Countless real estate investors turn to private real estate financing to acquire a new property, or update or refinance an existing one. While traditional lending institutions such as banks require an extended, drawn out application process and in all likelihood will hesitate to offer money to a self-employed client, private mortgage loans in Novi close fast and are easy qualifying.

That's why, while you might have lousy credit, having a promising real estate opportunity, a sizeable downpayment, previous real estate experience, and a well-defined exit strategy are much more relevant in terms of being approved for private money for a real estate loan. In addition, Novi private real estate mortgages close fast to give you funding right away, letting you close on a deal within 2-3 weeks.

Typically, investors get in touch with a private mortgage lender in Novi when:

1. They want capital to renovate a property or home and offer it for sale at a higher price or to up the lease amount for tenants.

   For example, we had this borrower with a two-unit rental property. At the time, he retained a significant amount of equity available in the property and the rent generated steady revenue. He desired to complete some renovation to the units to help keep his rents high, but a lower credit score of 520 meant that a bank would undoubtedly turn down his loan request. When he contacted Read Rock Capital for financing, we were glad to do a cash-out refinance at 65% of the house's value.

2. They've got multiple unsecured debts and would like to combine them.

   Multiple unsecured debts with a variety of rates are incredibly overwhelming and challenging to manage. To set up a more workable situation, some people merge their debts into just one loan with just one payment per month.

3. They wish to utilize their home's existing equity for an additional purchase.

   One of our clients in Hawaii had a home worth $1.2 million. Because it was tough for him to secure an interested party for the place, he had identified a person who was wanting to lease it with an option to buy. The rent amount was sufficient to handle the cost of his monthly mortgage bill, taxes and cost of insurance. The renter also included $200k towards a non-refundable advance payment as he signed the 3-year lease agreement. These assurances meant he did not have to be concerned with the home's ongoing financial obligations, and as a result, when another promising real estate opportunity showed up, he found Read Rock Capital and received a private mortgage loan at seventy percent LTV. The loan helped him cover the cost of his next investment as well as deal with his initial mortgage.

4. The balloon payment for an existing mortgage is due and they can not handle it.

   If an unforeseen mishap prevents someone from making his balloon payment due date, he can approach a new company to refinance. Refinancing ahead of the due date helps you to make the deadline for the balloon payment and avoid fines associated with missing the balloon payment.

In search of a private mortgage lender in Novi to finance your real estate investment? Submit the contact form on this page or give us a call to talk about the property you have in mind.