Numerous real estate investors count on private real estate financing to purchase a new home, or update or refinance one they already have. Whereas standard lending institutions such as banks will require a prolonged, drawn out application process and are more than likely to hesitate to give money to a self-employed borrower, private mortgage loans in Livonia close fast and have minimal eligibility criteria.

That is good for real estate investors because even somebody with poor credit can qualify for private money for a real estate loan provided that he has a deal that shows strong potential, he has enough cash for a downpayment, he has demonstrated himself competent in real estate, and he can show a plan for an exit strategy. Additionally, Livonia private real estate mortgages close fast to ensure that you get financing right away, helping you close within 2-3 weeks.

Normally, clients get a hold of a private mortgage lender in Livonia when:

1. They wish to renovate or make repairs to the home so they can sell it at a much higher price point or to ask for higher rents.

   To illustrate, one of our clients had a twin-home / duplex. He'd already built up sufficient equity in the house and the rent payments was a recurring source of income. He sought to do some renovation to the place to help maintain high rents, but a below average credit score of 520 meant that a bank would turn down his mortgage request. Shortly after he contacted Read Rock Capital to obtain financing, we were happy to complete a cash-out refinance at 65% of the home's market value.

2. They have multiple debts and desire to combine them.

   Many people know how stressful it is to deal with multiple payments each and every month. To help set up a more manageable situation, some people merge all their debts into a single mortgage loan with just one monthly payment.

3. They would like to allocate the equity in one property or home and use it to acquire a different one.

   For instance, one of our previous clients in Hawaii had a home valued at more than one million dollars. His plans to sell the house never transpired and he eventually was forced to be content with leasing the house, with the option to buy at a future date. The income that came from the rent covered his regular mortgage bill, home owner's insurance, and property taxes. The renter also gave $200k in the form of a non-refundable advance payment when he signed the 3 year lease. Using these assurances to take care of the property's expenses on a regular basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan for his next purchase of an investment property. This gave him plenty of capital to put towards a down payment or his next home, but additionally helped him deal with the existing mortgage.

4. The balloon payment for an existing loan is due and they can't handle it.

   If an unforeseen incident stops a borrower from making his balloon payment due date, he could contact another loan company to refinance. A cash-out refinance will help the person complete the balloon payment and escape fines.

Do you need a private mortgage lender in Livonia to help you afford your investment purchase? Fill out the form or give us a call and let's discuss the project you have in mind.