A lot of real estate investors count on private real estate financing to pay for a new property, or rehab or refinance one they already have. Scranton private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available to self-employed applicants.

This is a good thing for real estate investors considering that even somebody with weak credit can qualify for private money for a real estate loan provided that he has a promising project, he has sufficient money for a down payment, he has demonstrated himself competent in prior real estate ventures, and can show a good exit strategy. In addition, Scranton private real estate mortgages close fast to give you financing right away, helping you close on a deal within 2-3 weeks.

Commonly, people approach a private mortgage lender in Scranton when:

1. A rehab or update will make it possible to offer the house at a much higher price or ask for extra rent.

   For example, we had this customer with a two-unit rental property. He already had a considerable amount of equity available in the building and the rent payments generated steady income. He sought to perform some renovation to the units to help keep his rents high, but a below average credit score of 520 meant a bank would undoubtedly turn down the loan request. Consequently, the borrower contacted Read Rock Capital (Read Rock Capital) to complete a cash-out refinance that provided him a loan for 65% of the home's valuation.

2. They're saddled with multiple debts and want to combine them.

   Numerous unsecured debts with a range of interest rates can be very overwhelming and difficult to keep an eye on. This is the reason many people decide to make the most of the equity available in their house to consolidate all their outstanding debts into a single loan having a single payment per month.

3. They want to utilize the equity in their existing home to work on another project.

   One of our customers in Hawaii had a property valued at over $1,000,000. While it was difficult for him to find an interested party for the property, he had a person that was open to lease it with the option to buy. The cash that came from the lease paid for his ongoing mortgage bill, home owner's insurance, and property taxes. The renter also gave $200k towards a non-refundable downpayment when he signed the 3-year lease. Having this collateral to take care of the home's foreseeable financial obligations, he came across another great real estate opportunity and got into contact with Read Rock Capital to obtain a private mortgage loan nearly 70% of the home's estimated value. The money helped him cover the cost of a different investment and in addition, repay his primary mortgage.

4. The balloon payment for a prior loan is owed soon and they are unable to handle it.

   If a person is not able to pay a balloon payment because of unanticipated causes, he can try to refinance the loan with a different loan company. A cash-out refinance can help the person pay the balloon payment and evade consequences.

Do you need a private mortgage lender in Scranton to help you afford your investment purchase? Submit the contact form on this page or get in touch with us via phone to talk about the property you have in mind.