Private Real Estate Mortgages in Corpus Christi

Private real estate financing means obtaining a short-term mortgage loan from a privately owned business or individual to be able to purchase, carry out upgrades on or refinance a home or property. As opposed to loans from banks, Corpus Christi private mortgage loans are fast closing, have minimal eligibility requirements and open to self-employed customers.

This is fantastic news for real estate investors because even anyone with bad credit can opt for private money for a real estate loan assuming that he has a project that shows strong potential, he has adequate money for a downpayment, he has proven himself able in prior real estate projects, and he can show a preplanned exit strategy. And having fast closings of just two weeks, private real estate mortgages in Corpus Christi may very well be the perfect choice for ambitious real estate investors.

Typically, people reach out to a private mortgage lender in Corpus Christi when:

  1. A remodeling job or restoration can allow them to market their property at a higher price or get extra rent.

    As an example, one of our customers had a twin-home / duplex. He'd already built a good amount of equity available in the building and the rent was a regular income source. Although a few improvements to the property would have helped him collect more rent, a bank would likely have turned down the loan application, considering that his credit score was only 520. When he contacted Read Rock Capital to get a mortgage, we were able to do a cash-out refinance at 65% of the house's market value.

  2. They're saddled with multiple personal debts and desire to consolidate them.

    A lot of people find it stressful to manage numerous payments on a monthly basis. This is why a lot of people make the decision to make use of the equity available in their home to combine their outstanding debts into one private loan having a lone payment per month.

  3. They want to capitalize on the equity in their current property or home to do another real estate investment.

    For instance, one of Island View's past borrowers in Hawaii had a home appraised in excess of a million dollars. Because it was tough for him to find an interested party for the place, he had found somebody who was wanting to lease it with the option to buy. The lease income made it possible to meet his existing mortgage, taxes and homeowner's insurance. Additionally, he received a two hundred thousand dollars non-refundable advance payment for the three year contract. Having these assurances to take care of the home's financial obligations on a recurring basis, he approached Read Rock Capital for a 70% LTV private mortgage loan for his next real estate investment. Meaning that he was able to make the down payment for his next property, and also repay his current mortgage.

  4. The balloon payment for a preexisting mortgage is owed soon and they are unable to handle it.

    If a person cannot meet a balloon payment because of unforeseen causes, he can seek to refinance his loan with a different lending company. Refinancing before the due date helps the borrower to make the due date for the balloon payment and stay clear of consequences in connection with failing to pay the balloon payment.

Searching for a private mortgage lender in Corpus Christi to help you afford your real estate investment? Enter your info into the form on this page or give us a call and let's discuss your project.

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