Private real estate financing involves getting a short-term mortgage via a privately owned firm or individual with the intention to purchase, carry out improvements on or refinance a home or property. Unlike loans from banks, McKeesport private mortgage loans close fast, are easy to qualify for and accessible to self-employed applicants.

So even if you have bad credit, having a real estate opportunity showing good potential, a substantial down payment, prior experience, and a clear-cut exit strategy are more crucial when it comes to being qualified for private money for a real estate loan. And with fast closings of only fourteen days, private real estate mortgages in McKeesport are an ideal choice for ambitious real estate investors.

Most individuals depend on McKeesport private mortgage lenders when:

1. They would like to renovate or repair the property or home to allow them to offer it at a higher price point or to bring in higher rents.

   One example is a customer who owned a 2-family rental property. He already had a lot of equity available in the house and the monthly rent brought in a steady revenue. While some upgrades to the units would've helped him ask for more rent, a bank would have turned down his loan request, since his credit score was merely 520. Right after he contacted Read Rock Capital to get a loan, we were glad to complete a cash-out refinance at 65% of the duplex's market value.

2. They would like to combine their unpaid debts.

   The majority of people find that it's stressful to deal with numerous payments each month. In order to arrange a more reasonable situation, people merge their financial debts into a single mortgage loan with one payment per month.

3. They wish to release the equity in one house and use it to purchase a different one.

   Here is an example. A customer located in Hawaii owned a home valued at $1.2M. His idea was to sell the house but it never materialized and he finally was forced to be satisfied with leasing the place to an interested party, with the option to buy down the road. The lease payouts helped him meet his existing mortgage, taxes and homeowner's insurance. The tenant also consented to pay him two hundred thousand dollars as an advance payment for the 3-year lease contract. Having these sureties to handle the home's bills on a recurring basis, he called Read Rock Capital to obtain a 70% LTV private mortgage loan to aid in his subsequent investment. This let him pay an advance on the downpayment for his next property, and at the same time repay his existing mortgage.

4. The balloon payment for a preexisting mortgage is due and they can't pay it.

   A person who invests in real estate and currently has an existing private loan and is unable to afford the balloon payment because of a change in circumstances can fill out an application for refinancing from another lender. Refinancing ahead of the term date allows the borrower to meet the due date for the balloon payment and avoid fees and penalties in connection with missing the balloon payment.

Wanting to make contact with a private mortgage lender in McKeesport to talk about loan alternatives for your next investment? Submit the contact form or give us a call and let's talk about your property.