Private Real Estate Mortgages in Denver
Numerous real estate investors rely on private real estate financing to acquire a new home or property, or renovate or refinance an existing one. Contrary to bank loans, Denver private mortgage loans close fast, are easy to qualify for and obtainable by self-employed borrowers.
Meaning that even if you do not have a great credit score, you've still got a high probability of qualifying for private money for a real estate loan so long as your investment is presumed to be profitable, you have ample money available for the down payment, you have proven yourself competent in past real estate investments, you have sizeable equity contained in the home or you can show a clear-cut plan to pay back the balance of the loan. And having fast closings of just 14 days, private real estate mortgages in Denver are an ideal choice for serious real estate investors.
Normally, clients get in contact with a private mortgage lender in Denver when:
They wish to remodel or make repairs to the home so they can market it at an increased price point or to ask for higher rents.
By way of example, there was this customer with a two-unit rental property. He'd already built up a good amount of equity available in the building and the rent was a routine revenue stream. A handful of choice home enhancements would undoubtedly help him raise the cost of rent, but since he had a lower credit score of 520, it was very probable that a bank would turn down the mortgage request. For that reason, the borrower contacted Island View Private Loan Fund (IVPLF) to complete a cash-out refinance which in turn got him a loan for 65% of the home's appraised value.
They wish to merge all of their outstanding debts into a single loan.
Numerous debts with a range of rates are quite overwhelming and difficult to keep track of. In order to make the situation more manageable, people consolidate their unsecured debts into just one line of credit with only one payment per month.
They wish to take advantage of their house's equity for another home purchase.
As one example, a client in Hawaii owned a property appraised at $1,200,000. His idea was to sell the house but it did not happen and he finally was forced to be content with leasing the place, with the option to purchase it down the road. The amount of rent was more than enough to cover the cost of his monthly mortgage bill, taxes and insurance payments. In addition, he was given a $200k non-refundable down payment for the three year lease. Using these sureties to cover the home's bills on an ongoing basis, he approached IVPLF to obtain a seventy percent LTV private mortgage loan for his next purchase of an investment property. This means that he could make the downpayment for his next property, and also help with his present mortgage.
They have a previous private loan and cannot pay the pending balloon payment.
If an unforeseen event hinders a person from making his balloon payment deadline, he could approach another company to refinance. A cash-out refinance will help you make the balloon payment and escape consequences.
Trying to find a private mortgage lender in Denver to fund your real estate investment? Enter your info into the contact form on this page or get in touch with us via phone and let's discuss your property or properties.