Private real estate financing involves getting a short-term loan via a privately owned firm or individual person to be able to purchase, perform improvements on or refinance a home or property. Unlike bank loans, Union City private mortgage loans are fast closing, easy qualifying and available to self-employed applicants.

That's great news for investors since even someone with lousy credit can qualify for private money for a real estate loan as long as he has a promising project, he has adequate money for a down payment, he has shown himself able in prior real estate ventures, and he can show a sensible exit strategy. And having fast closings of fourteen days, private real estate mortgages in Union City are the right solution for real estate investors.

Normally, clients approach a private mortgage lender in Union City when:

1. They wish to renovate or repair the house to be able to offer it for sale at a higher price or to fetch higher rents.

   E.g. a past borrower had a twin-home / duplex. He had already built considerable equity in the house and the monthly rent checks was a regular source of income. A handful of select home improvements would undoubtedly help him boost his rental prices, but with a bad credit score of 520, it was extremely certain for a bank to turn down the mortgage request. Thus, he came to Read Rock Capital to obtain a cash-out refinance and received a loan at 65% LTV.

2. They would like to merge their unsecured debts into one loan.

   Countless debts with various lending rates are incredibly overwhelming and hard to keep an eye on. Due to this, many individuals borrow from their home equity to combine their financial debts into one single loan payment.

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

   As one example, a borrower in Hawaii owned a property valued at $1,200,000. Because it was difficult for him to find a purchaser for the house, he had found someone that was wanting to lease it having an option to buy. The rent amount was more than enough to take care of the cost of his monthly mortgage bill, taxes and cost of insurance. The renter furthermore consented to pay $200,000 as an advance payment for a 3 year contract. Using these assurances to take care of the property's financial obligations on an ongoing basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan to aid in his next purchase of an investment property. The borrowed funds helped him finance his next investment property as well as repay his original mortgage.

4. The balloon payment for a preexisting loan is owed soon and they are not able to afford it.

   A person who invests in real estate and has a previous private loan and is unable to pay for the balloon payment as a result of a change in circumstances can apply for refinancing from another lending company. A refinance will help the person avoid missing the due date for the balloon payment and avoid fines.

Hoping to meet a private mortgage lender in Union City to talk about financing alternatives for your next real estate investment? Complete the contact form on this page or call us and let's discuss your property or properties.