Many real estate investors use private real estate financing to acquire a new property, or renovate or refinance one they already own. In contrast to bank loans, Beckley private mortgage loans are fast closing, have minimal eligibility requirements and offered to self-employed individuals.

So even if you have bad credit, having a promising real estate opportunity, a significant downpayment, past experience in real estate, and a well-defined exit strategy are more important in terms of qualifying for private money for a real estate loan. And with fast closings of fourteen days, private real estate mortgages in Beckley are an ideal alternative for real estate investors.

Generally, clients reach out to a private mortgage lender in Beckley when:

1. They want to find money to renovate a house and offer it for sale at a higher price point or to rent it out for more money.

   By way of example, we had this client who owned a 2-unit rental. He already retained plenty of equity in the house and the rent brought in a steady income. Although some improvements to the place might have helped him charge higher rent, a bank would likely have turned down the mortgage request, considering that he had a credit score of a mere 520. After he contacted Read Rock Capital for a mortgage, we were pleased to do a cash-out refinance for 65% of the home's valuation.

2. They want to consolidate their financial debts.

   Many of us find that it's stressful to make multiple payments every month. On that basis, lots of people borrow from their home's equity to consolidate their debts into a single loan.

3. They wish to utilize the equity in an existing house to work on a different real estate investment.

   One of our customers located in Hawaii owned a residence valued at over $1,000,000. Since it was hard for him to get an interested party for the property, he had identified someone that was willing to lease it having the option to buy. The income that came from the rent covered his regular mortgage payment, home owner's insurance, and taxes. The person also went ahead and paid $200,000 for an advance payment for a 3-year lease. These assurances meant he no longer needed to be concerned about the property's future financial obligations, and as a result, when a new real estate opportunity showed up, he came to Read Rock Capital and obtained a private mortgage loan at 70% LTV. This gave him ample cash to use for a down payment on his next property, but additionally helped him pay off the current mortgage.

4. The balloon payment for an existing loan is due and they are not able to afford it.

   If an unexpected mishap hinders a person from hitting his balloon payment deadline, he can seek out a different mortgage company to refinance. A cash-out refinance can help you complete the balloon payment and evade fines.

Intending to discuss your investment plans with a private mortgage lender in Beckley? Submit the contact form or give us a call to talk about the property or properties you have in mind.