A lot of real estate investors go with private real estate financing to acquire a new home, or rehab or refinance an existing one. Although typical lenders, for example, banks require an extended, drawn out application process and in all likelihood will hesitate to loan money to a self-employed applicant, private mortgage loans in Maplewood close fast and are easy qualifying.

Meaning that even if you don't have a very good credit score, you still have a good chance of qualifying for private money for a real estate loan provided that your investment is regarded as profitable, you have ample money to put towards the downpayment, you have demonstrated yourself capable in prior real estate investments, you have considerable equity in the property or home or you can show a clear plan to take care of the loan. Furthermore, if you would like a fast closing, there are no better options than Maplewood private real estate mortgages.

Most individuals talk with Maplewood private mortgage lenders when:

1. A remodeling job or restoration can allow them to sell the house at a much higher price point or fetch additional rent.

   As an example, a past client owned a twin-home / duplex. He previously built sufficient equity in the property and the rent payments was a routine source of income. Some select home upgrades would allow him to boost his rents, but since he had a lower credit score of 520, it was highly certain that a bank would turn down the mortgage request. Accordingly, he turned to Read Rock Capital to obtain a cash-out refinance and acquired a loan at 65% LTV.

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

   Multiple debts with a variety of rates are very overwhelming and tough to keep an eye on. To help make the situation more manageable, people combine all of their unsecured debts into only one mortgage loan with just one payment per month.

3. They wish to utilize the equity within their current house to work on an additional real estate investment.

   One of our customers in Hawaii owned a property valued at $1M. While it was difficult for him to secure an interested party for the house, he had found a person who was wanting to lease it having the option to purchase it. The income that stemmed from the rental payments paid for his ongoing mortgage bill, insurance, and taxes. He also received a $200k non-refundable downpayment for the three year lease agreement. Using these assurances to handle the property's monthly payments on a recurring basis, he phoned Read Rock Capital to obtain a seventy percent LTV private mortgage loan to help with his next investment. Meaning that he was able to make the downpayment for the new investment, and also pay down his existing mortgage.

4. They need help to satisfy the balloon payment for the current loan.

   If an unexpected event stops a borrower from meeting his balloon payment due date, he could approach a new mortgage company to refinance. Refinancing ahead of the term date enables the borrower to meet the due date for the balloon payment and avert any penalty charges in connection with missing the balloon payment.

Looking to make contact with a private mortgage lender in Maplewood to talk about financing programs for your next investment? Fill out the contact form on this page or call us and let's talk about the project you have in mind.