Private Real Estate Mortgages in Kenai
Private real estate financing means obtaining a short-term mortgage loan via a privately owned business or individual person with the intention to buy, perform improvements on or refinance a property. Whereas typical lenders such as banks necessitate a prolonged, drawn out application process and are likely to be reluctant to loan money to a self-employed applicant, private mortgage loans in
Meaning that even if your credit score just went through the wringer, you still have a good chance of receiving private money for a real estate loan provided that your project is presumed to be profitable, you have adequate money reserved for the down payment, you have proven yourself able in prior real estate projects, you have substantial equity contained in the home or property or you can show an intelligible plan to take care of the loan. What's more, Kenai private real estate mortgages close fast to grant you funding right away, allowing you to close a deal within weeks.
In general, clients contact a private mortgage lender in Kenai when:
- They want money to remodel a home and property and offer it at a much higher price or to up the lease amount for tenants.
One example is an applicant who held a two-unit rental property. He had enough equity available in the building and the rent brought in routine monthly income. He desired to perform some renovation to the place to help maintain high rents, but a poor credit score of 520 meant that a bank would undoubtedly turn down his mortgage application. Consequently, the customer called Read Rock Capital (Read Rock Capital) to do a cash-out refinance that in turn got him financing for 65% of the home's assessed value.
- They want to consolidate financial debts.
Countless unsecured debts with a range of interest rates can be extremely overwhelming and challenging to keep track of. For this reason, many people opt to make use of the equity available in their property to combine their debts into one mortgage loan with a single monthly payment.
- They want to utilize their property's existing equity for a different purchase.
One of our clients in Hawaii had a property valued at over $1,000,000. When he was unable to procure a buyer for the home, he agreed to a lease-option-to-buy arrangement with an interested party. The rent amount was sufficient to handle his monthly mortgage payment, taxes and insurance payments. The tenant additionally gave $200k towards a non-refundable downpayment when he signed the three year contract. Having this collateral to take care of the home's foreseeable financial obligations, he came across another great real estate opportunity and contacted Read Rock Capital to obtain a private mortgage loan close to seventy percent of the property's value. The loan helped him cover the cost of his next investment and in addition, pay off his primary mortgage.
- They need help to satisfy the balloon payment for the existing mortgage.
A person who invests in real estate and currently has an existing private mortgage loan and is unable to afford the balloon payment as a result of a change of circumstances can fill out an application for refinancing from another company. Refinancing ahead of the due date helps you to make the due date for the balloon payment and stay clear of penalties related to missing the balloon payment.
Hoping to meet a private mortgage lender in Kenai speak about loan options for your upcoming real estate investment? Complete the contact form or call us to talk about your property.
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