Private Real Estate Mortgages in Fort Worth
Many real estate investors use private real estate financing to pay for a new property, or remodel or refinance an existing one. Contrary to loans from banks, Fort Worth private mortgage loans close fast, are easy to qualify for and obtainable by self-employed individuals.
Thus, while you might don't have good credit, having a real estate opportunity with good potential, a sizeable down payment, prior experience, and a well-defined exit strategy are far more crucial in terms of being eligible for private money for a real estate loan. Furthermore, if you're searching for a fast closing, you will not come across many available alternatives better than Fort Worth private real estate mortgages.
Frequently, clients rely on Fort Worth private mortgage lenders to supply capital for their real estate activities when:
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They need to update or make repairs to the house so they can market it at a much higher price point or to charge higher rents.
By way of example, we had a borrower who owned a two-unit rental property. At the time, he had a lot of equity available in the house and the rent checks generated steady income. He desired to complete some modifications to the place to help keep his rents high, but a lower credit score of 520 meant a bank would turn down the mortgage application. And so he turned to Read Rock Capital to do a cash-out refinance and obtained a loan at 65% LTV.
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They need to merge each of their outstanding debts into one payment.
Countless unsecured debts with a range of lending rates are incredibly overwhelming and tough to keep an eye on. To help make the situation more reasonable, some people combine their debts into an individual loan with one monthly payment.
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They wish to use the equity available in their current home and property to work on another real estate investment.
By way of example, one of Island View's previous clients located in Hawaii had a house valued at more than a million dollars. When he failed to procure a buyer for the home, he agreed to a lease-option-to-buy contract with somebody. The rental agreement payments made it possible to meet his current mortgage expenses, property taxes and insurance. The renter also agreed to pay him two hundred thousand dollars as a downpayment for the 3-year lease. These sureties meant he did not have to be concerned with the home's future expenses, and as a result, when another promising real estate investment opportunity came up, he found Read Rock Capital and got a private mortgage loan at seventy percent loan to value. This means that he could make his downpayment for his next property, and also repay his current mortgage.
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The balloon payment for an existing loan is owed soon and they are unable to pay it.
If an unforeseen incident hinders a borrower from hitting his balloon payment deadline, he can seek out an alternative mortgage lender to refinance. A refinance can help the person hit the due date for the balloon payment and avoid penalty charges.
Looking for a private mortgage lender in Fort Worth to fund your real estate investment? Enter your info into the contact form on this page or call us to talk about the property you have in mind.
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