Private Real Estate Mortgages in Española

Private real estate financing means getting a short-term mortgage loan via a privately owned firm or individual person to be able to purchase, carry out upgrades on or refinance a property. As opposed to bank loans, Española private mortgage loans are fast closing, easy qualifying and accessible to self-employed individuals.

It means that no matter the quality of your credit score, you still have a high probability of qualifying for private money for a real estate loan as long as your undertaking is deemed to be profitable, you have ample capital available for the down payment, you have proven yourself competent in the real estate market previously, you have substantial equity contained in the property or you have an intelligible plan to pay back the loan. Combined with fast closings of only 14 days, private real estate mortgages in Española are a perfect choice for serious real estate investors.

Ordinarily, people ask Española private mortgage lenders to finance their real estate activities when:

  1. A rehab or restoration will help to market their property for a higher price point or get significantly more rent.

    E.g. a past investor owned a twin-home / duplex. He already retained a good deal of equity available in the property and the rent generated steady revenue. He wanted to do some improvements to the property to help keep his rents high, but a low credit score of 520 meant that a bank would doubtless turn down his mortgage application. After he approached Read Rock Capital to obtain a mortgage, we were glad to do a cash-out refinance for 65% of the property's assessed value.

  2. They're stuck with multiple debts and prefer to consolidate them.

    A lot of people find that it's stressful to manage countless payments each month. In order to arrange a more manageable situation, people consolidate their debts into just one mortgage loan with just one payment per month.

  3. They want to utilize their property's equity for an additional purchase.

    For instance, one of Island View's previous clients located in Hawaii had a property valued above one million bucks. When he was not able to procure a buyer for the property, he signed a lease-option-to-buy arrangement with an interested party. The lease payments served to meet his current mortgage expenses, taxes and insurance. Additionally, he was given a $200k non-refundable downpayment for the 3 year lease. These assurances meant that he no longer had to concern himself with the home's ongoing financial obligations, and so when a new investment opportunity showed up, he came to Read Rock Capital and got a private mortgage loan at seventy percent LTV. This not only gave him adequate money to put towards a down payment or his next home, but additionally made it easier for him to pay down the current mortgage.

  4. They want help to satisfy the balloon payment for a previous mortgage loan.

    If a borrower can't pay a balloon payment thanks to unexpected causes, he can attempt to refinance the loan with a different mortgage company. Refinancing right before the term date enables the borrower to meet the deadline for the balloon payment and avert any penalty charges related to failing to make the balloon payment.

Hoping to discuss your investment alternatives with a private mortgage lender in Española? Complete the form or give us a call and let's talk about the property you have in mind.

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