Numerous real estate investors rely upon private real estate financing to buy a new property, or rehab or refinance an existing one. Lewiston private mortgage loans have many advantages — they are fast closing, easy qualifying and are also open to self-employed applicants.

That's fantastic news for real estate investors considering that even a person with lousy credit can opt for private money for a real estate loan so long as he has a project that shows strong potential, he has plenty of cash for a down payment, he has shown himself capable in past real estate projects, and has a good exit strategy. Furthermore, if you're searching for a fast closing, there are no better options than Lewiston private real estate mortgages.

In most cases, clients count on Lewiston private mortgage lenders to fund their real estate activities when:

1. They are in need of capital to remodel a home and offer it for sale at a higher price or to rent it out at a higher monthly amount.

   By way of example, we had this borrower who owned a 2-family rental property. He had enough equity available in the asset and the rent checks brought in regular monthly income. He desired to do some renovation to the units to be able to maintain high rents, but a low credit score of 520 meant that a bank would turn down the mortgage request. After he contacted Read Rock Capital to obtain financing, we were able to do a cash-out refinance for 65% of the property's assessed value.

2. They would like to consolidate their debts.

   Most people know how stressful it is to take care of multiple payments every month. Due to this fact, some individuals borrow against their home's equity to merge each of their debts into just one mortgage loan.

3. They wish to capitalize on the equity in an existing home to work on an additional real estate project.

   As one example, a borrower located in Hawaii owned a home valued at $1,200,000. He wanted to sell the house but that never materialized and he eventually was forced to be satisfied with leasing the property, with an option to buy at a later date. The funds that came from the rent took care of his continuing mortgage payment, home owner's insurance, and property taxes. Additionally, he was given a $200k non-refundable down payment for the 3-year lease agreement. With these assurances handling the property's expenses on a recurring basis, he contacted Read Rock Capital to get a seventy percent LTV private mortgage loan to help with his next purchase of an investment property. This gave him more than enough money to put towards a downpayment on his next home, but also made it easier for him to pay down the existing mortgage.

4. They need help to meet the balloon payment for the existing loan.

   A person who invests in real estate and has a previous private mortgage and is unable to afford the balloon payment because of a change of circumstances can fill out an application for refinancing from an alternative lender. A cash-out refinance can help the person pay the balloon payment and evade consequences.

Interested in discussing your investment alternatives with a private mortgage lender in Lewiston? Enter your info into the contact form on this page or get in touch with us via phone to discuss your property or properties.