Countless real estate investors rely upon private real estate financing to pay for a new home or property, or update or refinance one they already own. Contrary to bank loans, Methuen private mortgage loans close fast, are easy to qualify for and open to self-employed borrowers.

That's fantastic news for real estate investors because anyone with lousy credit can qualify for private money for a real estate loan assuming that he has a deal that shows strong potential, he has sufficient cash for a down payment, he has shown himself capable in past real estate ventures, and he can show a plan for an exit strategy. And with fast closings of two weeks, private real estate mortgages in Methuen are an ideal alternative for real estate investors.

Most individuals talk with Methuen private mortgage lenders when:

1. They wish to remodel or repair the property or home so that they can offer it at a higher price point or to get higher rents.

   As an illustration, one of our customers owned a 2-family rental property. He had already built a good amount of equity in the asset and the rent payments was a routine income source. While several remodeling work to the place would've helped him charge more rent, a bank would have turned down the loan request, due to the fact his credit score was a mere 520. Accordingly, he reached out to Read Rock Capital to obtain a cash-out refinance and got a loan at 65% LTV.

2. They're saddled with multiple unsecured debts and desire to consolidate them.

   The majority of people find that it's stressful to deal with numerous payments each and every month. To successfully make the situation more manageable, people merge all of their debts into one single line of credit with one monthly payment.

3. They would like to make use of the equity within an existing property to do an additional project.

   As an example, one of our previous borrowers in Hawaii had a house appraised at over one million dollars. When he was not able to find a buyer for the house, he agreed to a lease-option-to-buy deal with someone. The amount of rent was enough to cover the cost of his ongoing mortgage bill, property taxes and homeowner's insurance payments. The renter also included $200,000 in the form of a non-refundable downpayment as part of signing the 3-year contract. With these sureties to cover the property's foreseeable financial obligations, he stumbled on a new real estate opportunity and contacted Read Rock Capital for a private mortgage loan around 70% of the property's estimated value. The loan helped him put enough money towards his next investment and in addition, deal with his original mortgage.

4. The balloon payment for a prior mortgage is owed soon and they are not able to handle it.

   If an unanticipated event hinders someone from meeting his balloon payment due date, he can seek out a different loan company to refinance. A refinance will help him hit the cut-off date for the balloon payment and avoid penalty charges.

Searching for a private mortgage lender in Methuen to fund your real estate investment? Fill out the contact form on this page or give us a call and let's discuss the project you have in mind.