Private real estate financing entails finding a short-term mortgage from a privately owned business or individual as a way to buy, perform upgrades on or refinance a home or property. Unlike loans from banks, Hartford private mortgage loans are fast closing, have minimal eligibility requirements and open to self-employed individuals.

That is great news for real estate investors because even anyone with lousy credit can qualify for private money for a real estate loan assuming that he has a promising project, he has enough money for a down payment, he has demonstrated himself able in real estate, and he has a good exit strategy. And with fast closings of just two weeks, private real estate mortgages in Hartford may very well be the ideal alternative for ambitious real estate investors.

Most often, clients count on Hartford private mortgage lenders to supply capital for their real estate ventures when:

1. They would like to remodel or fix up the home and property to allow them to offer it for sale at a higher price or to charge higher rents.

   E.g. one of our borrowers had a duplex. At the time, he had a lot of equity available in the house and the rent delivered steady cash flow. Though several enhancements to the place would've helped him charge higher rent, a bank would likely have turned down the mortgage request, considering that he had a credit score of a mere 520. After he got in touch with Read Rock Capital to obtain financing, we were happy to do a cash-out refinance at 65% of the house's assessed value.

2. They need to combine their unsecured debts into a single payment.

   Multiple unsecured debts with a variety of interest rates are very overwhelming and challenging to keep track of. Due to this fact, many individuals do a loan against their home equity to consolidate all their unsecured debts into one single manageable payment.

3. They wish to utilize their house's existing equity for some other purchase.

   Here is an example. A borrower located in Hawaii owned his residence which was appraised at $1,200,000. He wanted to sell the house but that never transpired and he finally had to be satisfied with leasing the home to someone, with the option to purchase it at a future date. The lease payments helped him meet his current mortgage expenses, property taxes and insurance. He also was given a two hundred thousand dollars non-refundable deposit for the 3 year lease. With these sureties taking care of the property's bills on a regular basis, he called Read Rock Capital to get a seventy percent LTV private mortgage loan to aid in his upcoming purchase of an investment property. This allowed him to make the down payment for the new property, and furthermore helped with his current mortgage.

4. They have a previous loan and are not able to afford the looming balloon payment.

   If a borrower is unable to pay a balloon payment resulting from unforeseen factors, he can make an effort to refinance his loan with a new mortgage lender. A refinance can help the borrower avoid missing the due date for the balloon payment and prevent any consequences.

Wanting to meet a private mortgage lender in Hartford to talk about loan programs for your next real estate investment? Submit the contact form on this page or give us a call to discuss your property.