Many real estate investors rely upon private real estate financing to buy a new home or property, or remodel or refinance one they already have. Unlike loans from banks, Woonsocket private mortgage loans are fast closing, easy qualifying and obtainable by self-employed individuals.

That's fantastic news for real estate investors considering that even anyone with bad credit can qualify for private money for a real estate loan provided that he has a promising project, he has sufficient cash for a downpayment, he has shown himself capable in past real estate ventures, and can show a preplanned exit strategy. And with fast closings of just 2 weeks, private real estate mortgages in Woonsocket may very well be the ideal solution for serious real estate investors.

Commonly, people get in contact with a private mortgage lender in Woonsocket when:

1. They are searching for funds to repair a house and offer it for sale at a higher price point or to up the lease amount for tenants.

   As an example, one of our clients owned a duplex. He had a great deal of equity available in the house and the rent checks generated regular monthly income. A number of select home renovations would undoubtedly help him boost his rental prices, but because of a low credit score of 520, it was extremely likely for a bank to turn down the mortgage application. Consequently, the customer got into contact with Read Rock Capital (Read Rock Capital) to complete a cash-out refinance which provided him a loan for 65% of the duplex's valuation.

2. They're stuck with multiple debts and want to combine them.

   A lot of people find it stressful to manage multiple payments every month. In order to arrange a more workable situation, some people merge all of their outstanding debts into one single loan with only one payment per month.

3. They would like to utilize their property's existing equity for some other home purchase.

   To provide an example, a customer located in Hawaii had a house appraised at $1.2M. His idea was to sell the house but it never transpired and he finally had to be content with leasing the house to an interested party, with an option to buy at a future date. The rental agreement payments served to meet his existing mortgage payment, taxes and insurance. Additionally, he received a $200k non-refundable down payment for the 3 year lease agreement. The signed agreement meant that he did not have to be concerned with the property's ongoing expenses, and as a result, when another promising real estate opportunity surfaced, he came to Read Rock Capital and got a private mortgage loan at seventy percent loan to value. Meaning that he could make a down payment for his next investment, and also pay down his present mortgage.

4. They already have a private loan and cannot pay the pending balloon payment.

   If a borrower is unable to make a balloon payment due to unanticipated factors, he can attempt to refinance his loan with a different mortgage lender. Refinancing right before the term date allows you to meet the due date for the balloon payment and avert any fines in connection with failing to pay the balloon payment.

Searching for a private mortgage lender in Woonsocket to finance your investment purchase? Fill out the form or give us a call to talk about the project you have in mind.