Countless real estate investors rely upon private real estate financing to purchase a new home, or remodel or refinance an existing one. Unlike loans from banks, Beaumont private mortgage loans are fast closing, have minimal eligibility criteria and open to self-employed borrowers.

That's good for real estate investors because anyone with weak credit can opt for private money for a real estate loan so long as he has a promising deal, he has adequate money for a down payment, he has demonstrated himself capable in the real estate market, and has a plan for an exit strategy. In addition, Beaumont private real estate mortgages close fast to grant you financing right away, helping you close on a deal within weeks.

Primarily, customers confer with Beaumont private mortgage lenders to provide capital for their endeavors when:

1. A remodeling job or restoration can help them offer the house for a much higher price point or get more rent.

   As an illustration, one of our applicants operated a two-family rental. He had enough equity in the house and the rent checks brought in routine monthly income. He desired to complete some modifications to the property to help maintain high rents, but a lower credit score of 520 meant a bank would doubtless turn down the mortgage application. So he reached out to Read Rock Capital to do a cash-out refinance and acquired financing at 65% LTV.

2. They've got numerous outstanding debts and desire to consolidate them.

   The majority of people think it is stressful to deal with countless payments each month. For this reason, many people make the decision to take advantage of the equity available in their property to consolidate all of their financial debts into just one private loan having a single payment per month.

3. They prefer to use their house's existing equity for an additional home purchase.

   One of our clients in Hawaii owned a property worth $1M. His plans to sell the house didn't work out and he ultimately had to be content with leasing the house, with an option to buy at a later date. The rental agreement payments helped him meet his existing mortgage payment, property taxes and homeowner's insurance. The renter also gave $200k for a non-refundable advance payment when he signed the three year contract. The signed agreement meant he did not have to be concerned with the home's ongoing expenses, and as a result, when another great investment opportunity came up, he found Read Rock Capital and got a private mortgage loan at seventy percent loan to value. This means that he could make a down payment for the new investment, and also repay his existing mortgage.

4. They already have an existing mortgage and are not able to pay the looming balloon payment.

   If a borrower is not able to make a balloon payment due to unexpected factors, he can attempt to refinance the loan with an alternative lender. A cash-out refinance will help you make the balloon payment and evade consequences.

Interested in discussing your mortgage alternatives with a private mortgage lender in Beaumont? Enter your info into the form on this page or call us to talk about your property.