Private Real Estate Mortgages in Carrollton
Many real estate investors use private real estate financing to buy a new property or home, or update or refinance an existing one. Contrary to bank loans, Carrollton private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed borrowers.
That's why, in case you have poor credit, having a promising real estate opportunity, a significant down payment, prior real estate experience, and a good exit strategy are far more relevant in terms of qualifying for private money for a real estate loan. Additionally, Carrollton private real estate mortgages close fast to ensure that you get financing right away, helping you close within two to three weeks.
Mostly, customers talk to Carrollton private mortgage lenders to provide capital for their projects when:
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They want to find capital to renovate a property or home and offer it for a higher price or to rent it out for more money.
E.g. a past investor had a duplex. He previously built up ample equity available in the house and the monthly rent checks was a routine revenue stream. He sought to complete some improvements to the units in order to keep his rents high, but a poor credit score of 520 meant that a bank would undoubtedly turn down his loan request. So he reached out to Read Rock Capital to do a cash-out refinance and got financing at 65% LTV.
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They're saddled with numerous debts and wish to consolidate them.
Countless outstanding debts with varying interest rates are incredibly overwhelming and challenging to keep an eye on. Because of this, numerous people decide to utilize the equity available in their residence to combine their financial debts into one private mortgage loan with a single monthly payment.
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They prefer to release the equity in one home and use it to acquire a different one.
One of Island View's customers in Hawaii had a residence worth over $1,000,000. When he was unable to find a buyer for his home, he entered into a lease-option-to-buy deal with someone. The funds that stemmed from the lease covered his continuing mortgage payment, insurance, and taxes. The renter also included $200k in the form of a non-refundable down payment as part of signing the 3-year lease contract. With the help of this collateral to pay for the home's foreseeable expenses, he discovered another promising real estate investment opportunity and approached Read Rock Capital for a private mortgage loan close to 70% of the home's valuation. This means that he was able to make the down payment for the new investment, and also help with his present mortgage.
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They need assistance to meet the balloon payment for a previous mortgage loan.
If an unforeseen incident hinders a person from making his balloon payment due date, he can seek out another loan company to refinance. A refinance can help the borrower avoid missing the due date for the balloon payment and steer clear of any penalties.
Do you need a private mortgage lender in Carrollton to help you afford your investment purchase? Submit the form on this page or give us a call to talk about the property you have in mind.
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