Private real estate financing gives assistance to investors who want to purchase, remodel or refinance a property or home utilizing a short-term mortgage from a privately owned firm or an individual. Glen Cove private mortgage loans have many advantages — they close fast, are easy to qualify for and are also available to self-employed individuals.

Which means that even if your credit score recently went through the wringer, there is still a strong likelihood of obtaining private money for a real estate loan as long as your project is regarded as profitable, you have adequate money to use for the down payment, you have shown yourself able in the real estate market in the past, you have sizeable equity in the home or you can show a clear-cut plan to pay back the balance of the loan. In addition to this, if you are hoping for a fast closing, there are few options better than Glen Cove private real estate mortgages.

Usually, people get a hold of a private mortgage lender in Glen Cove when:

1. They are in need of capital to repair a property and sell it at a much higher price point or to rent it out for more money.

   Real example: one of our customers held a two-unit rental property. He'd already built up a good amount of equity available in the property and the rent was a routine source of income. Although a few remodeling work to the units could have enabled him to ask for higher rent, a bank would definitely have turned down the loan application, because his credit score was merely 520. When he got in contact with Read Rock Capital for a loan, we were able to complete a cash-out refinance for 65% of the property's assessed value.

2. They wish to combine their financial debts into just one payment.

   Countless debts with a range of interest rates can be very overwhelming and hard to keep track of. This is why many people choose to take advantage of the equity available in their residence to merge each of their financial debts into one loan with a single monthly payment.

3. They would like to utilize their home's equity for another purchase.

   To provide an example, a borrower in Hawaii owned a home appraised at $1.2M. His plans to sell the house never materialized and he finally had to be satisfied with leasing the house to an interested party, with an option to purchase it at a future time. The amount of rent was more than enough to pay for his ongoing mortgage payment, property taxes and cost of insurance. The renter also consented to pay him $200,000 as an advance payment for the 3-year contract. Having these sureties to cover the property's bills on a regular basis, he approached Read Rock Capital to get a seventy percent LTV private mortgage loan for his subsequent real estate investment. This gave him ample money to put towards a down payment or his next home, but also helped him pay off the existing mortgage.

4. They want assistance to meet the balloon payment for the existing mortgage.

   A real estate investor who currently has an existing private mortgage and cannot afford the balloon payment caused by a change of circumstances can fill out an application for refinancing from another lender. A refinance will help the borrower hit the cut-off date for the balloon payment and steer clear of any consequences.

Looking to discuss loan programs with a private mortgage lender in Glen Cove? Complete the form on this page or get in touch with us via phone to talk about the property you have in mind.