Private Real Estate Mortgages in York

Many real estate investors go with private real estate financing to pay for a new home, or renovate or refinance one they already own. In contrast to loans from banks, York private mortgage loans are fast closing, easy qualifying and accessible to self-employed applicants.

It means that even if your credit score recently went through the wringer, you still have a good chance of obtaining private money for a real estate loan assuming that your real estate project is viewed to be profitable, you have adequate money to set aside for the downpayment, you have proven yourself capable in past real estate projects, you have sizeable equity in the home or property or you have an intelligible plan to pay back the loan. In addition, York private real estate mortgages close fast to supply you with financing right away, helping you close within a few short weeks.

Generally, investors get in touch with a private mortgage lender in York when:

  1. A rehab or restoration can allow them to sell the home at a higher price or bring in extra rent.

    For instance, there was this borrower with a 2-unit rental. He had already built considerable equity available in the asset and the rent payments was a recurring income source. He sought to do some upgrades to the units to help maintain high rents, but a below average credit score of 520 meant a bank would undoubtedly turn down the loan request. And so he came to Read Rock Capital to do a cash-out refinance and got financing at 65% LTV.

  2. They need to combine their unsecured debts into just one payment.

    Multiple unsecured debts with a variety of lending rates can be very overwhelming and difficult to keep track of. Because of this, numerous people make the decision to utilize the equity available in their home to consolidate all their outstanding debts into just one mortgage loan with a single payment per month.

  3. They prefer to take advantage of their house's existing equity for an additional purchase.

    One of Island View's clients in Hawaii had a residence worth $1.2 million. When he was unable to procure a buyer for the home, he agreed to a lease-option-to-buy deal with an interested party. The amount of rent was sufficient to pay for the cost of his monthly mortgage bill, taxes and insurance obligations. Additionally, he was given a $200k non-refundable downpayment for the 3 year agreement. With these assurances covering the property's financial obligations on an ongoing basis, he phoned Read Rock Capital to get a seventy percent LTV private mortgage loan to help with his next purchase of an investment property. This means that he could make a deposit for his next property, and also repay his existing mortgage.

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

    If a borrower is not able to make a balloon payment due to unanticipated causes, he can try to refinance his loan with another lending company. Refinancing before the due date allows you to make the due date for the balloon payment and avoid fees and penalties related to failing to make the balloon payment.

Interested in discussing your investment options with a private mortgage lender in York? Submit the form or give us a call and let's discuss your property.

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