Private Real Estate Mortgages in Spring Valley
Private real estate financing can help investors purchase, remodel or refinance a home or property using a short-term mortgage loan from a privately owned business or an individual. Spring Valley private mortgage loans have many advantages — they close fast, are easy to qualify for and are also available for self-employed individuals.
It means that whether or not you have a good credit score, you still have a good chance of receiving private money for a real estate loan as long as your real estate project is presumed to be profitable, you have adequate capital to use for the down payment, you have shown yourself able in past real estate ventures, you have sizeable equity in the property or you have a well-defined plan to take care of the loan. Combined with fast closings of only 2 weeks, private real estate mortgages in Spring Valley are a perfect alternative for serious real estate investors.
Mostly, clients count on Spring Valley private mortgage lenders to fund their real estate ventures when:
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They need to renovate or fix up the property or home to be able to offer it for sale at a much higher price or to charge higher rents.
To illustrate, a past investor owned a twin-home / duplex. He'd already built up a good amount of equity available in the property and the rent payments was a routine income source. He wanted to complete some renovation to the place to be able to maintain high rents, but a poor credit score of 520 meant that a bank would undoubtedly turn down the mortgage application. Thus, he came to Read Rock Capital for a cash-out refinance and received financing at 65% LTV.
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They have numerous debts and wish to consolidate them.
Numerous outstanding debts with various lending rates are often rather overwhelming and difficult to keep track of. This is the reason some people make the decision to make the most of the equity in their house to combine all of their financial debts into a single mortgage with a single payment per month.
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They wish to allocate the existing equity in one home and acquire a different one.
As one example, a borrower located in Hawaii owned a home appraised at $1,200,000. When he could not find a buyer for the property, he inked a lease-option-to-buy deal with somebody. The rental agreement payouts helped him meet his existing mortgage payment, taxes and insurance. The renter additionally gave $200,000 towards a non-refundable advance payment when he signed the three year lease contract. The signed agreement meant that he no longer had to be concerned with the home's ongoing financial obligations, so 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 could make his downpayment for his next property, and also repay his existing mortgage.
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The balloon payment for an existing loan is owed soon and they can't handle it.
A person who invests in real estate and has a previous private loan and cannot afford the balloon payment because of a change of circumstances can apply for refinancing from an alternative company. A cash-out refinance helps the borrower complete the balloon payment and evade fines.
Looking to discuss your financing options with a private mortgage lender in Spring Valley? Submit the contact form on this page or get in touch with us via phone to talk about your project.
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