Private real estate financing gives assistance to investors who want to purchase, renovate or refinance a home using a short-term mortgage from a privately owned company or an individual. New Castle private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are open to self-employed individuals.

Thus, while it's possible you don't have good credit, having a real estate opportunity showing good potential, a substantial downpayment, prior experience, and a clear-cut exit strategy are a great deal more relevant when it comes to qualifying for private money for a real estate loan. And having fast closings of just two weeks, private real estate mortgages in New Castle are the right solution for real estate investors.

In general, people get in touch with a private mortgage lender in New Castle when:

1. They want to find funds to repair a property and offer it at a much higher price or to rent it out for more money.

   To illustrate, one of our customers had a duplex. He had an abundance of equity available in the building and the rent generated regular income each month. A handful of choice home improvements would undoubtedly allow him to increase the cost of rent, but having a low credit score of 520, it was extremely likely for a bank to turn down the mortgage request. So he turned to Read Rock Capital for a cash-out refinance and obtained a loan at 65% LTV.

2. They wish to consolidate financial debts.

   Many people find that it's stressful to take care of multiple payments each month. This is the reason some people make the decision to utilize the equity available in their house to merge each of their financial debts into one private mortgage loan with a single payment per month.

3. They would like to use their property's existing equity for some other real estate deal.

   As one example, a customer in Hawaii had a home appraised at $1,200,000. When he was not able to secure a buyer for his home, he inked a lease-option-to-buy deal with somebody. The lease payouts helped him meet his current mortgage payment, taxes and homeowner's insurance. The person also went ahead and paid him two hundred thousand dollars as an advance payment for a three year lease. With these assurances handling the home's monthly payments on an ongoing basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan to help with his upcoming investment. Meaning that he was able to make a down payment for his next investment, and also repay his current mortgage.

4. They have an existing mortgage and cannot afford the looming balloon payment.

   If a borrower is unable to make a balloon payment as a result of unanticipated causes, he can try to refinance his loan with an alternative lender. A cash-out refinance helps the person complete the balloon payment and escape penalty.

In search of a private mortgage lender in New Castle to fund your investment purchase? Complete the form on this page or give us a call and let's discuss your project.