Private Real Estate Mortgages in Charleston

Private real estate financing helps investors purchase, remodel or refinance a property or home utilizing a short-term mortgage loan from a private business or an individual. In contrast to loans from banks, Charleston private mortgage loans are fast closing, easy qualifying and obtainable by self-employed applicants.

This is good news for investors considering that even an individual with lousy credit can obtain a private money for a real estate loan provided that he has a deal that shows strong potential, he has enough money for a downpayment, he has shown himself able in earlier real estate projects, and he has a plan for an exit strategy. In addition to this, if you need a fast closing, you won't find any available alternatives better than Charleston private real estate mortgages.

Most borrowers use Charleston private mortgage lenders when:

  1. They're looking for capital to repair a property and offer it for a higher price point or to rent it out for more money.

    To illustrate, one of our clients had a twin-home / duplex. He already had a considerable amount of equity in the building and the monthly rent generated steady revenue. Although a few improvements to the property might have enabled him to command more rent, a bank would definitely have turned down the loan request, considering that he had a credit score of only 520. Shortly after he got in contact with Read Rock Capital to get a mortgage, we were pleased to complete a cash-out refinance at 65% of the home's appraised value.

  2. They would like to combine unpaid debts.

    The majority of people know how stressful it is to make countless payments each month. This is why many people make the decision to make use of the equity available in their home to combine each of their unsecured debts into just one private loan having a lone monthly payment.

  3. They want to utilize their property's equity for a different purchase.

    As an illustration, a borrower in Hawaii had a house valued at $1.2M. When he could not procure a buyer for his home, he inked a lease-option-to-buy deal with an interested party. The money that came from the lease contract paid for his monthly mortgage bill, home owner's insurance, and property taxes. The renter furthermore agreed to pay $200,000 in the form of a deposit for the three year lease agreement. With these sureties to take care of the house's foreseeable financial obligations, he ran across another promising real estate opportunity and got into contact with Read Rock Capital for a private mortgage loan close to 70% of the home's appraised value. The financing helped him cover the cost of a new investment property as well as pay down his initial mortgage.

  4. The balloon payment for a previous loan is due and they can't afford it.

    A person who invests in real estate and has a previous private mortgage loan and is unable to pay for the balloon payment because of a change of circumstances can apply for refinancing from an alternative loan company. A refinance will help the borrower hit the cut-off date for the balloon payment and prevent any consequences.

Looking to connect with a private mortgage lender in Charleston to go over funding options for your next investment? Submit the form on this page or get in touch with us via phone and let's talk about your property.

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Investment property loans only please, no primary residences at this time.