Private real estate financing helps investors purchase, renovate or refinance a home or property using a short-term mortgage loan from a privately owned firm or an individual. In contrast to loans from banks, Pottstown private mortgage loans close fast, are easy to qualify for and accessible to self-employed borrowers.

Thus, even if you have lousy credit, having a real estate opportunity with good potential, a considerable downpayment, past experience in real estate, and a clear-cut exit strategy are much more relevant when it comes to being eligible for private money for a real estate loan. In addition to this, if you're searching for a fast closing, you won't find any available alternatives better than Pottstown private real estate mortgages.

Typically, clients get a hold of a private mortgage lender in Pottstown when:

1. They want to remodel or repair the home so that they can market it at a higher price point or to charge higher rents.

   By way of example, we had this borrower with a two-family rental. He had an abundance of equity in the house and the rent generated regular monthly income. He wanted to perform some upgrades to the property so that he could maintain high rents, but a low credit score of 520 meant a bank would turn down the mortgage request. Thus, he came to Read Rock Capital to do a cash-out refinance and received financing at 65% LTV.

2. They want to combine all of their outstanding debts into just one loan.

   A lot of people know how stressful it is to take care of countless payments on a monthly basis. In order to set up a more reasonable situation, people consolidate each of their financial debts into an individual loan with just one monthly payment.

3. They want to utilize the existing equity available in their current home to do another project.

   One of Island View's borrowers located in Hawaii owned a residence worth $1.2 million. His idea was to sell the house but it did not happen and he eventually had to settle for leasing the house to an interested party, with an option to buy down the road. The money that came from the rent paid for his regular mortgage expenses, insurance, and property taxes. The tenant also gave two hundred thousand dollars towards a non-refundable deposit as he signed the 3 year contract. The signed agreement meant that he no longer had to concern himself with the property's ongoing financial obligations, and as a result, when another promising investment opportunity surfaced, he found Read Rock Capital and received a private mortgage loan at 70% loan to value. This gave him more than enough money to use for a downpayment on his next property, but also made it easier for him to pay down the current mortgage.

4. The balloon payment for a previous loan is owed soon and they can not afford it.

   A person who invests in real estate and has a prior private mortgage and cannot afford the balloon payment because of a change in circumstances can fill out an application for refinancing from a different company. A refinance will help the person hit the due date for the balloon payment and steer clear of any fees and penalties.

In search of a private mortgage lender in Pottstown to finance your investment purchase? Complete the contact form on this page or get in touch with us via phone and let's discuss the project you have in mind.