Private real estate financing helps investors buy, remodel or refinance a home or property via a short-term mortgage loan from a privately owned business or an individual. Contrary to loans from banks, Cliffside Park private mortgage loans are fast closing, have minimal eligibility criteria and accessible to self-employed borrowers.

This is a good thing for investors because even an individual with lousy credit can qualify for private money for a real estate loan as long as he has a promising project, he has sufficient money for a downpayment, he has shown himself able in the real estate market, and has a good exit strategy. What's more, Cliffside Park private real estate mortgages close fast to give you financing without delay, letting you close within a few short weeks.

Most real estate investors turn to Cliffside Park private mortgage lenders when:

1. A rehab or renovation can allow them to market the house for a higher price point or get extra rent.

   For instance, there was this client who owned a 2-family rental. He had already built up considerable equity available in the property and the rent was a routine revenue stream. Some select home improvements would help him bump up his rents, but since he had a bad credit score of 520, it was extremely likely for a bank to turn down the loan request. When he got in touch with Read Rock Capital to get a loan, we were able to do a cash-out refinance at 65% of the home's value.

2. They have multiple unsecured debts and would like to consolidate them.

   A lot of people find it stressful to make countless payments every month. To put together a more reasonable situation, people consolidate all of their outstanding debts into one single loan with only one payment per month.

3. They prefer to allocate the existing equity in one home or property and purchase another one.

   For instance, one of Island View's previous customers located in Hawaii had a house valued at over one million bucks. When he could not secure a buyer for the home, he inked a lease-option-to-buy contract with someone. The lease payouts served to meet his existing mortgage expenses, property taxes and insurance. He also was given a $200k non-refundable down payment for the three year lease agreement. Having these assurances to take care of the property's foreseeable expenses, he discovered another promising real estate opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan nearly 70% of the home's estimated value. This means that he was able to make the downpayment for the new investment, and also help with his present mortgage.

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

   If an unforeseen event prevents someone from hitting his balloon payment deadline, he could approach a different mortgage lender to refinance. A refinance will help the person hit the cut-off date for the balloon payment and avoid penalties.

Are you looking for a private mortgage lender in Cliffside Park to fund your investment purchase? Fill out the form or give us a call to discuss your property.