Private real estate financing means finding a short-term loan via a privately owned company or individual as a way to purchase, carry out improvements on or refinance a property. Unlike loans from banks, Haverhill private mortgage loans are fast closing, easy qualifying and accessible to self-employed customers.

Meaning that regardless of whether you have a good credit score, there is still a strong likelihood of qualifying for private money for a real estate loan assuming that your project is viewed to be profitable, you have sufficient capital to put towards the down payment, you have demonstrated yourself capable in real estate previously, you have substantial equity contained in the property or home or you have a legitimate plan to take care of the loan. Furthermore, if you are searching for a fast closing, you will not see many alternatives better than Haverhill private real estate mortgages.

Ordinarily, people consult Haverhill private mortgage lenders to lend money for their real estate ventures when:

1. They are searching for funds to fix a home and property and offer it for sale at a much higher price or to rent it out for more money.

   E.g. one of our customers had a duplex. He already retained a considerable amount of equity available in the building and the rent checks brought in a steady cash flow. Some choice home renovations would help him boost the cost of rent, but since he had a below average credit score of 520, it was extremely likely for a bank to turn down his mortgage request. For that reason, the client got in touch with Read Rock Capital (Read Rock Capital) to do a cash-out refinance that got him financing for 65% of the home's assessed value.

2. They're stuck with numerous outstanding debts and would like to combine them.

   Multiple debts with a range of rates are very overwhelming and difficult to keep an eye on. To successfully set up a more workable situation, some people merge all their financial debts into a single mortgage loan with only one monthly payment.

3. They would like to make use of the existing equity available in their existing home to do a different project.

   Here is an example. A borrower located in Hawaii had a property valued at $1,200,000. When he was unable to find a buyer for his home, he agreed to a lease-option-to-buy arrangement with somebody. The rent checks were more than enough to take care of the cost of his monthly mortgage bill, property taxes and cost of homeowner's insurance. The tenant additionally put $200k towards a non-refundable deposit as part of signing the 3 year lease agreement. With these assurances to cover the house's foreseeable financial obligations, he ran across another promising real estate investment opportunity and contacted Read Rock Capital to obtain a private mortgage loan around 70% of the home's valuation. Meaning that he was able to make the deposit for the new investment, and also repay his current mortgage.

4. They have a previous private loan and are unable to afford the looming balloon payment.

   If an unexpected incident prevents a borrower from making his balloon payment due date, he could contact a new company to refinance. Refinancing prior to the due date enables you to make the deadline for the balloon payment and avert any penalty charges related to failing to pay the balloon payment.

Are you searching for a private mortgage lender in Haverhill to finance your investment purchase? Complete the contact form or call us to discuss your property.