Private real estate financing can help investors purchase, remodel or refinance a property using a short-term mortgage loan from a private business or an individual. Whereas typical lenders like banks have a lengthy, time consuming application process and are more than likely to think twice about giving money to a self-employed applicant, private mortgage loans in Hopewell close fast and are easy qualifying.

That's why, while it's possible you don't have very good credit, having a real estate opportunity showing promise for profits, a significant down payment, prior experience, and a good exit strategy are far more crucial when qualifying for private money for a real estate loan. And having fast closings of two weeks, private real estate mortgages in Hopewell may very well be the perfect choice for real estate investors.

Usually, clients get in contact with a private mortgage lender in Hopewell when:

1. They are searching for money to repair a home and property and market it for a much higher price point or to up the lease amount for tenants.

   To illustrate, a past borrower owned a duplex. He had enough equity available in the asset and the rent payments brought in regular monthly income. While some improvements to the property could have enabled him to command higher rent, a bank would undoubtedly have turned down the loan request, considering that his credit score was a mere 520. So he came to Read Rock Capital to do a cash-out refinance and received a loan at 65% LTV.

2. They're saddled with multiple unsecured debts and need to consolidate them.

   The majority of people know how stressful it is to manage countless payments on a monthly basis. As a result, numerous people get a loan from their home equity to consolidate their financial debts into one single manageable payment.

3. They want to allocate the equity in one property or home and acquire another one.

   One of Island View's borrowers in Hawaii owned a home valued at $1.2 million. When he failed to find a buyer for his house, he entered into a lease-option-to-buy deal with someone. The lease payouts made it possible to meet his existing mortgage, taxes and homeowner's insurance. In addition, he was given a two hundred thousand dollars non-refundable advance payment for the three year lease. Using these assurances to cover the home's monthly payments on an ongoing basis, he called Read Rock Capital for a 70% loan-to-value private mortgage loan for his upcoming purchase of an investment property. The borrowed funds helped him cover the cost of a different investment property and in addition, repay his primary mortgage.

4. They need help to meet the balloon payment for a previous loan.

   If a borrower cannot make a balloon payment resulting from unanticipated causes, he can make an effort to refinance his loan with an alternative mortgage lender. A cash-out refinance can help you make the balloon payment and escape consequences.

Hoping to discuss your financing alternatives with a private mortgage lender in Hopewell? Submit the form on this page or give us a call and let's discuss the property you have in mind.