Numerous real estate investors count on private real estate financing to pay for a new property or home, or update or refinance one they already own. As opposed to bank loans, Orleans private mortgage loans are fast closing, easy qualifying and accessible to self-employed individuals.

Thus, while it's possible you don't have very good credit, having a real estate opportunity showing promise for profits, a considerable downpayment, previous real estate experience, and a well-defined exit strategy are a great deal more crucial in regards to being eligible for private money for a real estate loan. Combined with fast closings of just two weeks, private real estate mortgages in Orleans may very well be the perfect solution for serious real estate investors.

In general, clients reach out to a private mortgage lender in Orleans when:

1. They're looking for money to fix a property or home and offer it at a much higher price or to up the lease amount for tenants.

   E.g. a past investor owned a twin-home / duplex. He had already built up adequate equity in the asset and the rent payments was a regular revenue stream. Although some remodeling work to the place may have enabled him to ask for higher rent, a bank would undoubtedly have turned down his loan application, since his credit score was a mere 520. Accordingly, he reached out to Read Rock Capital to get a cash-out refinance and got financing at 65% LTV.

2. They want to combine all their financial debts into one single loan.

   Multiple outstanding debts with a range of rates are often very overwhelming and tough to keep track of. As a result, many individuals do a loan against their home equity to combine each of their financial debts into just one mortgage loan.

3. They would like to capitalize on the existing equity in a current house to do a different real estate project.

   One of our clients located in Hawaii had a property worth over $1,000,000. Though it was challenging for him to get an interested party for his home, he had identified a person that was wanting to lease it having the option to purchase it. The money that came from the rent paid for his ongoing mortgage expenses, insurance, and taxes. The tenant additionally included $200k in the form of a non-refundable deposit as part of signing the 3 year lease contract. These assurances meant he no longer had to be concerned about the home's future expenses, and so when another great investment opportunity came up, he reached out to Read Rock Capital and received a private mortgage loan at seventy percent LTV. This means that he could make a downpayment for the new property, and also help with his current mortgage.

4. The balloon payment for their current private loan is due and they are not able to pay it.

   A real estate investor who has a prior private loan and is unable to afford the balloon payment thanks to a change of circumstances can apply for refinancing from an alternative lending company. A cash-out refinance can help the borrower make the balloon payment and escape penalty.

Wanting to connect with a private mortgage lender in Orleans to talk about financing alternatives for your upcoming real estate investment? Enter your info into the contact form or get in touch with us via phone and let's discuss the property or properties you have in mind.