A lot of real estate investors use private real estate financing to purchase a new home, or renovate or refinance one they already own. While traditional lending institutions like banks will require a prolonged, drawn out application process and in all likelihood will hesitate to lend money to a self-employed individual, private mortgage loans in Las Cruces close fast and have minimal eligibility criteria.

Which means that even if you do not have a great credit score, you still have a good chance of getting private money for a real estate loan assuming that your investment is deemed to be profitable, you have adequate capital available for the downpayment, you have shown yourself able in real estate previously, you have sizeable equity in the property or you can show a well-defined plan to repay the loan. Combined with fast closings of only fourteen days, private real estate mortgages in Las Cruces are a perfect solution for real estate investors.

Most real estate professionals use Las Cruces private mortgage lenders when:

1. They wish to remodel or fix up the property to enable them to market it at an increased price or to charge higher rents.

   To illustrate, a past investor had a twin-home / duplex. At the time, he had a significant amount of equity available in the property and the monthly rent delivered steady income. He sought to perform some upgrades to the place in order to maintain high rents, but a low credit score of 520 meant a bank would undoubtedly turn down his mortgage application. After he got in touch with Read Rock Capital to get financing, we were pleased to complete a cash-out refinance for 65% of the property's appraised value.

2. They would like to combine unpaid debts.

   The majority of people know how stressful it is to take care of numerous payments each month. As a result, lots of people do a loan from their home's equity to consolidate each of their debts into one mortgage loan.

3. They prefer to allocate their equity in one home or property and use it to invest in a different one.

   As an example, one of our borrowers located in Hawaii had a home appraised above one million bucks. When he could not secure a buyer for the house, he signed a lease-option-to-buy deal with an interested party. The rent checks were adequate to take care of his regular mortgage payment, taxes and homeowner's insurance obligations. The renter additionally included $200,000 in the form of a non-refundable deposit when he signed the 3 year lease. With these sureties covering the home's expenses on a regular basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan for his upcoming purchase of an investment property. This let him make the down payment for the new investment, and at the same time repay his existing mortgage.

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

   If an unanticipated incident prevents a person from hitting his balloon payment deadline, he could contact a different mortgage company to refinance. A refinance can help the person avoid missing the cut-off date for the balloon payment and prevent any fines.

Looking to meet a private mortgage lender in Las Cruces to discuss financing alternatives for your upcoming project? Submit the form on this page or call us and let's discuss your project.