Numerous real estate investors depend on private real estate financing to purchase a new home or property, or renovate or refinance one they already have. New Albany private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are open to self-employed borrowers.

This is very fortunate for investors considering that even an individual with bad credit can obtain a private money for a real estate loan assuming that he has a project that shows strong potential, he has sufficient cash for a down payment, he has proven himself capable in the real estate market, and he has a preplanned exit strategy. And having fast closings of just 14 days, private real estate mortgages in New Albany are an ideal choice for real estate investors.

Most borrowers depend on New Albany private mortgage lenders when:

1. They are searching for funds to renovate a home and property and market it for a higher price or to rent it out at a higher monthly amount.

   As an example, one of our borrowers owned a twin-home / duplex. He'd already built up ample equity in the house and the monthly rent checks was a routine source of income. A number of choice home improvements would allow him to increase his rental prices, but with a poor credit score of 520, it was extremely probable that a bank would turn down the loan application. Right after he got in touch with Read Rock Capital to get a loan, we were happy to do a cash-out refinance for 65% of the duplex's appraised value.

2. They wish to combine their unsecured debts into one payment.

   Most people find that it's stressful to make countless payments every month. This is the reason many people make the decision to make the most of the equity in their house to merge their financial debts into one private loan with a single payment per month.

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

   As one example, a homeowner located in Hawaii had a property valued at $1.2M. While it was tough for him to find a buyer for the home, he had identified a person that was willing to lease it having the option to buy. The rent amount was adequate to pay for the cost of his ongoing mortgage bill, taxes and cost of insurance. Additionally, he was given a two hundred thousand dollars non-refundable deposit for the three year lease. Having these sureties to take care of the property's financial obligations on an ongoing basis, he contacted Read Rock Capital to get a seventy percent loan-to-value private mortgage loan to aid in his subsequent investment. This means that he could make the deposit for the new investment, and also help with his current mortgage.

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

   A person who invests in real estate and has a prior private mortgage loan and isn't able to afford the balloon payment on account of a change in circumstances can apply for refinancing from a different lending company. A refinance can help the person hit the due date for the balloon payment and prevent any fines.

Looking to connect with a private mortgage lender in New Albany speak about loan alternatives for your upcoming real estate investment? Enter your info into the form on this page or call us to discuss the property you have in mind.