Private real estate financing entails finding a short-term mortgage loan from a privately owned firm or individual to be able to purchase, carry out upgrades on or refinance a home or property. While typical lending institutions such as banks necessitate an extended, time consuming application process and are likely to hesitate to offer money to a self-employed client, private mortgage loans in Lincoln Park close fast and are easy to qualify for.

That is great news for real estate investors since even anyone with bad credit can opt for private money for a real estate loan as long as he has a deal that shows promise, he has plenty of cash for a downpayment, he has proven himself able in the real estate market, and he has a good exit strategy. Furthermore, if you want a fast closing, you won't find any available alternatives better than Lincoln Park private real estate mortgages.

Typically, clients contact a private mortgage lender in Lincoln Park when:

1. A remodeling job or renovation will help them sell their property at a much higher price point or ask for more rent.

   E.g. one of our borrowers had a twin-home / duplex. He previously built sufficient equity in the building and the rent payments was a routine revenue stream. Though some enhancements to the place would've helped him charge more rent, a bank would likely have turned down his loan application, considering that he had a credit score of a mere 520. For that reason, the borrower got into contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance which in turn gave him a loan for 65% of the property's valuation.

2. They want to merge their outstanding debts into just one payment.

   Many people think it is stressful to deal with multiple payments every month. Because of this, some people choose to make the most of the equity available in their house to combine all of their debts into a single loan which has a single monthly payment.

3. They want to make use of the existing equity available in their current home to do an additional project.

   As one example, a customer located in Hawaii had a house valued at $1,200,000. He wanted to sell the house but that never materialized and he ultimately had to be satisfied with leasing the house to someone, with an option to purchase it at a later time. The lease payments helped him meet his existing mortgage, property taxes and insurance. In addition, he received a $200,000 non-refundable down payment for the 3-year contract. Having these assurances to take care of the home's foreseeable bills, he ran across another promising investment opportunity and approached Read Rock Capital to obtain a private mortgage loan close to 70% of the property's estimated value. This allowed him to make the deposit for the new property, and also helped with his existing mortgage.

4. They need help to meet the balloon payment for the current mortgage.

   If a borrower can't meet a balloon payment due to unforeseen factors, he can seek to refinance the loan with a different mortgage lender. Refinancing prior to the term date allows you to meet the due date for the balloon payment and avoid fees and penalties associated with missing the balloon payment.

Do you need a private mortgage lender in Lincoln Park to finance your real estate investment? Submit the form or give us a call and let's discuss your property.