Countless real estate investors depend on private real estate financing to acquire a new home, or remodel or refinance an existing one. Whereas typical lending institutions, for example, banks necessitate a lengthy, time consuming application process and in all likelihood will think twice about lending money to a self-employed applicant, private mortgage loans in White Plains close fast and are easy qualifying.

This is very fortunate for investors because even someone with lousy credit can obtain a private money for a real estate loan given that he has a promising deal, he has enough money for a down payment, he has demonstrated himself capable in earlier real estate projects, and has a preplanned exit strategy. And having fast closings of 2 weeks, private real estate mortgages in White Plains may very well be the ideal solution for ambitious real estate investors.

Normally, people get a hold of a private mortgage lender in White Plains when:

1. They are searching for money to repair a house and market it for a higher price point or to rent it out at a higher monthly amount.

   E.g. a past investor had a twin-home / duplex. At the time, he had a considerable amount of equity available in the house and the monthly rent generated steady cash flow. A number of select home enhancements would help him bump up the cost of rent, but since he had a poor credit score of 520, it was extremely likely for a bank to turn down the mortgage request. For that reason, the borrower got into contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance which got him a loan for 65% of the home's market value.

2. They want to combine all of their outstanding debts into a single loan.

   Multiple outstanding debts with varying lending rates can be too much to handle and hard to keep track of. As a result, many individuals do a loan against their home equity to merge their outstanding debts into just one loan payment.

3. They would like to capitalize on the equity within their existing home and property to do another real estate project.

   Here is an example. A client located in Hawaii owned a property appraised at $1.2M. His idea was to sell the house but it did not happen and he eventually was forced to be satisfied with leasing the property, with an option to purchase it down the road. The amount of rent was enough to pay for his monthly mortgage payment, taxes and cost of insurance. The tenant additionally put two hundred thousand dollars towards a non-refundable downpayment as part of signing the three year lease contract. Having this collateral to take care of the home's foreseeable financial obligations, he stumbled on another promising real estate opportunity and approached Read Rock Capital for a private mortgage loan nearly 70% of the property's valuation. Meaning that he could make his deposit for the new investment, and also help with his current mortgage.

4. They have an existing loan and are not able to pay the pending balloon payment.

   If an unexpected incident stops a borrower from making his balloon payment deadline, he could find a different mortgage lender to refinance. A refinance can help him hit the due date for the balloon payment and prevent any fees and penalties.

Hoping to meet a private mortgage lender in White Plains to talk about funding options for your next project? Submit the form on this page or call us to talk about your property or properties.