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Private real estate financing helps investors buy, renovate or refinance a property or home using a short-term mortgage loan from a privately owned business or an individual. Unlike loans from banks, Vermont private mortgage loans are fast closing, easy qualifying and accessible to self-employed customers.
Thus, even if you don't have good credit, having a real estate opportunity with promise for profits, a sizeable down payment, previous real estate experience, and a well-defined exit strategy are far more crucial in regards to being qualified for private money for a real estate loan. What's more, Vermont private real estate mortgages close fast to provide you with financing without delay, letting you close on a deal within a few short weeks.
Most often, clients pay a visit to Vermont private mortgage lenders to finance their real estate activities when:
They're looking for capital to renovate a property and offer it at a higher price point or to rent it out at a higher monthly amount.
As an example, one of our clients owned a twin-home / duplex. He'd already built considerable equity in the asset and the rent payments was a routine source of income. He sought to do some improvements to the units to help keep his rents high, but a poor credit score of 520 meant that a bank would doubtless turn down his mortgage request. And so he reached out to Island View Private Loan Fund to obtain a cash-out refinance and obtained financing at 65% LTV.
They have numerous debts and need to combine them.
Multiple unsecured debts with a variety of lending rates are quite overwhelming and challenging to keep tabs on. In order to make the situation more manageable, some people merge their unsecured debts into an individual line of credit with just one monthly payment.
They prefer to take advantage of their home's equity for some other purchase.
By way of example, one of Island View's borrowers located in Hawaii had a home appraised in excess of one million dollars. While it was challenging for him to get a buyer for the house, he had identified someone who was ready to lease it having an option to purchase it. The rent checks were sufficient to handle his regular mortgage payment, taxes and homeowner's insurance obligations. Additionally, he received a $200k non-refundable deposit for the 3-year contract. With these sureties handling the property's bills on a recurring basis, he approached IVPLF to get a 70% loan-to-value private mortgage loan for his upcoming purchase of an investment property. The financing helped him cover the cost of a different investment property as well as repay his original mortgage.
The balloon payment for a previous mortgage is due and they can't handle it.
If a borrower is not able to pay a balloon payment because of unanticipated causes, he can try and refinance his loan with another mortgage company. A refinance can help the person hit the due date for the balloon payment and avoid penalty charges.
Are you searching for a private mortgage lender in Vermont to fund your investment purchase? Submit the contact form or call us to talk about the property or properties you have in mind.
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