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Private real estate financing can help investors pay for, remodel or refinance a home or property utilizing a short-term mortgage loan from a privately owned company or an individual. Alaska private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are offered to self-employed individuals.
That is great for investors considering that even a person with weak credit can apply for private money for a real estate loan as long as he has a promising project, he has sufficient cash for a downpayment, he has demonstrated himself capable in prior real estate ventures, and can show a plan for an exit strategy. And with fast closings of only 2 weeks, private real estate mortgages in Alaska are an ideal alternative for real estate investors.
Mostly, borrowers talk to Alaska private mortgage lenders to lend money for their real estate activities when:
They are in need of money to repair a property and put it up for sale for a higher price point or to rent it out for more money.
E.g. a past client owned a twin-home / duplex. He already retained a good deal of equity available in the building and the monthly rent brought in a steady revenue. Though some enhancements to the units may have enabled him to charge higher rent, a bank would undoubtedly have turned down his mortgage application, due to the fact his credit score was down at 520. For that reason, the customer approached Island View Private Loan Fund (IVPLF) to execute a cash-out refinance which in turn got him a loan for 65% of the home's market value.
They're saddled with multiple personal debts and prefer to consolidate them.
Countless debts with various interest rates are often too much to handle and difficult to manage. To successfully set up a more manageable situation, people merge all their unsecured debts into an individual mortgage loan with only one monthly payment.
They wish to unlock their equity in one property or home and use it to acquire a different one.
As an illustration, a customer in Hawaii had a house valued at $1.2M. Though it was challenging for him to get a purchaser for the place, he had someone who was ready to lease it having the option to buy. The rent checks were enough to handle the cost of his ongoing mortgage bill, taxes and insurance obligations. The renter furthermore consented to pay $200,000 as a downpayment for the three year lease agreement. The signed agreement meant that he no longer had to be concerned about the home's future expenses, and thus, when a new real estate investment opportunity came up, he reached out to IVPLF and obtained a private mortgage loan at 70% LTV. This means that he could make the down payment for his next property, and also pay down his current mortgage.
The balloon payment for an existing mortgage is due and they are unable to afford it.
If an unexpected mishap prevents a borrower from meeting his balloon payment deadline, he could contact a different mortgage company to refinance. A refinance will help the borrower hit the due date for the balloon payment and avoid fines.
Looking to connect with a private mortgage lender in Alaska to discuss funding programs for your upcoming investment? Fill out the form or give us a call and let's talk about your property or properties.
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