Private real estate financing means obtaining a short-term mortgage loan through a privately owned company or individual as a way to purchase, carry out improvements on or refinance a property or home. Unlike bank loans, Parsons private mortgage loans are fast closing, easy qualifying and accessible to self-employed borrowers.

That's why, while you might have lousy credit, having a promising real estate opportunity, a sizeable down payment, previous experience, and a well-defined exit strategy are a great deal more relevant in terms of being qualified for private money for a real estate loan. Additionally, the fast closing Parsons private real estate mortgages grant you financing without delay, allowing you to close within two to three weeks.

Typically, customers contact a private mortgage lender in Parsons when:

1. They would like to update or make repairs to the property in order to offer it at an increased price or to charge higher rents.

   One example is a customer who owned a 2-family rental. At the time, he retained a lot of equity available in the building and the rent delivered steady cash flow. Some select home renovations would undoubtedly help him increase his rental prices, but because of a low credit score of 520, it was extremely certain for a bank to turn down his loan application. Hence, the customer called Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that in turn gave him a loan for 65% of the property's valuation.

2. They would like to merge their outstanding debts into just one payment.

   Countless outstanding debts with a variety of lending rates can be very overwhelming and difficult to manage. For this reason, numerous people choose to take advantage of the equity available in their residence to consolidate each of their outstanding debts into a single mortgage loan with a lone monthly payment.

3. They would like to use their property's existing equity for some other real estate deal.

   One of our borrowers in Hawaii owned a house valued at over $1,000,000. Since it was challenging for him to find a buyer for his home, he had an individual who was wanting to lease it with the option to purchase it. The cash that came from the lease contract covered his monthly mortgage expenses, insurance, and property taxes. Additionally, he was given a $200k non-refundable advance payment for the 3-year lease contract. With the help of this collateral to pay for the house's foreseeable bills, he ran across another promising real estate investment opportunity and contacted Read Rock Capital to obtain a private mortgage loan around seventy percent of the property's estimated value. The loan helped him finance a new investment and in addition, pay off his original mortgage.

4. They already have a preexisting mortgage and are not able to pay the pending balloon payment.

   If a person cannot pay a balloon payment thanks to unexpected causes, he can try and refinance the loan with a new lender. A refinance can help him hit the due date for the balloon payment and prevent any penalties.

Are you searching for a private mortgage lender in Parsons to finance your investment purchase? Fill out the contact form on this page or give us a call and let's discuss your project.