Many real estate investors rely on private real estate financing to buy a new property or home, or remodel or refinance one they already have. Whereas standard lenders, for example, banks require a prolonged, drawn out application process and are more than likely to hesitate to lend money to a self-employed client, private mortgage loans in East Lansing close fast and are easy to qualify for.

Thus, in case you don't have good credit, having a real estate opportunity with good potential, a substantial down payment, previous experience in real estate, and an intelligible exit strategy are a great deal more relevant in regards to being eligible for private money for a real estate loan. And having fast closings of just 2 weeks, private real estate mortgages in East Lansing are the right choice for serious real estate investors.

Ordinarily, clients talk to East Lansing private mortgage lenders to finance their real estate ventures when:

1. They're in search of funds to renovate a property and put it up for sale at a much higher price point or to rent it out at a higher monthly amount.

   Real example: one of our customers held a 2-family rental property. He'd already built up ample equity available in the asset and the monthly rent checks was a regular revenue stream. A handful of choice home improvements would help him boost the cost of rent, but having a poor credit score of 520, it was very certain for a bank to turn down the loan application. Thus, he reached out to Read Rock Capital to do a cash-out refinance and received a loan at 65% LTV.

2. They want to merge their debts into just one loan.

   Numerous unsecured debts with various interest rates can be very overwhelming and hard to keep track of. To set up a more workable situation, people merge all of their financial debts into an individual line of credit with just one monthly payment.

3. They want to make use of the existing equity in a current house to work on a different project.

   One of Island View's borrowers located in Hawaii had a home valued at $1M. Though it was hard for him to get an interested party for the property, he had identified someone that was ready to lease it with an option to purchase it. The rental agreement payouts helped him meet his current mortgage, property taxes and insurance. He also received a two hundred thousand dollars non-refundable advance payment for the three year lease agreement. With these sureties to take care of the house's foreseeable bills, he discovered another promising investment opportunity and approached Read Rock Capital to obtain a private mortgage loan nearly seventy percent of the property's valuation. This gave him plenty of capital to use for a downpayment or his next home, but also made it easier for him to pay down the existing mortgage.

4. They need help to satisfy the balloon payment for the current mortgage loan.

   If a borrower is not able to pay a balloon payment as a result of unanticipated causes, he can try to refinance his loan with a new lending company. Refinancing ahead of the due date helps the borrower to meet the deadline for the balloon payment and avoid fines associated with failing to pay the balloon payment.

Are you looking for a private mortgage lender in East Lansing to finance your investment purchase? Submit the contact form on this page or get in touch with us via phone to talk about your property.