Private real estate financing gives assistance to investors who want to buy, fix up or refinance a property or home via a short-term loan from a private firm or an individual. Plymouth private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available for self-employed borrowers.

That means that irrespective of the quality of your credit score, you've still got a high probability of qualifying for private money for a real estate loan as long as your investment is deemed to be profitable, you have adequate money available for the downpayment, you have shown yourself able in the real estate market previously, you have sizeable equity contained in the property or you have a clear plan to pay back the loan. Combined with fast closings of just 14 days, private real estate mortgages in Plymouth are the right solution for serious real estate investors.

Mostly, customers consult Plymouth private mortgage lenders to fund their real estate activities when:

1. They would like to remodel or make repairs to the home to allow them to offer it at a much higher price point or to get higher rents.

   By way of example, we had a customer with a two-unit rental. He previously built adequate equity available in the property and the rent payments was a regular revenue stream. Although some remodeling work to the property may have helped him charge higher rent, a bank would undoubtedly have turned down his mortgage request, given that he had a credit score of a mere 520. Thus, he turned to Read Rock Capital to get a cash-out refinance and acquired a loan at 65% LTV.

2. They would like to combine all their financial debts into one single payment.

   Many people know how stressful it is to manage numerous payments each and every month. For this reason, a lot of people make the decision to make use of the equity available in their house to consolidate each of their outstanding debts into only one private mortgage which has a single monthly payment.

3. They prefer to take advantage of their house's existing equity for some other home purchase.

   For example, a client in Hawaii had a home appraised at $1,200,000. When he was not able to find a buyer for the property, he entered into a lease-option-to-buy arrangement with somebody. The amount of rent was sufficient to pay for his ongoing mortgage payment, property taxes and insurance payments. In addition, he was given a $200,000 non-refundable advance payment for the 3 year lease agreement. With these sureties covering the home's bills on a recurring basis, he approached Read Rock Capital to obtain a seventy percent loan-to-value private mortgage loan for his next real estate investment. This not only gave him adequate capital to put towards a down payment or his next home, but additionally made it easier for him to deal with the current mortgage.

4. They already have a preexisting loan and are not able to pay the pending balloon payment.

   If a borrower can't meet a balloon payment as a result of unexpected factors, he can attempt to refinance his loan with a new loan company. A refinance can help the borrower avoid missing the due date for the balloon payment and avoid fees and penalties.

Interested in discussing your investment plans with a private mortgage lender in Plymouth? Fill out the form on this page or call us and let's discuss the property you have in mind.