Private real estate financing gives assistance to investors who want to buy, remodel or refinance a property or home using a short-term mortgage loan from a privately owned business or an individual. South Kingstown private mortgage loans have many advantages — they close fast, are easy to qualify for and are also available to self-employed individuals.

Which means that even if your credit score just went through the wringer, there is still a strong likelihood of obtaining private money for a real estate loan so long as your project is regarded as profitable, you have sufficient capital to set aside for the downpayment, you have shown yourself competent in real estate previously, you have significant equity in the property or you have a clear plan to pay back the balance of the loan. Additionally, South Kingstown private real estate mortgages close fast to grant you funding right away, allowing you to close on a deal within two to three weeks.

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

1. They would like to update or repair the house so they can offer it for sale at a higher price or to charge higher rents.

   E.g. one of our borrowers owned a twin-home / duplex. He previously built a good amount of equity available in the house and the monthly rent checks was a recurring source of income. Some choice home enhancements would undoubtedly allow him to increase his rents, but with a lower credit score of 520, it was extremely certain that a bank would turn down the mortgage request. So the client got in contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance that got him financing for 65% of the property's valuation.

2. They're saddled with numerous outstanding debts and would like to consolidate them.

   Most people find it stressful to make numerous payments each month. This is why many people decide to utilize the equity in their residence to merge their debts into one private mortgage loan which has a lone monthly payment.

3. They wish to take advantage of the equity in a current house to do an additional real estate project.

   Here is an example. A customer located in Hawaii owned a property valued at $1.2M. His idea was to sell the house but it didn't happen and he ultimately was forced to be content with leasing the property, with an option to purchase it at a future date. The rent amount was sufficient to cover his ongoing mortgage payment, taxes and insurance obligations. He also was given a $200k non-refundable advance payment for the three year lease contract. The signed agreement meant he did not have to worry about the property's ongoing expenses, so when another promising real estate investment opportunity came up, he reached out to Read Rock Capital and got a private mortgage loan at 70% loan to value. This means that he could make his deposit for his next investment, and also pay down his present mortgage.

4. They need help to meet the balloon payment for the existing loan.

   If an unforeseen mishap hinders a person from meeting his balloon payment due date, he can find a different mortgage company to refinance. Refinancing before the term date enables the borrower to meet the due date for the balloon payment and stay clear of penalty charges in connection with failing to make the balloon payment.

Interested in discussing mortgage options with a private mortgage lender in South Kingstown? Enter your info into the form or call us to talk about the property you have in mind.