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Countless real estate investors go with private real estate financing to pay for a new home, or rehab or refinance one they already have. Whereas traditional lending institutions like banks require a lengthy, time consuming application process and are more than likely to hesitate to give money to a self-employed client, private mortgage loans in New Hampshire close fast and are easy to qualify for.
That is good news for real estate investors considering that even someone with poor credit can obtain a private money for a real estate loan given that he has a promising deal, he has sufficient money for a down payment, he has proven himself capable in real estate, and he has a preplanned exit strategy. Combined with fast closings of just two weeks, private real estate mortgages in New Hampshire may very well be the perfect solution for serious real estate investors.
Most real estate investors depend on New Hampshire private mortgage lenders when:
They would like to renovate or fix up the house in order to offer it at a higher price point or to bring in higher monthly rental fees.
By way of example, there was this borrower with a two-family rental property. He previously built adequate equity in the house and the monthly rent checks was a routine income source. He desired to perform some improvements to the place to help keep his rents high, but a low credit score of 520 meant a bank would turn down his loan application. So the borrower approached Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which in turn got him financing for 65% of the duplex's market value.
They would like to consolidate their personal debts.
Countless debts with a variety of lending rates are often very overwhelming and challenging to keep tabs on. Because of this, many people choose to make the most of the equity available in their house to consolidate their outstanding debts into one loan which has a lone payment per month.
They would like to utilize their home's equity for some other real estate deal.
As an example, one of our previous borrowers located in Hawaii had a place appraised above one million bucks. When he was unable to secure a buyer for his home, he inked a lease-option-to-buy arrangement with somebody. The rent checks were more than enough to take care of his monthly mortgage payment, taxes and insurance payments. The renter also agreed to pay $200,000 for a deposit for the three year contract. Having these sureties to cover the property's monthly payments on a recurring basis, he approached Read Rock Capital to get a 70% LTV private mortgage loan to help with his upcoming real estate investment. This gave him more than enough cash to use for a down payment on his next property, but additionally made it easier for him to repay the current mortgage.
They need help to meet the balloon payment for the existing mortgage loan.
If an unexpected event hinders someone from hitting his balloon payment deadline, he could contact an alternative loan provider to refinance. Refinancing before the term date enables you to meet the due date for the balloon payment and avert any penalty charges in connection with failing to make the balloon payment.
Trying to find a private mortgage lender in New Hampshire to fund your investment purchase? Submit the form on this page or give us a call to talk about your project.
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