Private real estate financing entails obtaining a short-term mortgage through a private business or individual in order to buy, perform improvements on or refinance a home. Keene private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and are also available to self-employed individuals.

Thus, in case you don't have great credit, having a real estate opportunity with good potential, a significant down payment, prior experience, and a clear-cut exit strategy are more important when being qualified for private money for a real estate loan. In addition to this, if you are looking for a fast closing, you will not see many alternatives better than Keene private real estate mortgages.

Most individuals turn to Keene private mortgage lenders when:

1. They need to update or repair the home and property to be able to offer it at a much higher price or to charge higher monthly rental fees.

   To illustrate, one of our borrowers owned a twin-home / duplex. He had plenty of equity in the asset and the rent payments brought in regular monthly income. A handful of choice home renovations would allow him to raise the cost of rent, but with a low credit score of 520, it was very likely that a bank would turn down the loan application. So he turned to Read Rock Capital to do a cash-out refinance and received financing at 65% LTV.

2. They have multiple personal debts and desire to consolidate them.

   Countless outstanding debts with different interest rates can be very overwhelming and challenging to keep an eye on. To help make the situation more manageable, people merge all of their debts into just one mortgage loan with one monthly payment.

3. They want to use their house's existing equity for some other home purchase.

   One of Island View's customers located in Hawaii had a home worth $1M. Because it was challenging for him to secure a purchaser for his house, he had someone who was ready to lease it having the option to purchase it. The cash that came from the lease contract took care of his regular mortgage bill, home owner's insurance, and taxes. The renter furthermore agreed to pay 200k as a down payment for the 3-year contract. The signed agreement meant that he did not have to worry about the property's ongoing financial obligations, so when a new real estate opportunity surfaced, he found Read Rock Capital and received a private mortgage loan at seventy percent LTV. This allowed him to pay an advance on the deposit for the new investment, and furthermore helped with his existing mortgage.

4. They already have an existing loan and are unable to pay the pending balloon payment.

   If a borrower is unable to meet a balloon payment thanks to unanticipated factors, he can attempt to refinance his loan with a different loan company. Refinancing ahead of the term date helps the borrower to meet the deadline for the balloon payment and stay clear of fines related to failing to pay the balloon payment.

Wanting to make contact with a private mortgage lender in Keene to go over loan programs for your upcoming project? Fill out the contact form on this page or give us a call to discuss the property or properties you have in mind.