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Private real estate financing can help investors purchase, renovate or refinance a property or home utilizing a short-term loan from a private firm or an individual. Connecticut private mortgage loans have many advantages — they are fast closing, easy qualifying and are also available to self-employed applicants.
That's very fortunate for real estate investors since an individual with poor credit can obtain a private money for a real estate loan assuming that he has a promising deal, he has sufficient money for a downpayment, he has proven himself competent in real estate, and has a preplanned exit strategy. Additionally, the fast closing Connecticut private real estate mortgages supply you with financing without delay, helping you close within a few short weeks.
Most real estate professionals use Connecticut private mortgage lenders when:
A remodeling job or restoration can help them sell their property for a much higher price or charge more rent.
By way of example, there was this client who owned a 2-family rental. At the time, he retained a considerable amount of equity available in the building and the rent payments generated steady cash flow. He wanted to perform some upgrades to the property so that he could keep his rents high, but a lower credit score of 520 meant that a bank would turn down the loan application. So the customer got in touch with Island View Private Loan Fund (IVPLF) to complete a cash-out refinance which provided him financing for 65% of the property's assessed value.
They need to merge their unsecured debts into one single payment.
Many of us find that it's stressful to make countless payments each month. To successfully make the situation more manageable, people merge each of their debts into only one mortgage loan with only one monthly payment.
They prefer to take advantage of their house's equity for an additional real estate deal.
For instance, one of our past customers in Hawaii had a home appraised above a million dollars. When he failed to secure a buyer for his home, he agreed to a lease-option-to-buy deal with someone. The cash that came from the rent paid for his continuing mortgage expenses, insurance, and taxes. The tenant also agreed to pay him 200k for an advance payment for a three year lease contract. The signed agreement meant that he no longer had to be concerned with the property's ongoing financial obligations, so when a new investment opportunity showed up, he came to IVPLF and received a private mortgage loan at seventy percent LTV. This let him make the downpayment for his next investment, and also helped with his current mortgage.
They already have an existing private loan and cannot pay the looming balloon payment.
A real estate investor who has a prior private loan and cannot pay for the balloon payment thanks to a change in circumstances can submit an application for refinancing from another lender. A cash-out refinance can help the person make the balloon payment and escape consequences.
Hoping to make contact with a private mortgage lender in Connecticut to talk about loan alternatives for your upcoming investment? Enter your info into the form or give us a call to talk about the project you have in mind.
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