Countless real estate investors rely upon private real estate financing to pay for a new property, or renovate or refinance an existing one. Although standard lending institutions such as banks have a lengthy, time consuming application process and in all likelihood will hesitate to loan money to a self-employed borrower, private mortgage loans in Elizabethtown close fast and are easy qualifying.

This is good news for real estate investors since even someone with lousy credit can opt for private money for a real estate loan as long as he has a promising deal, he has adequate money for a down payment, he has shown himself able in past real estate projects, and he can show a preplanned exit strategy. In addition to this, if you are looking for a fast closing, you won't see any options better than Elizabethtown private real estate mortgages.

Primarily, customers talk to Elizabethtown private mortgage lenders to fund their endeavors when:

1. They want to renovate or make repairs to the home and property to allow them to offer it for sale at a higher price or to get higher monthly rental fees.

   One example is an applicant who held a two-family rental property. He held plenty of equity in the building and the rent brought in regular monthly income. While some upgrades to the units might have helped him command higher rent, a bank would have turned down his loan application, due to the fact he had a credit score of merely 520. So the client approached Read Rock Capital (Read Rock Capital) to do a cash-out refinance which in turn got him financing for 65% of the property's assessed value.

2. They need to combine their unpaid debts.

   Countless outstanding debts with varying interest rates are too much to handle and hard to keep an eye on. Due to this, some individuals borrow from a property's equity to combine their debts into one mortgage loan.

3. They want to allocate their existing equity in one home or property and use it to acquire a different one.

   For example, a client located in Hawaii owned his residence which was appraised at $1,200,000. His plans to sell the house did not work out and he ultimately had to be content with leasing the property to someone, with the option to purchase it at a future time. The amount of rent was enough to cover his ongoing mortgage payment, property taxes and insurance obligations. The tenant also gave $200,000 for a non-refundable deposit as he signed the 3 year lease. Having this collateral to cover the property's foreseeable financial obligations, he stumbled on another great real estate investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan nearly seventy percent of the home's estimated value. Meaning that he was able to make a deposit for the new investment, and also repay his existing mortgage.

4. They need help to meet the balloon payment for a previous private loan.

   If an unexpected event hinders someone from meeting his balloon payment deadline, he could contact a new loan provider to refinance. A refinance will help the borrower avoid missing the cut-off date for the balloon payment and avoid penalty charges.

Planning to discuss financing options with a private mortgage lender in Elizabethtown? Submit the contact form or call us and let's discuss the property you have in mind.