Private real estate financing can help investors pay for, fix up or refinance a home or property using a short-term mortgage loan from a private business or an individual. Kittery private mortgage loans have many advantages — they are fast closing, easy qualifying and are also offered to self-employed borrowers.

This is fantastic news for investors considering that an individual with lousy credit can opt for private money for a real estate loan as long as he has a deal that shows strong potential, he has enough money for a down payment, he has proven himself capable in prior real estate investments, and he can show a good exit strategy. And having fast closings of 2 weeks, private real estate mortgages in Kittery are a perfect solution for real estate investors.

Most real estate investors speak with Kittery private mortgage lenders when:

1. They are searching for funds to remodel a home and offer it for sale at a much higher price point or to rent it out at a higher monthly amount.

   For instance, there was this customer who owned a 2-family rental property. At the time, he retained a lot of equity available in the house and the monthly rent generated steady income. Some select home renovations would undoubtedly help him boost his rental prices, but since he had a low credit score of 520, it was extremely probable for a bank to turn down his loan request. Accordingly, he reached out to Read Rock Capital to do a cash-out refinance and got a loan at 65% LTV.

2. They would like to combine debts.

   Many of us find it stressful to make numerous payments each month. Due to this fact, numerous people borrow from a property's equity to merge their unsecured debts into one loan.

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

   One of our customers located in Hawaii owned a home worth $1M. When he was not able to procure a buyer for the home, he entered into a lease-option-to-buy deal with somebody. The amount of rent was adequate to handle the cost of his monthly mortgage bill, property taxes and cost of insurance. The person furthermore consented to pay him two hundred thousand dollars in the form of an advance payment for a 3-year lease contract. Using these sureties to take care of the home's expenses on a regular basis, he called Read Rock Capital to get a 70% LTV private mortgage loan to aid in his upcoming investment. This gave him ample money to put towards a down payment or his next investment, but additionally made it easier for him to repay the current mortgage.

4. The balloon payment for a preexisting mortgage is owed soon and they can not afford it.

   If an unforeseen incident prevents a borrower from meeting his balloon payment due date, he can seek out a different mortgage lender to refinance. Refinancing prior to the term date enables the borrower to make the deadline for the balloon payment and avoid penalties in connection with missing the balloon payment.

Are you looking for a private mortgage lender in Kittery to fund your real estate investment? Fill out the form or get in touch with us via phone and let's talk about the property you have in mind.