Numerous real estate investors use private real estate financing to pay for a new home, or update or refinance an existing one. Whereas conventional lending institutions such as banks require a prolonged, drawn out application process and are likely to hesitate to loan money to a self-employed individual, private mortgage loans in Thibodaux close fast and are easy qualifying.

Thus, while it's possible you have lousy credit, having a real estate opportunity with good potential, a substantial down payment, past real estate experience, and an intelligible exit strategy are far more crucial when being eligible for private money for a real estate loan. Besides, if you need a fast closing, you won't come across any options better than Thibodaux private real estate mortgages.

Generally, people approach a private mortgage lender in Thibodaux when:

1. They wish to renovate or repair the home and property in order to offer it for sale at a higher price or to bring in higher monthly rental fees.

   As an example, one of our borrowers had a twin-home / duplex. At the time, he had a considerable amount of equity in the building and the monthly rent delivered steady income. He sought to do some renovation to the units to help keep his rents high, but a poor credit score of 520 meant a bank would turn down the mortgage application. Accordingly, he came to Read Rock Capital to get a cash-out refinance and got a loan at 65% LTV.

2. They want to merge each of their financial debts into one single payment.

   Numerous outstanding debts with a range of interest rates are often too much to handle and tough to keep tabs on. Due to this, many individuals do a loan against their home equity to consolidate each of their debts into one mortgage loan.

3. They want to take advantage of the existing equity available in a current home and property to work on another project.

   One of Island View's clients in Hawaii had a property worth $1.2 million. Since it was hard for him to get a purchaser for the property, he had identified someone who was open to lease it having an option to purchase it. The rental agreement income made it possible to meet his existing mortgage, property taxes and homeowner's insurance. The tenant also gave $200k for a non-refundable deposit as he signed the 3-year lease contract. With these assurances covering the home's monthly payments on a recurring basis, he contacted Read Rock Capital to get a seventy percent LTV private mortgage loan to help with his next real estate investment. Meaning that he was able to make his deposit for the new investment, and also help with his present mortgage.

4. They need help to meet the balloon payment for a previous loan.

   If someone is not able to meet a balloon payment because of unforeseen causes, he can try to refinance the loan with an alternative lending company. A refinance will help the borrower hit the due date for the balloon payment and avoid consequences.

Want to discuss your financing alternatives with a private mortgage lender in Thibodaux? Submit the form or give us a call and let's talk about the property you have in mind.