Private Real Estate Mortgages in Grand Junction
Private real estate financing means obtaining a short-term mortgage via a privately owned company or individual in order to purchase, perform upgrades on or refinance a home or property. In contrast to bank loans, Grand Junction private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed customers.
That's why, while you might have bad credit, having a real estate opportunity with promise for profits, a substantial down payment, previous experience in real estate, and a well-defined exit strategy are more crucial when qualifying for private money for a real estate loan. What's more, the fast closing Grand Junction private real estate mortgages provide you with funding right away, letting you close a deal within 2-3 weeks.
Normally, investors seek out a private mortgage lender in Grand Junction when:
A rehab or update will make it possible to market the home at a higher price or fetch extra rent.
Real example: one of our applicants operated a two-family rental property. He held enough equity available in the property and the rent payments generated routine monthly income. He desired to complete some modifications to the units to be able to maintain high rents, but a poor credit score of 520 meant a bank would doubtless turn down the mortgage application. Hence, the client contacted Read Rock Capital (Read Rock Capital) to complete a cash-out refinance that in turn got him financing for 65% of the property's assessed value.
They have numerous outstanding debts and desire to combine them.
Many of us find that it's stressful to manage countless payments each month. Due to this fact, numerous people do a loan from their home's equity to consolidate their unsecured debts into just one mortgage loan.
They prefer to allocate the equity in one property and use it to purchase a different one.
As one example, a client in Hawaii had a property appraised at $1,200,000. His plans to sell the house didn't work out and he finally was forced to settle for leasing the house, with the option to buy at a later date. The cash that came from the rental payments paid for his ongoing mortgage bill, home owner's insurance, and property taxes. He also was given a $200k non-refundable downpayment for the 3 year contract. These sureties meant that he no longer needed to be concerned with the property's future financial obligations, so when another promising real estate opportunity showed up, he found Read Rock Capital and received a private mortgage loan at 70% loan to value. The financing helped him cover the cost of a new investment property and in addition, pay off his primary mortgage.
The balloon payment for a prior mortgage is owed soon and they are unable to pay it.
A person who invests in real estate and already has an existing private loan and isn't able to pay for the balloon payment caused by a change in circumstances can fill out an application for refinancing from a different lending company. A refinance can help the borrower avoid missing the due date for the balloon payment and prevent any penalties.
In search of a private mortgage lender in Grand Junction to fund your real estate investment? Submit the form or give us a call to talk about your property.
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