Private real estate financing helps investors buy, remodel or refinance a property via a short-term loan from a private company or an individual. Chicopee private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available to self-employed individuals.

Which means that whether or not you have a good credit score, there is still a strong likelihood of getting private money for a real estate loan so long as your project is regarded as profitable, you have ample money available for the down payment, you have shown yourself competent in the real estate market in the past, you have considerable equity contained in the property or home or you can show a clear-cut plan to take care of the loan. Furthermore, if you would like a fast closing, there are no better options than Chicopee private real estate mortgages.

Most individuals turn to Chicopee private mortgage lenders when:

1. They want to remodel or fix up the home and property so that they can market it at a much higher price point or to fetch higher monthly rental fees.

   E.g. a past investor owned a duplex. He'd already built adequate equity in the building and the rent was a routine source of income. He desired to do some renovation to the property in order to maintain high rents, but a low credit score of 520 meant that a bank would turn down his loan application. After he got into contact with Read Rock Capital to get a loan, we were glad to do a cash-out refinance at 65% of the duplex's appraised value.

2. They wish to combine their personal debts.

   Numerous unsecured debts with a range of lending rates are often rather overwhelming and tough to keep an eye on. This is the reason some people choose to take advantage of the equity in their home to combine their debts into a single private loan with a single monthly payment.

3. They want to employ the existing equity in one property or home and use it to purchase a different one.

   To provide an example, a client located in Hawaii had a home appraised at $1,200,000. When he could not procure a buyer for the home, he signed a lease-option-to-buy arrangement with an interested party. The revenue that stemmed from the rental payments covered his regular mortgage bill, home owner's insurance, and property taxes. The renter also consented to pay $200,000 for a down payment for a 3-year lease agreement. These sureties meant that he did not have to be concerned about the home's future financial obligations, and as a result, when a new real estate opportunity surfaced, he found Read Rock Capital and received a private mortgage loan at seventy percent LTV. The loan helped him afford a different investment and in addition, pay off his original mortgage.

4. They have a previous loan and can't afford the pending balloon payment.

   If an unforeseen mishap prevents someone from hitting his balloon payment deadline, he can approach another lender to refinance. A cash-out refinance helps the person make the balloon payment and escape fines.

Do you need a private mortgage lender in Chicopee to fund your investment purchase? Enter your info into the form on this page or give us a call to talk about your project.