Private Real Estate Mortgages in Fond du Lac
Countless real estate investors count on private real estate financing to pay for a new home, or update or refinance one they already own. In contrast to bank loans, Fond du Lac private mortgage loans are fast closing, easy qualifying and offered to self-employed customers.
That is very good news for investors considering that even an individual with bad credit can opt for private money for a real estate loan so long as he has a promising project, he has sufficient cash for a down payment, he has demonstrated himself capable in earlier real estate investments, and he has a plan for an exit strategy. And with fast closings of just 14 days, private real estate mortgages in Fond du Lac are a perfect solution for ambitious real estate investors.
Usually, investors get in touch with a private mortgage lender in Fond du Lac when:
A rehab or renovation can help them offer the house for a higher price or fetch additional rent.
By way of example, we had this customer with a two-family rental. At the time, he had a lot of equity in the property and the rent payments delivered steady income. He wanted to perform some improvements to the place to be able to maintain high rents, but a lower credit score of 520 meant that a bank would undoubtedly turn down his mortgage request. Accordingly, he turned to Read Rock Capital for a cash-out refinance and got a loan at 65% LTV.
They want to combine all of their unsecured debts into just one loan.
Many people find that it's stressful to deal with countless payments each month. To successfully make the situation more manageable, people combine their debts into an individual line of credit with only one payment per month.
They wish to utilize the equity in an existing home to do a different project.
For instance, one of Island View's previous borrowers located in Hawaii had a house valued at more than a million bucks. His idea was to sell the house but it did not happen and he eventually had to settle for leasing the property to someone, with an option to purchase it at a future date. The funds that stemmed from the rental payments paid for his continuing mortgage payment, home owner's insurance, and property taxes. In addition, he received a $200k non-refundable deposit for the three year contract. These sureties meant he no longer had to be concerned about the property's ongoing expenses, and so when a new real estate investment opportunity came up, he found Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This not only gave him plenty of capital to use for a deposit on his next home, but also helped him pay down the current mortgage.
They have a previous loan and are unable to afford the looming balloon payment.
A person who invests in real estate and already has an existing private loan and isn't able to afford the balloon payment caused by a change in circumstances can fill out an application for refinancing from another company. A refinance will help the borrower hit the due date for the balloon payment and prevent any fees and penalties.
Hoping to discuss loan programs with a private mortgage lender in Fond du Lac? Submit the form or get in touch with us via phone and let's talk about the property you have in mind.
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