Countless real estate investors count on private real estate financing to acquire a new home, or remodel or refinance an existing one. Chestertown private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are offered to self-employed borrowers.

Thus, while you might have poor credit, having a real estate opportunity showing promise for profits, a sizeable down payment, previous real estate experience, and a well-defined exit strategy are more important in regards to qualifying for private money for a real estate loan. And with fast closings of only 14 days, private real estate mortgages in Chestertown are an ideal choice for real estate investors.

Most borrowers talk with Chestertown private mortgage lenders when:

1. They want to update or repair the property or home to allow them to offer it for sale at a much higher price point or to ask for higher rents.

   E.g. one of our customers had a duplex. He had a great deal of equity available in the property and the rent brought in regular income each month. Though several remodeling work to the property could have helped him ask for more rent, a bank would have turned down his mortgage request, because he had a credit score of only 520. After he approached Read Rock Capital for a loan, we were pleased to do a cash-out refinance for 65% of the duplex's assessed value.

2. They would like to combine financial debts.

   Multiple outstanding debts with varying lending rates can be very overwhelming and difficult to keep an eye on. Because of this, numerous people make the decision to make the most of the equity available in their property to combine their unsecured debts into one private loan which has a single payment per month.

3. They wish to utilize their property's existing equity for another home purchase.

   For example, a client in Hawaii had a house valued at $1,200,000. He wanted to sell the house but that never transpired and he ultimately was forced to be content with leasing the place to someone, with the option to purchase it down the road. The money that came from the lease contract took care of his regular mortgage payment, home owner's insurance, and property taxes. He also was given a $200k non-refundable down payment for the three year contract. Having this collateral to pay for the home's foreseeable expenses, he came across a new real estate opportunity and approached Read Rock Capital for a private mortgage loan close to seventy percent of the home's value. This means that he could make the down payment for his next property, and also pay down his current mortgage.

4. The balloon payment for an existing loan is owed soon and they cannot handle it.

   If a person cannot meet a balloon payment as a result of unexpected factors, he can attempt to refinance his loan with a new loan company. Refinancing ahead of the due date helps you to meet the deadline for the balloon payment and avoid penalties in connection with failing to make the balloon payment.

Wanting to meet a private mortgage lender in Chestertown to go over financing options for your upcoming project? Submit the form or give us a call to discuss your project.