Numerous real estate investors depend on private real estate financing to pay for a new home or property, or update or refinance an existing one. As opposed to bank loans, Portage private mortgage loans close fast, are easy to qualify for and obtainable by self-employed borrowers.

It means that whether or not you have a good credit score, there is still a high likelihood of receiving private money for a real estate loan if your undertaking is presumed to be profitable, you have adequate money available for the downpayment, you have demonstrated yourself competent in prior real estate projects, you have sizeable equity contained in the property or you have an intelligible plan to pay off the loan. In addition, the fast closing Portage private real estate mortgages provide you with funding right away, helping you close within weeks.

Most borrowers work with Portage private mortgage lenders when:

1. They need to update or repair the home to enable them to sell it at an increased price point or to bring in higher rents.

   By way of example, we had a borrower with a 2-family rental. He held an abundance of equity in the property and the rent checks brought in routine income each month. He desired to do some improvements to the units to help keep his rents high, but a lower credit score of 520 meant a bank would turn down his mortgage request. After he got in contact with Read Rock Capital for a loan, we were happy to do a cash-out refinance for 65% of the property's assessed value.

2. They want to combine personal debts.

   Many of us think it is stressful to manage countless payments each month. As a result, numerous people do a loan against a property's equity to consolidate their unsecured debts into one single loan payment.

3. They prefer to unlock their existing equity in one home and use it to buy a different one.

   For example, a customer in Hawaii owned a house valued at $1.2M. When he failed to procure a buyer for the home, he inked a lease-option-to-buy contract with somebody. The amount of rent was sufficient to pay for the cost of his monthly mortgage bill, property taxes and cost of insurance. The renter also included $200,000 towards a non-refundable downpayment as part of signing the 3 year lease agreement. With these assurances handling the home's financial obligations on a recurring basis, he phoned Read Rock Capital to get a 70% LTV private mortgage loan to aid in his next purchase of an investment property. This means that he could make the downpayment for his next property, and also pay down his current mortgage.

4. They have a previous mortgage and are not able to afford the looming balloon payment.

   If an unanticipated mishap prevents someone from hitting his balloon payment due date, he can contact a new loan company to refinance. A cash-out refinance helps the borrower complete the balloon payment and escape penalty.

Do you need a private mortgage lender in Portage to fund your real estate investment? Fill out the contact form or give us a call to talk about the property you have in mind.