Private real estate financing involves obtaining a short-term mortgage through a private company or individual with the intention to purchase, carry out improvements on or refinance a property or home. Glastonbury private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are available to self-employed individuals.

That means that even if you don't have a very good credit score, you still have a good chance of getting private money for a real estate loan as long as your undertaking is viewed to be profitable, you have enough capital to use for the down payment, you have shown yourself able in real estate previously, you have significant equity contained in the home or property or you have a clear plan to pay back the loan. And with fast closings of 2 weeks, private real estate mortgages in Glastonbury are the right choice for serious real estate investors.

Normally, customers reach out to a private mortgage lender in Glastonbury when:

1. They wish to remodel or repair the home and property so they can offer it at a higher price point or to bring in higher monthly rental fees.

   To illustrate, a past borrower had a twin-home / duplex. He previously built up adequate equity available in the property and the rent payments was a routine source of income. He wanted to perform some modifications to the units to be able to keep his rents high, but a below average credit score of 520 meant a bank would doubtless turn down his mortgage request. So the borrower contacted Read Rock Capital (Read Rock Capital) to complete a cash-out refinance which got him a loan for 65% of the duplex's valuation.

2. They would like to combine financial debts.

   Multiple outstanding debts with a range of rates are too much to handle and tough to keep an eye on. To help make the situation more reasonable, people consolidate all their outstanding debts into one single line of credit with only one monthly payment.

3. They would like to make use of the equity in their current property or home to do a different real estate project.

   One of our clients in Hawaii had a property valued at $1M. He wanted to sell the house but that didn't happen and he eventually was forced to settle for leasing the house to someone, with an option to buy at a future date. The funds that stemmed from the lease covered his ongoing mortgage payment, home owner's insurance, and property taxes. The tenant also agreed to pay him two hundred thousand dollars as a down payment for a three year agreement. With the help of these sureties to pay for the property's foreseeable bills, he discovered another promising real estate investment opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan around seventy percent of the home's value. This not only gave him adequate cash to use for a deposit or his next home, but additionally made it easier for him to repay the current mortgage.

4. They need assistance to meet the balloon payment for the existing loan.

   If a borrower can't make a balloon payment thanks to unexpected factors, he can try to refinance his loan with another lending company. Refinancing right before the term date helps the borrower to meet the due date for the balloon payment and avoid penalties in connection with failing to pay the balloon payment.

Interested in discussing loan programs with a private mortgage lender in Glastonbury? Complete the contact form or give us a call to discuss the project you have in mind.