Numerous real estate investors go with private real estate financing to pay for a new property, or update or refinance one they already own. Morgantown private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and are also available for self-employed borrowers.

That means that irrespective of the level of your credit score, you've still got a good chance of qualifying for private money for a real estate loan provided that your undertaking is viewed to be profitable, you have enough money to use for the down payment, you have shown yourself competent in past real estate projects, you have sizeable equity in the property or home or you can show a clear-cut plan to pay back the loan. And with fast closings of 2 weeks, private real estate mortgages in Morgantown are an ideal solution for real estate investors.

Normally, investors contact a private mortgage lender in Morgantown when:

1. A remodeling job or restoration will help to offer the home for a higher price point or bring in significantly more rent.

   One example is a client who owned a 2-unit rental. He had plenty of equity available in the asset and the rent generated routine monthly income. Some choice home renovations would allow him to raise the cost of rent, but since he had a poor credit score of 520, it was very likely that a bank would turn down his loan request. So he came to Read Rock Capital to get a cash-out refinance and obtained a loan at 65% LTV.

2. They would like to merge each of their unsecured debts into one payment.

   A lot of people know how stressful it is to deal with multiple payments on a monthly basis. To successfully make the situation more reasonable, some people combine each of their financial debts into only one line of credit with just one monthly payment.

3. They wish to release the existing equity in one home or property and purchase another one.

   For instance, one of Island View's clients located in Hawaii had a place valued at over a million dollars. He wanted to sell the house but that never materialized and he ultimately had to be satisfied with leasing the house, with an option to buy at a later time. The lease payouts helped him meet his existing mortgage expenses, property taxes and homeowner's insurance. The tenant also included $200,000 for a non-refundable down payment when he signed the 3 year contract. These assurances meant that he did not have to concern himself with the property's future financial obligations, and so when another promising real estate investment opportunity came up, he reached out to Read Rock Capital and obtained a private mortgage loan at 70% LTV. This let him pay an advance on the deposit for the new property, and also helped with his existing mortgage.

4. The balloon payment for a prior mortgage is due and they are unable to handle it.

   If a borrower can't meet a balloon payment due to unexpected causes, he can try to refinance the loan with a new loan company. Refinancing before the due date enables you to meet the deadline for the balloon payment and stay clear of fines associated with missing the balloon payment.

Looking to connect with a private mortgage lender in Morgantown to talk about funding programs for your upcoming real estate investment? Submit the contact form on this page or get in touch with us via phone and let's discuss the property or properties you have in mind.