A lot of real estate investors turn to private real estate financing to buy a new property or home, or update or refinance an existing one. Unlike bank loans, Dunbar private mortgage loans close fast, are easy to qualify for and accessible to self-employed applicants.

That's why, in case you have poor credit, having a real estate opportunity showing good potential, a significant down payment, prior experience in real estate, and a good exit strategy are far more crucial when being approved for private money for a real estate loan. Combined with fast closings of just fourteen days, private real estate mortgages in Dunbar may very well be the perfect choice for real estate investors.

Most individuals speak with Dunbar private mortgage lenders when:

1. They wish to update or repair the home so that they can sell it at an increased price or to bring in higher rents.

   One example is a client who held a two-family rental. He'd already built adequate equity available in the property and the monthly rent checks was a regular revenue stream. Although some remodeling work to the place may have enabled him to command more rent, a bank would undoubtedly have turned down his loan application, since his credit score was merely 520. After he got in touch with Read Rock Capital to get a mortgage, we were happy to complete a cash-out refinance at 65% of the duplex's appraised value.

2. They wish to merge all their outstanding debts into a single payment.

   Most people think it is stressful to deal with countless payments each month. To make the situation more reasonable, people merge their outstanding debts into just one loan with one monthly payment.

3. They want to use the existing equity within an existing house to work on a different real estate project.

   One of our clients located in Hawaii owned a residence worth over $1,000,000. His idea was to sell the house but it didn't work out and he finally had to settle for leasing the property to someone, with the option to purchase it down the road. The revenue that stemmed from the lease contract took care of his monthly mortgage payment, home owner's insurance, and taxes. The person furthermore went ahead and paid two hundred thousand dollars as a down payment for a three year lease agreement. With the help of these assurances to pay for the property's foreseeable bills, he came across a new real estate opportunity and got in touch with Read Rock Capital for a private mortgage loan around 70% of the property's valuation. The borrowed funds helped him put enough money towards a different investment and also repay his initial mortgage.

4. They already have a preexisting mortgage and are not able to afford the looming balloon payment.

   If someone is unable to pay a balloon payment due to unforeseen causes, he can try to refinance his loan with a new loan company. A cash-out refinance will help you complete the balloon payment and evade penalty.

Do you need a private mortgage lender in Dunbar to fund your real estate investment? Enter your info into the form or give us a call and let's talk about your property or properties.