Private Real Estate Mortgages in Chambersburg

Private real estate financing means getting a short-term loan through a private business or individual as a way to purchase, carry out improvements on or refinance a home or property. While conventional lenders such as banks require a lengthy, drawn out application process and in all likelihood will hesitate to loan money to a self-employed client, private mortgage loans in Chambersburg close fast and are easy qualifying.

That's good for investors because even somebody with poor credit can opt for private money for a real estate loan given that he has a deal that shows promise, he has adequate cash for a downpayment, he has demonstrated himself competent in earlier real estate projects, and he has a plan for an exit strategy. And having fast closings of only two weeks, private real estate mortgages in Chambersburg may very well be the ideal solution for ambitious real estate investors.

Generally, clients get a hold of a private mortgage lender in Chambersburg when:

  1. A remodeling job or restoration will help them market the home at a much higher price point or bring in significantly more rent.

    E.g. a past client owned a duplex. He had already built up sufficient equity in the building and the monthly rent checks was a recurring source of income. He wanted to complete some upgrades to the place to help maintain high rents, but a low credit score of 520 meant a bank would undoubtedly turn down the mortgage request. After he got in touch with Read Rock Capital to get a loan, we were glad to do a cash-out refinance at 65% of the home's assessed value.

  2. They've got numerous debts and desire to consolidate them.

    Multiple debts with different rates are very overwhelming and hard to manage. This is why a lot of people make the decision to make the most of the equity in their residence to merge each of their financial debts into only one loan with a single monthly payment.

  3. They would like to take advantage of their house's equity for some other real estate deal.

    One of our customers in Hawaii owned a residence valued at over $1,000,000. When he failed to procure a buyer for his home, he inked a lease-option-to-buy arrangement with an interested party. The cash that stemmed from the lease contract took care of his regular mortgage bill, insurance, and property taxes. The renter furthermore went ahead and paid two hundred thousand dollars as an advance payment for the 3 year lease contract. With this collateral to pay for the home's foreseeable expenses, he ran across a new real estate opportunity and contacted Read Rock Capital for a private mortgage loan close to 70% of the home's value. This gave him more than enough capital to use for a down payment or his next investment, but additionally made it easier for him to pay off the current mortgage.

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

    A real estate investor who already has an existing private loan and cannot afford the balloon payment caused by a change in circumstances can apply for refinancing from a new lender. Refinancing before the due date enables the borrower to make the deadline for the balloon payment and avert any penalties in connection with failing to pay the balloon payment.

Are you looking for a private mortgage lender in Chambersburg to fund your investment purchase? Enter your info into the form or get in touch with us via phone and let's discuss the property you have in mind.

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Investment property loans only please, no primary residences at this time.