Private Real Estate Mortgages in Naugatuck
Numerous real estate investors rely on private real estate financing to purchase a new home, or update or refinance one they already have. In contrast to loans from banks, Naugatuck private mortgage loans close fast, are easy to qualify for and accessible to self-employed borrowers.
Which means that whether or not you have a good credit score, you've still got a good chance of getting private money for a real estate loan assuming that your real estate project is presumed to be profitable, you have sufficient money reserved for the down payment, you have shown yourself capable in past real estate investments, you have significant equity contained in the property or you have a legitimate plan to pay back the balance of the loan. Furthermore, if you need a fast closing, you won't come across any available alternatives better than Naugatuck private real estate mortgages.
In most cases, clients count on Naugatuck private mortgage lenders to finance their real estate activities when:
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They want money to renovate a house and offer it for sale at a higher price or to up the lease amount for tenants.
As an example, a past client had a twin-home / duplex. He had already built considerable equity available in the house and the monthly rent checks was a recurring source of income. Although several remodeling work to the place would have helped him ask for higher rent, a bank would definitely have turned down his loan application, given that he had a credit score of merely 520. Thus, he came to Read Rock Capital for a cash-out refinance and received a loan at 65% LTV.
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They would like to combine their personal debts.
Countless debts with a range of lending rates can be extremely overwhelming and tough to keep track of. This is the reason many people choose to utilize the equity available in their residence to consolidate each of their outstanding debts into one private mortgage having a lone payment per month.
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They want to make use of the equity in their existing property or home to do an additional real estate investment.
For example, a homeowner located in Hawaii owned his residence which was valued at $1.2M. When he failed to secure a buyer for his home, he inked a lease-option-to-buy arrangement with an interested party. The rental agreement payments served to meet his current mortgage, taxes and insurance. The tenant also included two hundred thousand dollars for a non-refundable advance payment when he signed the 3 year lease agreement. With these sureties covering the property's bills on a regular basis, he approached Read Rock Capital to get a 70% LTV private mortgage loan to aid in his subsequent purchase of an investment property. This enabled him to pay an advance on the downpayment for the new investment, and furthermore helped with his existing mortgage.
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They already have an existing loan and cannot pay the pending balloon payment.
If an unforeseen event stops a person from making his balloon payment deadline, he could approach another company to refinance. A refinance will help him hit the due date for the balloon payment and prevent any consequences.
Looking to connect with a private mortgage lender in Naugatuck to go over funding alternatives for your upcoming project? Complete the form or get in touch with us via phone and let's discuss the property you have in mind.
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