate or refinance an existing one. Unlike bank loans, Cambridge private mortgage loans close fast, are easy to qualify for and obtainable by self-employed applicants.

This is great for real estate investors because even anyone with bad credit can qualify for private money for a real estate loan as long as he has a promising deal, he has adequate cash for a downpayment, he has demonstrated himself capable in earlier real estate investments, and has a preplanned exit strategy. And with fast closings of just two weeks, private real estate mortgages in Cambridge are an ideal alternative for ambitious real estate investors.

Frequently, people talk to Cambridge private mortgage lenders to fund their projects when:

1. They would like to renovate or fix up the home to enable them to offer it for sale at a much higher price or to ask for higher monthly rental fees.

   Real example: one of our clients held a two-family rental property. He already retained a considerable amount of equity available in the property and the monthly rent generated steady income. Some choice home upgrades would undoubtedly help him boost the cost of rent, but having a below average credit score of 520, it was very likely for a bank to turn down his loan application. Hence, the client got in contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance that got him financing for 65% of the duplex's value.

2. They would like to combine unpaid debts.

   Multiple outstanding debts with various interest rates can be quite overwhelming and hard to keep track of. This is the reason a lot of people choose to make the most of the equity in their house to combine each of their unsecured debts into only one mortgage which has a lone payment per month.

3. They want to allocate their existing equity in one home and use it to acquire a different one.

   By way of example, one of Island View's borrowers in Hawaii had a house valued in excess of a million bucks. Because it was difficult for him to find a buyer for the house, he had found a person who was open to lease it having the option to buy. The money that stemmed from the lease contract paid for his monthly mortgage payment, insurance, and taxes. The renter also gave two hundred thousand dollars for a non-refundable down payment when he signed the 3 year agreement. Having this collateral to take care of the home's foreseeable expenses, he came across a new real estate investment opportunity and contacted Read Rock Capital to obtain a private mortgage loan around seventy percent of the home's valuation. This enabled him to pay an advance on the downpayment for the new investment, and at the same time helped with his present mortgage.

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

   A person who invests in real estate and currently has an existing private mortgage loan and cannot afford the balloon payment because of a change in circumstances can apply for refinancing from an alternative loan company. A refinance can help him hit the due date for the balloon payment and steer clear of any fines.

Are you searching for a private mortgage lender in Cambridge to fund your investment purchase? Submit the form on this page or give us a call and let's discuss the property or properties you have in mind.