Numerous real estate investors rely on private real estate financing to pay for a new home, or rehab or refinance an existing one. Contrary to loans from banks, Stevensville private mortgage loans are fast closing, have minimal eligibility criteria and accessible to self-employed customers.

Which means that irrespective of the level of your credit score, there is still a high likelihood of getting private money for a real estate loan so long as your investment is deemed to be profitable, you have enough money reserved for the down payment, you have demonstrated yourself competent in the real estate market previously, you have considerable equity contained in the property or you have a clear plan to pay off the loan. Besides, if you are searching for a fast closing, you will not come across many options better than Stevensville private real estate mortgages.

Most individuals work with Stevensville private mortgage lenders when:

1. They want to update or make repairs to the home and property to allow them to sell it at an increased price point or to bring in higher rents.

   E.g. one of our clients had a duplex. He had a great deal of equity in the house and the rent payments brought in routine monthly income. A number of choice home improvements would undoubtedly allow him to raise his rental prices, but since he had a poor credit score of 520, it was extremely certain for a bank to turn down his loan request. Accordingly, he came to Read Rock Capital to do a cash-out refinance and obtained financing at 65% LTV.

2. They wish to combine their unsecured debts into a single payment.

   Numerous outstanding debts with a range of lending rates can be extremely overwhelming and difficult to manage. To successfully set up a more workable situation, some people merge each of their outstanding debts into a single mortgage loan with one monthly payment.

3. They wish to use the equity in an existing home to do another project.

   Here is an example. A borrower in Hawaii owned a home appraised at $1.2M. When he was not able to secure a buyer for the house, he signed a lease-option-to-buy deal with someone. The amount of rent was more than enough to cover the cost of his monthly mortgage bill, taxes and cost of homeowner's insurance. The person also went ahead and paid him two hundred thousand dollars as a down payment for the 3 year contract. With the help of these assurances to take care of the home's foreseeable expenses, he discovered a new real estate investment opportunity and contacted Read Rock Capital to obtain a private mortgage loan nearly 70% of the home's appraised value. The loan helped him finance his next investment property and in addition, pay off his initial mortgage.

4. The balloon payment for a preexisting mortgage is owed soon and they can't afford it.

   A person who invests in real estate and currently has an existing private loan and is not able to pay for the balloon payment caused by a change of circumstances can apply for refinancing from a different lending company. A refinance can help the borrower avoid missing the cut-off date for the balloon payment and steer clear of any fees and penalties.

Interested in discussing your financing options with a private mortgage lender in Stevensville? Complete the contact form or give us a call to discuss the property you have in mind.