Private real estate financing means getting a short-term loan from a private company or individual person in order to buy, perform improvements on or refinance a home. Enfield private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are offered to self-employed individuals.

This means that even if your credit score just went through the wringer, you still have a high probability of obtaining private money for a real estate loan assuming that your real estate project is viewed to be profitable, you have ample money to put towards the down payment, you have proven yourself able in earlier real estate projects, you have considerable equity in the home or property or you have a legitimate plan to repay the loan. And having fast closings of only 2 weeks, private real estate mortgages in Enfield may very well be the perfect choice for serious real estate investors.

Frequently, customers pay a visit to Enfield private mortgage lenders to loan money for their real estate ventures when:

1. They're in search of capital to fix up a house and market it at a higher price or to up the lease amount for tenants.

   E.g. one of our clients owned a duplex. He had already built adequate equity available in the asset and the monthly rent checks was a recurring revenue stream. A handful of select home improvements would undoubtedly allow him to bump up the cost of rent, but having a poor credit score of 520, it was extremely probable for a bank to turn down his mortgage application. Shortly after he approached Read Rock Capital to get a mortgage, we were able to complete a cash-out refinance for 65% of the house's value.

2. They would like to combine all their debts into just one payment.

   Multiple outstanding debts with a range of rates can be extremely overwhelming and hard to keep track of. On that basis, numerous people get a loan against their home's equity to combine all of their unsecured debts into one single loan.

3. They wish to take advantage of the equity in an existing property or home to work on another real estate investment.

   For example, a borrower in Hawaii had a home valued at $1.2M. His idea was to sell the house but it did not work out and he eventually was forced to be content with leasing the house, with an option to buy at a later date. The rent amount was enough to take care of the cost of his ongoing mortgage bill, property taxes and insurance payments. The renter also put $200,000 for a non-refundable advance payment as part of signing the 3-year lease agreement. Using these sureties to take care of the property's bills on an ongoing basis, he called Read Rock Capital to get a 70% LTV private mortgage loan to aid in his upcoming purchase of an investment property. This let him pay an advance on the deposit for the new property, and at the same time helped with his present mortgage.

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

   A real estate investor who currently has an existing private mortgage and isn't able to afford the balloon payment because of a change in circumstances can submit an application for refinancing from an alternative loan company. Refinancing prior to the term date helps you to make the due date for the balloon payment and stay clear of fines in connection with failing to make the balloon payment.

Hoping to make contact with a private mortgage lender in Enfield to discuss loan alternatives for your next real estate investment? Enter your info into the form on this page or call us to talk about your project.