Countless real estate investors rely upon private real estate financing to pay for a new home or property, or rehab or refinance one they already have. As opposed to bank loans, Kentwood private mortgage loans are fast closing, easy qualifying and obtainable by self-employed applicants.

Meaning that even if your credit score just went through the wringer, you still have a high probability of receiving private money for a real estate loan as long as your investment is viewed to be profitable, you have ample capital to use for the down payment, you have shown yourself able in earlier real estate ventures, you have substantial equity contained in the property or home or you have a clear plan to take care of the loan. In addition, Kentwood private real estate mortgages close fast to ensure that you get funding right away, letting you close within a few short weeks.

Most real estate professionals turn to Kentwood private mortgage lenders when:

1. They need to renovate or repair the house to allow them to offer it for sale at a higher price point or to fetch higher monthly rental fees.

   E.g. one of our customers owned a duplex. He had enough equity available in the asset and the rent generated regular income each month. Although several upgrades to the units may have helped him charge higher rent, a bank would likely have turned down his mortgage request, given that his credit score was only 520. For that reason, the client contacted Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which provided him financing for 65% of the home's valuation.

2. They have multiple personal debts and need to combine them.

   Many of us think it is stressful to take care of multiple payments each and every month. Due to this, many individuals get a loan against their home's equity to consolidate each of their debts into one single loan payment.

3. They prefer to use their property's existing equity for some other purchase.

   For instance, one of our customers located in Hawaii had a home appraised at more than one million dollars. Though it was challenging for him to find an interested party for his house, he had identified a person who was wanting to lease it having an option to purchase it. The rent amount was adequate to cover his regular mortgage payment, taxes and cost of homeowner's insurance. The renter also included $200,000 in the form of a non-refundable downpayment as part of signing the 3 year lease. These assurances meant he did not have to worry about the property's ongoing expenses, and so when another promising real estate investment opportunity surfaced, he came to Read Rock Capital and got a private mortgage loan at 70% loan to value. This not only gave him adequate capital to use for a down payment or his next property, but additionally made it easier for him to repay the current mortgage.

4. They already have a preexisting loan and cannot pay the looming balloon payment.

   If a person can't meet a balloon payment due to unexpected factors, he can seek to refinance his loan with a new lender. A cash-out refinance will help the person pay the balloon payment and escape fines.

Hoping to meet a private mortgage lender in Kentwood to discuss financing options for your upcoming project? Complete the form or call us to talk about your property or properties.