Countless real estate investors rely on private real estate financing to pay for a new home, or rehab or refinance an existing one. Londonderry private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are open to self-employed borrowers.

That's why, even if you don't have good credit, having a real estate opportunity with promise for profits, a sizeable downpayment, previous experience, and an intelligible exit strategy are more relevant when it comes to being approved for private money for a real estate loan. Combined with fast closings of two weeks, private real estate mortgages in Londonderry may very well be the ideal solution for ambitious real estate investors.

Commonly, customers get in touch with a private mortgage lender in Londonderry when:

1. They are in need of funds to remodel a property or home and offer it for sale at a higher price or to rent it out for more money.

   For instance, there was this borrower who owned a two-unit rental property. He already had a lot of equity available in the property and the rent checks generated steady cash flow. Some select home enhancements would allow him to increase his rental prices, but since he had a poor credit score of 520, it was highly probable for a bank to turn down the mortgage application. Accordingly, he turned to Read Rock Capital to get a cash-out refinance and acquired a loan at 65% LTV.

2. They've got multiple debts and wish to combine them.

   Many people find that it's stressful to deal with multiple payments on a monthly basis. To arrange a more reasonable situation, people consolidate their unsecured debts into a single line of credit with only one payment per month.

3. They would like to use the equity within their existing property to do another real estate project.

   One of Island View's customers in Hawaii had a house worth $1M. Though it was challenging for him to secure a purchaser for the property, he had someone that was wanting to lease it with an option to buy. The rent amount was more than enough to cover the cost of his monthly mortgage bill, property taxes and cost of homeowner's insurance. He also received a two hundred thousand dollars non-refundable down payment for the three year lease agreement. With this collateral to pay for the house's foreseeable expenses, he ran across another great investment opportunity and approached Read Rock Capital to obtain a private mortgage loan close to seventy percent of the property's valuation. This let him make the down payment for the new investment, and furthermore repay his existing mortgage.

4. They have a previous loan and cannot pay the looming balloon payment.

   If a borrower is not able to pay a balloon payment because of unexpected causes, he can make an effort to refinance the loan with a different mortgage lender. Refinancing prior to the term date allows the borrower to make the deadline for the balloon payment and stay clear of fees and penalties in connection with failing to pay the balloon payment.

Are you looking for a private mortgage lender in Londonderry to fund your real estate investment? Fill out the form or give us a call to talk about your property or properties.