Countless real estate investors use private real estate financing to purchase a new home, or renovate or refinance an existing one. As opposed to loans from banks, Kemmerer private mortgage loans are fast closing, have minimal eligibility requirements and open to self-employed borrowers.

Which means that even if you do not have a very good credit score, there is still a strong likelihood of obtaining private money for a real estate loan so long as your real estate project is regarded as profitable, you have enough capital to use for the down payment, you have proven yourself able in the real estate market in the past, you have considerable equity in the property or home or you have a clear-cut plan to pay back the loan. Furthermore, if you're searching for a fast closing, you won't see any options better than Kemmerer private real estate mortgages.

Most borrowers speak with Kemmerer private mortgage lenders when:

1. They're looking for money to renovate a property or home and put it up for sale at a higher price point or to rent it out at a higher monthly amount.

   By way of example, there was a borrower who owned a two-unit rental property. He previously built ample equity available in the property and the rent payments was a recurring source of income. Although several upgrades to the units would have helped him collect higher rent, a bank would likely have turned down his loan application, given that his credit score was merely 520. Shortly after he got into contact with Read Rock Capital to obtain a mortgage, we were glad to complete a cash-out refinance at 65% of the property's appraised value.

2. They want to consolidate unpaid debts.

   Many of us find it stressful to take care of multiple payments on a monthly basis. This is why a lot of people opt to make the most of the equity in their property to combine all of their financial debts into only one mortgage with a single payment per month.

3. They want to take advantage of the existing equity within their existing property or home to do another real estate project.

   As an illustration, a homeowner located in Hawaii owned his residence which was valued at $1.2M. Because it was challenging for him to secure a buyer for the property, he had somebody who was ready to lease it with the option to purchase it. The rent amount was sufficient to handle his regular mortgage payment, property taxes and homeowner's insurance obligations. In addition, he received a $200,000 non-refundable down payment for the three year agreement. The signed agreement meant that he did not have to be concerned about the home's ongoing financial obligations, and so when another great investment opportunity surfaced, he reached out to Read Rock Capital and got a private mortgage loan at 70% LTV. Meaning that he could make the down payment for the new property, and also help with his present mortgage.

4. They want help to meet the balloon payment for the current mortgage.

   If a borrower is unable to make a balloon payment due to unforeseen factors, he can attempt to refinance his loan with a new mortgage company. A cash-out refinance can help the person make the balloon payment and evade fines.

Trying to find a private mortgage lender in Kemmerer to finance your investment purchase? Complete the contact form or give us a call to discuss the project you have in mind.