Numerous real estate investors count on private real estate financing to pay for a new home or property, or remodel or refinance one they already own. Cumberland Hill private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are offered to self-employed applicants.

Thus, in case you have bad credit, having a promising real estate opportunity, a significant downpayment, previous real estate experience, and a well-defined exit strategy are a great deal more crucial in regards to being approved for private money for a real estate loan. Combined with fast closings of just 14 days, private real estate mortgages in Cumberland Hill may very well be the right solution for ambitious real estate investors.

Typically, clients contact a private mortgage lender in Cumberland Hill when:

1. They want to find funds to fix a property or home and sell it for a higher price point or to up the lease amount for renters.

   For example, there was this client who owned a 2-family rental property. He held enough equity in the house and the rent generated routine income each month. While a few remodeling work to the units could have helped him command more rent, a bank would definitely have turned down his loan request, given that his credit score was merely 520. And so he came to Read Rock Capital to obtain a cash-out refinance and received financing at 65% LTV.

2. They want to consolidate their personal debts.

   Many of us find that it's stressful to manage multiple payments each month. To successfully arrange a more workable situation, some people combine all of their debts into one single line of credit with just one monthly payment.

3. They wish to utilize their home's existing equity for some other real estate deal.

   Here is an example. A borrower located in Hawaii had a home valued at $1,200,000. When he was not able to procure a buyer for the property, he entered into a lease-option-to-buy arrangement with someone. The cash that came from the lease covered his continuing mortgage bill, insurance, and taxes. The tenant also gave two hundred thousand dollars in the form of a non-refundable downpayment as he signed the 3 year lease. With the help of these assurances to pay for the property's foreseeable expenses, he came across a new investment opportunity and got in touch with Read Rock Capital for a private mortgage loan around seventy percent of the property's appraised value. The money helped him afford a different investment and in addition, pay down his primary mortgage.

4. They already have an existing loan and are unable to afford the looming balloon payment.

   A person who invests in real estate and currently has an existing private mortgage loan and isn't able to afford the balloon payment on account of a change of circumstances can submit an application for refinancing from an alternative lending company. A refinance can help the borrower hit the due date for the balloon payment and steer clear of any penalties.

Hoping to connect with a private mortgage lender in Cumberland Hill to talk about loan alternatives for your next real estate investment? Fill out the form on this page or call us to talk about the property you have in mind.