Private real estate financing means obtaining a short-term mortgage via a privately owned firm or individual with the intention to buy, perform upgrades on or refinance a property. Clifton private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also offered to self-employed borrowers.

That means that even if your credit score just went through the wringer, you still have a good chance of qualifying for private money for a real estate loan if your undertaking is deemed to be profitable, you have sufficient capital to use for the downpayment, you have proven yourself competent in prior real estate investments, you have sizeable equity contained in the property or home or you have an intelligible plan to pay off the loan. And with fast closings of just 2 weeks, private real estate mortgages in Clifton are the right choice for real estate investors.

Commonly, investors get a hold of a private mortgage lender in Clifton when:

1. They would like to update or repair the property or home so that they can sell it at an increased price point or to charge higher monthly rental fees.

   As an example, one of our borrowers owned a twin-home / duplex. He had a great deal of equity available in the property and the rent checks generated regular monthly income. Although several improvements to the property may have helped him collect higher rent, a bank would undoubtedly have turned down the loan request, considering that he had a credit score of merely 520. Accordingly, he turned to Read Rock Capital to get a cash-out refinance and acquired financing at 65% LTV.

2. They wish to consolidate debts.

   Numerous unsecured debts with a variety of lending rates are incredibly overwhelming and hard to keep an eye on. To successfully make the situation more manageable, some people combine all of their outstanding debts into just one mortgage loan with only one monthly payment.

3. They would like to capitalize on the equity within an existing home and property to work on an additional real estate project.

   For example, a borrower located in Hawaii had a property valued at $1.2M. When he was unable to find a buyer for the house, he agreed to a lease-option-to-buy contract with an interested party. The amount of rent was enough to cover his regular mortgage payment, taxes and cost of homeowner's insurance. The renter furthermore went ahead and paid 200k as a down payment for a 3-year agreement. With the help of these assurances to cover the home's foreseeable expenses, he came across a new real estate investment opportunity and contacted Read Rock Capital to obtain a private mortgage loan around seventy percent of the home's estimated value. This let him pay an advance on the downpayment for the new investment, and at the same time repay his current mortgage.

4. The balloon payment for their current private loan is owed soon and they can't handle it.

   A real estate investor who currently has an existing private mortgage loan and isn't able to afford the balloon payment as a result of a change in circumstances can apply for refinancing from another loan company. Refinancing right before the due date helps you to meet the due date for the balloon payment and avert any fees and penalties associated with failing to make the balloon payment.

Hoping to meet a private mortgage lender in Clifton to discuss loan programs for your upcoming real estate investment? Submit the form on this page or get in touch with us via phone and let's discuss the property you have in mind.