Countless real estate investors depend on private real estate financing to buy a new property or home, or rehab or refinance one they already have. Glendive private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available to self-employed borrowers.

That means that even if you don't have a great credit score, there is still a strong likelihood of obtaining private money for a real estate loan provided that your undertaking is deemed to be profitable, you have ample money reserved for the downpayment, you have proven yourself able in prior real estate projects, you have substantial equity contained in the home or property or you can show a well-defined plan to pay back the balance of the loan. Furthermore, if you are hoping for a fast closing, you will not come across many alternatives better than Glendive private real estate mortgages.

In general, clients get in touch with a private mortgage lender in Glendive when:

1. A rehab or renovation can allow them to offer their property at a much higher price point or charge extra rent.

   For example, we had a borrower who owned a 2-family rental property. He'd already built ample equity in the asset and the rent payments was a recurring source of income. A handful of select home renovations would undoubtedly help him increase the cost of rent, but having a poor credit score of 520, it was highly certain for a bank to turn down his mortgage application. When he approached Read Rock Capital for a loan, we were pleased to do a cash-out refinance for 65% of the home's valuation.

2. They've got numerous outstanding debts and wish to combine them.

   Numerous outstanding debts with various rates can be too much to handle and difficult to keep tabs on. To successfully arrange a more manageable situation, some people consolidate each of their financial debts into one single loan with just one monthly payment.

3. They wish to use the equity available in their current home and property to do a different real estate project.

   As an example, one of our borrowers located in Hawaii had a property appraised in excess of one million bucks. While it was challenging for him to get a buyer for the home, he had somebody who was open to lease it with the option to purchase it. The money that came from the lease contract took care of his continuing mortgage payment, home owner's insurance, and property taxes. The renter furthermore consented to pay him 200k as a downpayment for the 3-year lease agreement. These sureties meant that he no longer had to be concerned about the property's future financial obligations, and as a result, when a new real estate opportunity surfaced, he came to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This not only gave him adequate cash to put towards a down payment on his next investment, but also made it easier for him to repay the current mortgage.

4. The balloon payment for a preexisting mortgage is owed soon and they can't pay it.

   A person who invests in real estate and already has an existing private mortgage and is unable to pay for the balloon payment because of a change in circumstances can fill out an application for refinancing from a new lending company. A cash-out refinance can help you pay the balloon payment and evade penalty.

Interested in discussing your investment options with a private mortgage lender in Glendive? Fill out the form or give us a call to talk about the project you have in mind.