Many real estate investors go with private real estate financing to acquire a new home or property, or renovate or refinance one they already own. As opposed to bank loans, Lansing private mortgage loans close fast, are easy to qualify for and open to self-employed applicants.

Which means that whether or not you have a good credit score, you've still got a high probability of getting private money for a real estate loan if your investment is viewed to be profitable, you have sufficient money available for the downpayment, you have demonstrated yourself able in real estate previously, you have considerable equity contained in the home or property or you have a legitimate plan to pay off the loan. Combined with fast closings of only 2 weeks, private real estate mortgages in Lansing are a perfect solution for serious real estate investors.

Usually, customers reach out to a private mortgage lender in Lansing when:

1. A remodeling job or renovation will help to offer the home for a much higher price point or bring in extra rent.

   As an example, one of our borrowers owned a duplex. He held an abundance of equity available in the asset and the rent checks brought in routine monthly income. A handful of select home renovations would allow him to increase his rental prices, but since he had a lower credit score of 520, it was extremely likely for a bank to turn down the mortgage request. For that reason, the customer approached Read Rock Capital (Read Rock Capital) to do a cash-out refinance that got him financing for 65% of the property's valuation.

2. They want to consolidate unpaid debts.

   Countless unsecured debts with various rates are very overwhelming and challenging to keep tabs on. This is the reason some people make the decision to make use of the equity in their property to consolidate their financial debts into one loan with a lone payment per month.

3. They wish to allocate their existing equity in one property or home and use it to invest in a different one.

   As one example, a homeowner located in Hawaii had a house valued at $1,200,000. His plans to sell the house never materialized and he finally had to be content with leasing the property to an interested party, with the option to buy at a future time. The rent amount was adequate to handle the cost of his monthly mortgage bill, taxes and insurance payments. The person also went ahead and paid two hundred thousand dollars in the form of a downpayment for the three year contract. Having these assurances to cover the property's expenses on an ongoing basis, he contacted Read Rock Capital for a 70% loan-to-value private mortgage loan for his next purchase of an investment property. This gave him plenty of money to put towards a downpayment on his next home, but additionally made it easier for him to pay down the existing mortgage.

4. They already have a private loan and cannot afford the looming balloon payment.

   If an unexpected incident hinders a person from hitting his balloon payment due date, he could approach another mortgage company to refinance. A cash-out refinance can help the person make the balloon payment and escape fines.

Interested in discussing your mortgage plans with a private mortgage lender in Lansing? Complete the form on this page or get in touch with us via phone and let's discuss your project.