Many real estate investors use private real estate financing to buy a new property, or rehab or refinance one they already have. Contrary to loans from banks, Kenova private mortgage loans are fast closing, have minimal eligibility criteria and obtainable by self-employed applicants.

That means that even if you don't have a very good credit score, you've still got a high probability of obtaining private money for a real estate loan assuming that your real estate project is presumed to be profitable, you have adequate capital to use for the down payment, you have proven yourself capable in earlier real estate projects, you have sizeable equity in the home or property or you can show a well-defined plan to pay off the loan. Additionally, Kenova private real estate mortgages close fast to grant you funding right away, helping you close on a deal within 2 or 3 weeks.

Most borrowers work with Kenova private mortgage lenders when:

1. They would like to update or make repairs to the house in order to market it at a much higher price or to get higher rents.

   As an illustration, one of our applicants operated a 2-unit rental. He'd already built a good amount of equity available in the asset and the rent was a recurring source of income. Some choice home renovations would allow him to raise the cost of rent, but with a poor credit score of 520, it was very certain that a bank would turn down the mortgage application. Shortly after he approached Read Rock Capital for financing, we were pleased to complete a cash-out refinance at 65% of the house's market value.

2. They need to combine each of their outstanding debts into one loan.

   Numerous unsecured debts with various interest rates can be extremely overwhelming and challenging to keep an eye on. To successfully put together a more reasonable situation, some people consolidate each of their outstanding debts into an individual line of credit with just one payment per month.

3. They wish to release the existing equity in one property or home and use it to buy another one.

   One of our customers in Hawaii owned a home worth $1.2 million. When he was unable to procure a buyer for his home, he agreed to a lease-option-to-buy arrangement with someone. The rent amount was sufficient to handle the cost of his ongoing mortgage bill, property taxes and insurance payments. Additionally, he was given a two hundred thousand dollars non-refundable advance payment for the 3-year lease. With these sureties covering the property's financial obligations on a recurring basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan for his subsequent purchase of an investment property. This not only gave him enough cash to use for a deposit or his next property, but additionally made it easier for him to pay off the current mortgage.

4. They have an existing loan and can't afford the pending balloon payment.

   If an unforeseen mishap stops a person from making his balloon payment deadline, he could contact an alternative mortgage company to refinance. A refinance can help him hit the due date for the balloon payment and steer clear of any penalty charges.

Looking to meet a private mortgage lender in Kenova to talk about loan alternatives for your upcoming project? Complete the contact form on this page or get in touch with us via phone and let's discuss the project you have in mind.