Private Real Estate Mortgages in Richland

Countless real estate investors go with private real estate financing to pay for a new home or property, or remodel or refinance one they already have. Richland private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and are also offered to self-employed borrowers.

This means that even if you don't have a very good credit score, there is still a high likelihood of qualifying for private money for a real estate loan as long as your project is deemed to be profitable, you have sufficient capital to put towards the down payment, you have proven yourself capable in real estate in the past, you have substantial equity contained in the property or home or you can show a clear-cut plan to repay the loan. In addition to this, if you would like a fast closing, you will not see many alternatives better than Richland private real estate mortgages.

In most cases, customers count on Richland private mortgage lenders to lend money for their endeavors when:

  1. A remodeling job or renovation can allow them to sell the home for a higher price point or ask for extra rent.

    For example, there was this client with a 2-family rental property. He had enough equity available in the house and the rent brought in routine income each month. While a few upgrades to the place would have helped him collect higher rent, a bank would undoubtedly have turned down his mortgage request, because his credit score was only 520. Right after he approached Read Rock Capital for a loan, we were happy to complete a cash-out refinance for 65% of the home's valuation.

  2. They want to consolidate personal debts.

    Numerous unsecured debts with a variety of rates are often too much to handle and hard to keep track of. Because of this, numerous people choose to utilize the equity available in their home to merge all of their debts into just one mortgage which has a single monthly payment.

  3. They wish to employ the equity in one house and use it to buy another one.

    One of Island View's customers located in Hawaii owned a property valued at $1M. While it was challenging for him to get a purchaser for the place, he had identified a person that was willing to lease it having the option to buy. The funds that stemmed from the lease contract covered his monthly mortgage payment, insurance, and property taxes. The renter additionally included two hundred thousand dollars for a non-refundable advance payment when he signed the 3-year contract. The signed agreement meant that he no longer had to worry about the home's ongoing expenses, and as a result, when another promising real estate opportunity showed up, he came to Read Rock Capital and received a private mortgage loan at 70% loan to value. Meaning that he was able to make a deposit for the new investment, and also help with his present mortgage.

  4. They already have an existing private loan and are unable to pay the looming balloon payment.

    If an unexpected mishap hinders someone from hitting his balloon payment due date, he can seek out an alternative lender to refinance. A refinance will help the borrower avoid missing the cut-off date for the balloon payment and steer clear of any fines.

Wanting to meet a private mortgage lender in Richland speak about loan alternatives for your next real estate investment? Submit the contact form or call us and let's talk about your project.

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