Numerous real estate investors depend on private real estate financing to pay for a new property, or renovate or refinance an existing one. Contrary to loans from banks, Lovell private mortgage loans close fast, are easy to qualify for and accessible to self-employed borrowers.

So while it's possible you don't have very good credit, having a real estate opportunity with good potential, a substantial down payment, previous experience in real estate, and a well-defined exit strategy are far more important in regards to being eligible for private money for a real estate loan. Additionally, Lovell private real estate mortgages close fast to supply you with funding without delay, allowing you to close on a deal within 2 or 3 weeks.

Often, borrowers talk to Lovell private mortgage lenders to provide capital for their real estate activities when:

1. A rehab or update can help them offer their property at a higher price point or bring in additional rent.

   One example is a client who held a two-unit rental. He'd already built up adequate equity in the house and the rent was a recurring income source. A few choice home upgrades would undoubtedly help him bump up his rental prices, but with a bad credit score of 520, it was extremely probable that a bank would turn down the mortgage request. Consequently, the borrower contacted Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which in turn gave him a loan for 65% of the property's assessed value.

2. They need to combine their debts.

   A lot of people think it is stressful to make multiple payments every month. In order to make the situation more reasonable, people merge all their outstanding debts into an individual mortgage loan with only one monthly payment.

3. They would like to take advantage of their house's equity for another purchase.

   One of our customers in Hawaii had a home worth $1.2 million. When he was unable to find a buyer for his property, he signed a lease-option-to-buy arrangement with an interested party. The cash that stemmed from the rental payments took care of his monthly mortgage payment, home owner's insurance, and taxes. He also was given a $200k non-refundable advance payment for the three year lease contract. With these assurances taking care of the home's monthly payments on an ongoing basis, he contacted Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan for his subsequent purchase of an investment property. This not only gave him plenty of capital to use for a downpayment or his next property, but also made it easier for him to deal with the current mortgage.

4. They want assistance to satisfy the balloon payment for a previous mortgage loan.

   If an unanticipated event stops a person from meeting his balloon payment due date, he can find a new company to refinance. A refinance will help him hit the due date for the balloon payment and steer clear of any penalties.

Want to discuss your financing options with a private mortgage lender in Lovell? Fill out the contact form or give us a call to talk about the property or properties you have in mind.