Private Real Estate Mortgages in Exeter
Private real estate financing involves finding a short-term mortgage via a private firm or individual to be able to purchase, perform upgrades on or refinance a property or home. Exeter private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available to self-employed individuals.
That's why, while you might have lousy credit, having a promising opportunity, a considerable down payment, previous real estate experience, and a clear exit strategy are more crucial when it comes to being approved for private money for a real estate loan. Besides, if you need a fast closing, you will not find many available alternatives better than Exeter private real estate mortgages.
Typically, customers contact a private mortgage lender in Exeter when:
A rehab or renovation will make it possible to sell the home at a much higher price point or bring in additional rent.
By way of example, there was a borrower who owned a two-unit rental property. He had already built up ample equity in the building and the rent was a regular income source. Although some improvements to the place could have enabled him to ask for more rent, a bank would most likely have turned down his mortgage request, considering that his credit score was merely 520. When he contacted Read Rock Capital to get financing, we were able to complete a cash-out refinance for 65% of the house's assessed value.
They wish to merge each of their financial debts into one payment.
Many of us know how stressful it is to take care of multiple payments each month. In order to make the situation more manageable, some people merge each of their financial debts into just one loan with just one monthly payment.
They want to allocate their equity in one property and use it to invest in a different one.
One of our clients located in Hawaii owned a property worth over $1,000,000. His plans to sell the house didn't happen and he eventually was forced to be satisfied with leasing the place to an interested party, with an option to purchase it at a future date. The revenue that came from the lease took care of his continuing mortgage payment, home owner's insurance, and taxes. The tenant also gave two hundred thousand dollars for a non-refundable advance payment as he signed the 3 year lease agreement. With this collateral to cover the home's foreseeable bills, he discovered a new investment opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan close to seventy percent of the home's appraised value. This not only gave him plenty of money to put towards a deposit on his next property, but also made it easier for him to pay off the existing mortgage.
They already have an existing loan and are unable to pay the looming balloon payment.
If someone is not able to meet a balloon payment due to unexpected causes, he can seek to refinance the loan with a new loan provider. A refinance can help him hit the cut-off date for the balloon payment and prevent any penalty charges.
Looking for a private mortgage lender in Exeter to fund your investment purchase? Submit the form on this page or get in touch with us via phone to talk about the property or properties you have in mind.
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