Numerous real estate investors go with private real estate financing to acquire a new home, or renovate or refinance one they already have. Central Falls private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are open to self-employed individuals.

This is a good thing for real estate investors considering that a person with lousy credit can opt for private money for a real estate loan so long as he has a deal that shows promise, he has plenty of cash for a downpayment, he has shown himself able in earlier real estate projects, and he has a plan for an exit strategy. And with fast closings of only 2 weeks, private real estate mortgages in Central Falls may very well be the perfect choice for ambitious real estate investors.

Commonly, clients get in contact with a private mortgage lender in Central Falls when:

1. They would like to renovate or fix up the home and property to allow them to market it at a higher price point or to bring in higher rents.

   E.g. one of our borrowers had a twin-home / duplex. He previously built considerable equity available in the building and the rent payments was a routine income source. He wanted to perform some improvements to the units so that he could keep his rents high, but a lower credit score of 520 meant that a bank would doubtless turn down his loan request. Shortly after he contacted Read Rock Capital for a loan, we were glad to do a cash-out refinance for 65% of the duplex's assessed value.

2. They want to combine their personal debts.

   Many people find that it's stressful to deal with countless payments on a monthly basis. To help make the situation more manageable, some people combine all of their outstanding debts into only one mortgage loan with one payment per month.

3. They prefer to release the existing equity in one property and use it to buy a different one.

   One of Island View's borrowers in Hawaii owned a home valued at $1.2 million. He wanted to sell the house but that never materialized and he ultimately had to settle for leasing the place, with the option to purchase it at a later date. The rent checks were more than enough to handle his monthly mortgage payment, taxes and cost of insurance. The tenant also went ahead and paid him two hundred thousand dollars as a downpayment for a three year agreement. These assurances meant he no longer had to be concerned about the property's ongoing expenses, and so when another great real estate opportunity came up, he reached out to Read Rock Capital and got a private mortgage loan at seventy percent loan to value. Meaning that he was able to make a deposit for his next investment, and also help with his current mortgage.

4. They want help to satisfy the balloon payment for a previous private loan.

   A person who invests in real estate and has a prior private mortgage loan and is not able to pay for the balloon payment because of a change in circumstances can fill out an application for refinancing from a new loan company. Refinancing prior to the term date enables you to meet the deadline for the balloon payment and stay clear of fees and penalties associated with failing to pay the balloon payment.

Looking to connect with a private mortgage lender in Central Falls to discuss funding programs for your next real estate investment? Complete the contact form or give us a call and let's discuss your property or properties.