Numerous real estate investors rely on private real estate financing to buy a new home, or rehab or refinance one they already have. In contrast to bank loans, Long Branch private mortgage loans are fast closing, easy qualifying and offered to self-employed applicants.

That's why, while you might don't have good credit, having a promising opportunity, a considerable down payment, previous real estate experience, and an intelligible exit strategy are a great deal more important in terms of qualifying for private money for a real estate loan. In addition, the fast closing Long Branch private real estate mortgages provide you with funding right away, helping you close within 2 or 3 weeks.

Most real estate professionals speak with Long Branch private mortgage lenders when:

1. A rehab or update will make it possible to sell the house for a much higher price or fetch extra rent.

   E.g. one of our borrowers had a duplex. He had enough equity in the property and the rent brought in routine monthly income. A few select home enhancements would undoubtedly allow him to raise the cost of rent, but since he had a bad credit score of 520, it was very probable for a bank to turn down his mortgage application. Right after he got into contact with Read Rock Capital to obtain financing, we were glad to complete a cash-out refinance at 65% of the property's market value.

2. They have multiple debts and prefer to consolidate them.

   Numerous debts with a variety of rates can be too much to handle and challenging to keep track of. To set up a more manageable situation, some people combine all their unsecured debts into one single mortgage loan with only one payment per month.

3. They wish to utilize their home's existing equity for an additional real estate deal.

   One of Island View's borrowers located in Hawaii owned a property valued at $1.2 million. While it was hard for him to find a purchaser for the home, he had found somebody who was ready to lease it with an option to buy. The rent checks were enough to cover his monthly mortgage payment, property taxes and cost of insurance. The tenant additionally gave $200,000 in the form of a non-refundable down payment as part of signing the 3-year contract. Having these assurances to take care of the property's foreseeable expenses, he came across a new real estate investment opportunity and approached Read Rock Capital for a private mortgage loan nearly seventy percent of the home's valuation. This means that he was able to make the down payment for his next investment, and also help with his existing mortgage.

4. They need help to meet the balloon payment for a previous mortgage loan.

   If an unexpected mishap hinders a person from making his balloon payment deadline, he could seek out an alternative mortgage company to refinance. A cash-out refinance will help the borrower make the balloon payment and evade fines.

Looking for a private mortgage lender in Long Branch to help you afford your investment purchase? Complete the form or call us to discuss the project you have in mind.