Private real estate financing involves obtaining a short-term mortgage loan from a privately owned firm or individual to be able to buy, carry out improvements on or refinance a home. Contrary to loans from banks, Meriden private mortgage loans close fast, are easy to qualify for and accessible to self-employed individuals.

That is great for real estate investors since anyone with poor credit can opt for private money for a real estate loan given that he has a promising project, he has plenty of cash for a downpayment, he has proven himself capable in the real estate market, and he has a good exit strategy. And with fast closings of 2 weeks, private real estate mortgages in Meriden may very well be the right choice for serious real estate investors.

Normally, people reach out to a private mortgage lender in Meriden when:

1. They need to remodel or make repairs to the property or home to enable them to offer it at a much higher price or to charge higher rents.

   For instance, there was a borrower who owned a two-unit rental. He had an abundance of equity available in the house and the rent checks brought in regular income each month. He desired to perform some modifications to the property to help maintain high rents, but a poor credit score of 520 meant that a bank would turn down his mortgage application. And so he came to Read Rock Capital to obtain a cash-out refinance and obtained a loan at 65% LTV.

2. They're saddled with numerous personal debts and need to consolidate them.

   Many of us find that it's stressful to deal with numerous payments every month. This is why some people make the decision to make the most of the equity available in their property to combine their unsecured debts into only one private mortgage which has a lone payment per month.

3. They wish to take advantage of their house's existing equity for some other home purchase.

   For instance, one of Island View's past customers located in Hawaii had a house valued at more than one million dollars. His idea was to sell the house but it didn't work out and he finally was forced to be satisfied with leasing the place to someone, with an option to purchase it at a later time. The amount of rent was enough to handle the cost of his monthly mortgage bill, property taxes and cost of homeowner's insurance. In addition, he was given a $200,000 non-refundable advance payment for the 3-year lease agreement. Using these assurances to cover the property's monthly payments on an ongoing basis, he phoned Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan to aid in his next real estate investment. This allowed him to pay an advance on the down payment for the new property, and furthermore repay his current mortgage.

4. They want assistance to satisfy the balloon payment for the current mortgage.

   If someone cannot make a balloon payment due to unexpected causes, he can attempt to refinance his loan with a different mortgage company. Refinancing before the term date helps you to meet the due date for the balloon payment and avoid fees and penalties related to failing to pay the balloon payment.

Hoping to find a private mortgage lender in Meriden to fund your investment purchase? Fill out the contact form on this page or get in touch with us via phone to discuss your property or properties.