Numerous real estate investors count on private real estate financing to purchase a new home, or rehab or refinance one they already have. In contrast to loans from banks, Groton private mortgage loans close fast, are easy to qualify for and offered to self-employed customers.

It means that even if your credit score recently went through the wringer, there is still a strong likelihood of getting private money for a real estate loan provided that your real estate project is viewed to be profitable, you have adequate money to use for the down payment, you have shown yourself capable in real estate previously, you have significant equity in the property or you have an intelligible plan to take care of the loan. Besides, if you would like a fast closing, there are no better options than Groton private real estate mortgages.

Most real estate investors work with Groton private mortgage lenders when:

1. They wish to update or fix up the property or home in order to sell it at a higher price or to get higher monthly rental fees.

   As an example, a past client owned a twin-home / duplex. At the time, he had a lot of equity available in the building and the rent checks generated steady cash flow. He desired to do some renovation to the units to be able to maintain high rents, but a low credit score of 520 meant a bank would turn down the loan request. Consequently, the customer got in contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance that got him a loan for 65% of the property's value.

2. They would like to merge all their unsecured debts into one payment.

   A lot of people find that it's stressful to make countless payments every month. Due to this, numerous people borrow from their home equity to consolidate their unsecured debts into just one manageable payment.

3. They wish to take advantage of their property's existing equity for an additional home purchase.

   One of our customers located in Hawaii owned a home valued at over $1,000,000. When he failed to secure a buyer for his property, he signed a lease-option-to-buy deal with somebody. The revenue that came from the lease paid for his ongoing mortgage expenses, home owner's insurance, and taxes. Additionally, he received a $200k non-refundable deposit for the 3 year lease agreement. With the help of these sureties to take care of the house's foreseeable bills, he stumbled on a new investment opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan close to seventy percent of the property's value. The loan helped him finance a new investment property as well as pay off his initial mortgage.

4. The balloon payment for an existing loan is due and they are not able to pay it.

   If an unexpected event prevents someone from hitting his balloon payment due date, he can seek out a different mortgage company to refinance. Refinancing ahead of the due date helps you to make the deadline for the balloon payment and avert any fines associated with failing to make the balloon payment.

In search of a private mortgage lender in Groton to help you afford your investment purchase? Fill out the contact form on this page or get in touch with us via phone to discuss your property or properties.