Private Real Estate Mortgages in South Portland

Private real estate financing involves obtaining a short-term mortgage from a privately owned company or individual to be able to buy, perform upgrades on or refinance a property. South Portland private mortgage loans have many advantages — they close fast, are easy to qualify for and are also available to self-employed applicants.

Thus, even if you don't have great credit, having a promising real estate opportunity, a substantial downpayment, previous real estate experience, and an intelligible exit strategy are a great deal more crucial in regards to being qualified for private money for a real estate loan. And having fast closings of just two weeks, private real estate mortgages in South Portland are an ideal solution for real estate investors.

Most individuals speak with South Portland private mortgage lenders when:

  1. A rehab or renovation will make it possible to sell their property for a much higher price or bring in more rent.

    E.g. a past investor had a twin-home / duplex. He had already built a good amount of equity in the building and the monthly rent checks was a regular income source. While several enhancements to the place may have helped him charge higher rent, a bank would definitely have turned down the mortgage request, considering that his credit score was only 520. For that reason, the borrower got into contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that provided him a loan for 65% of the duplex's valuation.

  2. They want to combine each of their debts into one payment.

    Numerous outstanding debts with varying interest rates can be extremely overwhelming and tough to keep tabs on. Because of this, a lot of people decide to take advantage of the equity in their home to merge their unsecured debts into only one mortgage loan which has a lone payment per month.

  3. They would like to make use of the existing equity available in a current property or home to do an additional real estate project.

    For example, a customer located in Hawaii had a property appraised at $1.2M. His idea was to sell the house but it never transpired and he ultimately had to settle for leasing the house, with an option to purchase it at a later time. The funds that stemmed from the lease contract took care of his monthly mortgage expenses, home owner's insurance, and property taxes. The tenant also included two hundred thousand dollars towards a non-refundable down payment when he signed the three year contract. Having this collateral to cover the property's foreseeable expenses, he stumbled on a new investment opportunity and approached Read Rock Capital for a private mortgage loan nearly 70% of the property's value. This gave him ample capital to use for a deposit or his next home, but also helped him deal with the current mortgage.

  4. They want help to meet the balloon payment for a previous loan.

    A real estate investor who already has an existing private loan and isn't able to pay for the balloon payment as a result of a change of circumstances can apply for refinancing from another lender. Refinancing ahead of the term date allows the borrower to meet the deadline for the balloon payment and stay clear of penalty charges related to missing the balloon payment.

Hoping to make contact with a private mortgage lender in South Portland to discuss financing programs for your upcoming project? Submit the contact form or get in touch with us via phone to talk about the property or properties you have in mind.

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Investment property loans only please, no primary residences at this time.