Private real estate financing involves getting a short-term mortgage loan via a privately owned company or individual person as a way to buy, carry out improvements on or refinance a home. While standard lenders such as banks have a lengthy, drawn out application process and are more than likely to think twice about giving money to a self-employed individual, private mortgage loans in Pawtucket close fast and have minimal eligibility criteria.

So while it's possible you don't have great credit, having a real estate opportunity showing promise for profits, a sizeable downpayment, past real estate experience, and an intelligible exit strategy are a great deal more crucial in terms of qualifying for private money for a real estate loan. And having fast closings of 14 days, private real estate mortgages in Pawtucket are an ideal solution for ambitious real estate investors.

Normally, customers contact a private mortgage lender in Pawtucket when:

1. They need to remodel or make repairs to the property or home in order to sell it at a higher price or to ask for higher monthly rental fees.

   Real example: one of our borrowers owned a 2-unit rental. He held an abundance of equity in the house and the rent brought in regular monthly income. A handful of choice home renovations would undoubtedly allow him to boost his rents, but since he had a below average credit score of 520, it was highly probable for a bank to turn down his loan application. For that reason, the client contacted Read Rock Capital (Read Rock Capital) to complete a cash-out refinance that got him a loan for 65% of the property's market value.

2. They've got numerous outstanding debts and would like to combine them.

   A lot of people know how stressful it is to manage numerous payments each and every month. To successfully put together a more workable situation, some people merge each of their debts into a single line of credit with only one payment per month.

3. They want to employ the existing equity in one property or home and use it to buy a different one.

   One of our customers located in Hawaii owned a home valued at $1M. His idea was to sell the house but it did not work out and he ultimately was forced to settle for leasing the place, with an option to purchase it at a future date. The rental agreement income helped him meet his current mortgage, taxes and insurance. Additionally, he received a two hundred thousand dollars non-refundable downpayment for the 3-year contract. With these assurances to pay for the house's foreseeable bills, he stumbled on a new investment opportunity and got in touch with Read Rock Capital for a private mortgage loan nearly 70% of the property's value. This means that he was able to make his down payment for the new property, and also help with his existing mortgage.

4. They have an existing loan and cannot afford the pending balloon payment.

   If an unexpected mishap stops a person from making his balloon payment due date, he can approach a new loan company to refinance. Refinancing before the term date enables you to make the deadline for the balloon payment and avoid penalties related to missing the balloon payment.

Hoping to make contact with a private mortgage lender in Pawtucket to go over financing alternatives for your upcoming real estate investment? Submit the contact form on this page or give us a call to discuss your project.