Countless real estate investors count on private real estate financing to acquire a new property, or rehab or refinance an existing one. In contrast to loans from banks, Charlestown private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed customers.

So while you might don't have great credit, having a promising opportunity, a significant downpayment, past experience in real estate, and a clear-cut exit strategy are a great deal more crucial when it comes to being eligible for private money for a real estate loan. Furthermore, if you are searching for a fast closing, you won't come across any available alternatives better than Charlestown private real estate mortgages.

Typically, customers seek out a private mortgage lender in Charlestown when:

1. They would like to remodel or make repairs to the property so that they can market it at a much higher price point or to fetch higher rents.

   One example is a customer who owned a two-family rental. He already had a considerable amount of equity in the house and the rent brought in a steady income. A number of select home upgrades would help him bump up the cost of rent, but since he had a below average credit score of 520, it was extremely certain for a bank to turn down the loan application. When he approached Read Rock Capital to get a mortgage, we were pleased to complete a cash-out refinance for 65% of the property's market value.

2. They would like to merge each of their financial debts into one loan.

   Countless debts with a variety of rates are incredibly overwhelming and difficult to keep track of. In order to make the situation more manageable, some people combine all of their outstanding debts into just one line of credit with just one monthly payment.

3. They would like to employ the equity in one home and acquire a different one.

   Here is an example. A client located in Hawaii owned a house valued at $1.2M. When he could not procure a buyer for the property, he entered into a lease-option-to-buy contract with an interested party. The cash that came from the lease paid for his regular mortgage payment, home owner's insurance, and property taxes. The renter also agreed to pay 200k as a downpayment for a 3 year lease agreement. Using these sureties to handle the property's financial obligations on a recurring basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan to aid in his next real estate investment. This allowed him to pay an advance on the downpayment for the new property, and at the same time helped with his present mortgage.

4. They have an existing mortgage and are unable to pay the pending balloon payment.

   If someone can't make a balloon payment due to unforeseen causes, he can try to refinance his loan with an alternative mortgage lender. Refinancing before the due date helps the borrower to meet the due date for the balloon payment and stay clear of fines associated with failing to pay the balloon payment.

In search of a private mortgage lender in Charlestown to finance your real estate investment? Enter your info into the form on this page or get in touch with us via phone and let's discuss the property or properties you have in mind.