Private real estate financing can help investors pay for, remodel or refinance a property using a short-term mortgage loan from a private company or an individual. Whereas standard lending institutions like banks have a prolonged, time consuming application process and in all likelihood will think twice about giving money to a self-employed customer, private mortgage loans in Deltona close fast and are easy qualifying.

So in case you don't have good credit, having a promising opportunity, a sizeable downpayment, past experience, and a good exit strategy are more important when it comes to qualifying for private money for a real estate loan. And with fast closings of only 2 weeks, private real estate mortgages in Deltona are an ideal choice for real estate investors.

Usually, investors reach out to a private mortgage lender in Deltona when:

1. They wish to renovate or make repairs to the property to enable them to market it at a much higher price or to bring in higher monthly rental fees.

   One example is a borrower who operated a two-family rental property. At the time, he had a significant amount of equity available in the building and the rent delivered steady cash flow. A number of choice home improvements would undoubtedly allow him to boost his rental prices, but since he had a low credit score of 520, it was extremely probable for a bank to turn down the mortgage application. Thus, he reached out to Read Rock Capital to do a cash-out refinance and acquired a loan at 65% LTV.

2. They have multiple personal debts and need to consolidate them.

   The majority of people find that it's stressful to deal with multiple payments every month. Because of this, numerous people choose to make use of the equity available in their residence to consolidate their financial debts into just one mortgage loan with a single payment per month.

3. They want to capitalize on the existing equity available in a current home to do another real estate project.

   One of Island View's borrowers in Hawaii had a residence worth over $1,000,000. When he could not procure a buyer for the home, he inked a lease-option-to-buy contract with an interested party. The income that stemmed from the rental payments covered his monthly mortgage bill, home owner's insurance, and property taxes. The tenant also gave $200k for a non-refundable down payment as he signed the three year lease. Having these assurances to cover the property's foreseeable bills, he ran across another promising real estate opportunity and got in touch with Read Rock Capital for a private mortgage loan nearly 70% of the property's appraised value. This means that he was able to make the downpayment for the new property, and also repay his present mortgage.

4. They need help to meet the balloon payment for the current mortgage loan.

   If an unanticipated incident prevents a borrower from making his balloon payment due date, he can contact a new mortgage lender to refinance. A refinance can help the borrower avoid missing the cut-off date for the balloon payment and prevent any fines.

Are you searching for a private mortgage lender in Deltona to help you afford your investment purchase? Fill out the form or call us to talk about your property.