Private Real Estate Mortgages in South Bethany
Private real estate financing can help investors buy, renovate or refinance a property via a short-term mortgage loan from a private firm or an individual. South Bethany private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available for self-employed borrowers.
That's great for real estate investors considering that even an individual with lousy credit can obtain a private money for a real estate loan provided that he has a project that shows promise, he has enough money for a down payment, he has shown himself competent in the real estate market, and he has a sensible exit strategy. And having fast closings of just two weeks, private real estate mortgages in South Bethany are the right alternative for ambitious real estate investors.
Primarily, clients count on South Bethany private mortgage lenders to fund their projects when:
A rehab or update can allow them to sell the house for a much higher price or ask for more rent.
E.g. one of our customers owned a duplex. He had a great deal of equity in the house and the rent payments brought in regular income each month. A few choice home improvements would help him raise his rental prices, but with a poor credit score of 520, it was very likely that a bank would turn down his mortgage request. When he got in contact with Read Rock Capital for a mortgage, we were pleased to do a cash-out refinance at 65% of the property's market value.
They have multiple outstanding debts and want to combine them.
Most people know how stressful it is to deal with countless payments on a monthly basis. Due to this, numerous people borrow from their home's equity to combine all of their outstanding debts into a single mortgage loan.
They would like to capitalize on the existing equity in a current house to do an additional real estate investment.
As an example, one of our previous customers in Hawaii had a home valued at more than one million bucks. Because it was difficult for him to find a purchaser for his house, he had a person who was open to lease it having the option to buy. The lease payouts made it possible to meet his existing mortgage expenses, property taxes and homeowner's insurance. Additionally, he received a $200,000 non-refundable down payment for the 3 year contract. With the help of this collateral to cover the home's foreseeable bills, he ran across a new real estate opportunity and got in touch with Read Rock Capital to obtain a private mortgage loan nearly 70% of the home's valuation. This let him pay an advance on the deposit for his next property, and at the same time pay down his current mortgage.
The balloon payment for an existing mortgage is owed soon and they cannot handle it.
If an unexpected incident prevents a borrower from meeting his balloon payment deadline, he could find a different mortgage company to refinance. Refinancing before the due date allows the borrower to meet the deadline for the balloon payment and avert any penalty charges associated with failing to make the balloon payment.
Want to discuss your mortgage plans with a private mortgage lender in South Bethany? Submit the contact form on this page or get in touch with us via phone to discuss the project you have in mind.
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