Countless real estate investors turn to private real estate financing to pay for a new property, or rehab or refinance one they already own. Whereas typical lenders, for example, banks have an extended, drawn out application process and in all likelihood will hesitate to lend money to a self-employed borrower, private mortgage loans in Lewes close fast and have minimal eligibility criteria.

That's very fortunate for real estate investors because even a person with poor credit can opt for private money for a real estate loan so long as he has a promising project, he has enough cash for a downpayment, he has proven himself capable in past real estate ventures, and he has a good exit strategy. Furthermore, if you would like a fast closing, there are no better options than Lewes private real estate mortgages.

Generally, clients get in contact with a private mortgage lender in Lewes when:

1. A remodeling job or restoration will help them market the house for a much higher price or ask for significantly more rent.

   To illustrate, a past borrower had a duplex. He had already built considerable equity in the building and the monthly rent checks was a routine revenue stream. He sought to complete some renovation to the property to help maintain high rents, but a low credit score of 520 meant that a bank would undoubtedly turn down his mortgage application. So he reached out to Read Rock Capital to obtain a cash-out refinance and received a loan at 65% LTV.

2. They would like to consolidate financial debts.

   Most people know how stressful it is to deal with countless payments on a monthly basis. To help make the situation more manageable, people merge all of their financial debts into a single line of credit with one payment per month.

3. They would like to use their home's equity for an additional purchase.

   One of our customers located in Hawaii owned a house valued at over $1,000,000. His idea was to sell the house but it didn't work out and he ultimately was forced to settle for leasing the property, with the option to purchase it at a future time. The rental agreement payouts made it possible to meet his current mortgage payment, taxes and homeowner's insurance. The tenant furthermore agreed to pay him two hundred thousand dollars as an advance payment for the 3-year contract. The signed agreement meant that he no longer had to be concerned with the home's future expenses, and as a result, when another great investment opportunity came up, he came to Read Rock Capital and got a private mortgage loan at seventy percent loan to value. Meaning that he was able to make his downpayment for the new investment, and also pay down his current mortgage.

4. They need assistance to satisfy the balloon payment for the current mortgage.

   If an unexpected incident hinders a borrower from hitting his balloon payment deadline, he could find another loan company to refinance. A refinance will help him hit the due date for the balloon payment and steer clear of any fines.

Hoping to connect with a private mortgage lender in Lewes speak about financing programs for your next investment? Enter your info into the form or call us to discuss the property you have in mind.