Numerous real estate investors rely on private real estate financing to purchase a new property or home, or rehab or refinance one they already have. New London private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and are also available to self-employed borrowers.

This means that no matter the caliber of your credit score, you still have a good chance of qualifying for private money for a real estate loan as long as your project is presumed to be profitable, you have enough capital to use for the downpayment, you have demonstrated yourself able in earlier real estate investments, you have sizeable equity in the property or you have an intelligible plan to take care of the loan. What's more, New London private real estate mortgages close fast to give you funding without delay, letting you close within weeks.

Most borrowers depend on New London private mortgage lenders when:

1. They're looking for money to repair a home and offer it for sale for a higher price point or to up the lease amount for renters.

   By way of example, there was this borrower with a 2-unit rental. He held an abundance of equity in the property and the rent checks brought in routine income each month. A few choice home improvements would allow him to raise his rental prices, but with a low credit score of 520, it was extremely certain that a bank would turn down the loan request. And so he turned to Read Rock Capital to do a cash-out refinance and obtained a loan at 65% LTV.

2. They want to consolidate their unpaid debts.

   A lot of people know how stressful it is to make numerous payments each and every month. To make the situation more manageable, some people consolidate all of their outstanding debts into an individual mortgage loan with just one monthly payment.

3. They would like to utilize their property's equity for an additional purchase.

   Here is an example. A borrower in Hawaii had his residence which was appraised at $1.2M. Because it was challenging for him to find an interested party for the place, he had an individual who was willing to lease it with an option to purchase it. The rent amount was sufficient to pay for the cost of his monthly mortgage bill, property taxes and homeowner's insurance obligations. The renter additionally included two hundred thousand dollars for a non-refundable advance payment as he signed the 3 year lease. The signed agreement meant he did not have to worry about the home's ongoing financial obligations, and so when another promising real estate investment opportunity showed up, he came to Read Rock Capital and received a private mortgage loan at 70% LTV. The financing helped him put enough money towards a new investment property and also repay his initial mortgage.

4. They already have an existing loan and can't pay the pending balloon payment.

   A real estate investor who currently has an existing private mortgage loan and is unable to pay for the balloon payment caused by a change of circumstances can fill out an application for refinancing from a new company. A refinance can help him hit the cut-off date for the balloon payment and prevent any penalties.

Looking to discuss your financing alternatives with a private mortgage lender in New London? Submit the form or give us a call and let's discuss your property.