Private Real Estate Mortgages in Felton
Private real estate financing gives assistance to real estate investors who want to pay for, fix up or refinance a home using a short-term mortgage loan from a private firm or an individual. While typical lending institutions like banks require an extended, time consuming application process and are likely to hesitate to loan money to a self-employed customer, private mortgage loans in Felton close fast and are easy qualifying.
That's great news for investors because somebody with lousy credit can obtain a private money for a real estate loan so long as he has a deal that shows promise, he has enough money for a down payment, he has proven himself capable in past real estate investments, and he has a sensible exit strategy. In addition to this, if you are looking for a fast closing, you will not see many available alternatives better than Felton private real estate mortgages.
Generally, clients reach out to a private mortgage lender in Felton when:
They want funds to fix a home and property and put it up for sale for a much higher price point or to rent it out for more money.
E.g. one of our clients owned a duplex. At the time, he retained a significant amount of equity available in the property and the rent generated steady income. He wanted to perform some improvements to the units to help keep his rents high, but a lower credit score of 520 meant that a bank would turn down his mortgage request. Consequently, the customer contacted Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which got him a loan for 65% of the duplex's assessed value.
They're saddled with multiple debts and prefer to combine them.
Many of us find it stressful to deal with countless payments each and every month. Due to this fact, many individuals borrow from their home's equity to consolidate all of their unsecured debts into one loan.
They would like to take advantage of their house's equity for some other real estate deal.
Here is an example. A client located in Hawaii owned his residence which was appraised at $1,200,000. When he failed to secure a buyer for his house, he inked a lease-option-to-buy arrangement with somebody. The amount of rent was adequate to pay for the cost of his ongoing mortgage bill, property taxes and homeowner's insurance payments. The person also agreed to pay him two hundred thousand dollars for a down payment for a 3 year contract. These sureties meant he no longer had to worry about the home's future financial obligations, and so when another great investment opportunity came up, he reached out to Read Rock Capital and received a private mortgage loan at 70% loan to value. This not only gave him plenty of capital to put towards a deposit on his next home, but also helped him deal with the existing mortgage.
The balloon payment for a prior mortgage is owed soon and they are not able to handle it.
If a borrower is not able to pay a balloon payment as a result of unexpected causes, he can make an effort to refinance his loan with a different lending company. A refinance will help him avoid missing the due date for the balloon payment and prevent any fees and penalties.
Are you searching for a private mortgage lender in Felton to fund your investment purchase? Enter your info into the form on this page or give us a call and let's talk about your property.
A loan specialist will be in touch shortly