Private real estate financing can help investors purchase, renovate or refinance a property or home via a short-term mortgage from a privately owned firm or an individual. Johnstown private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also open to self-employed applicants.

That's why, while you might have lousy credit, having a promising real estate opportunity, a sizeable down payment, previous real estate experience, and a clear exit strategy are much more relevant in regards to qualifying for private money for a real estate loan. Besides, if you are hoping for a fast closing, there are no better options than Johnstown private real estate mortgages.

Commonly, people get a hold of a private mortgage lender in Johnstown when:

1. They need capital to remodel a property or home and market it for a higher price point or to up the lease amount for tenants.

   As an illustration, one of our customers held a 2-unit rental property. He held a great deal of equity available in the building and the rent checks brought in routine monthly income. A few choice home renovations would undoubtedly allow him to bump up his rental prices, but because of a bad credit score of 520, it was highly probable that a bank would turn down his mortgage request. And so he came to Read Rock Capital for a cash-out refinance and obtained a loan at 65% LTV.

2. They need to combine all their outstanding debts into one single payment.

   Many people think it is stressful to deal with numerous payments each month. To arrange a more workable situation, some people merge all their financial debts into an individual mortgage loan with just one payment per month.

3. They want to release the existing equity in one home and buy a different one.

   As one example, a homeowner in Hawaii had a property valued at $1,200,000. While it was difficult for him to secure a buyer for the place, he had identified an individual who was ready to lease it having the option to buy. The rental agreement payouts made it possible to meet his existing mortgage payment, property taxes and insurance. The renter also put two hundred thousand dollars in the form of a non-refundable deposit when he signed the 3 year lease agreement. These assurances meant he no longer had to concern himself with the home's ongoing expenses, and so when a new real estate opportunity surfaced, he reached out to Read Rock Capital and obtained a private mortgage loan at seventy percent loan to value. The financing helped him put enough money towards a new investment property and also pay off his initial mortgage.

4. They need assistance to satisfy the balloon payment for the current private loan.

   A person who invests in real estate and has a prior private mortgage and cannot pay for the balloon payment thanks to a change of circumstances can apply for refinancing from an alternative company. Refinancing right before the due date enables the borrower to make the due date for the balloon payment and stay clear of penalties in connection with failing to make the balloon payment.

Hoping to find a private mortgage lender in Johnstown to fund your investment purchase? Complete the form or get in touch with us via phone to discuss the property you have in mind.