Private real estate financing helps investors pay for, fix up or refinance a property or home using a short-term loan from a privately owned business or an individual. Laurens private mortgage loans have many advantages — they close fast, are easy to qualify for and additionally, are open to self-employed applicants.

Meaning that regardless of whether you have a good credit score, you still have a high probability of qualifying for private money for a real estate loan so long as your investment is deemed to be profitable, you have ample capital to use for the downpayment, you have shown yourself able in earlier real estate ventures, you have significant equity contained in the property or you have a legitimate plan to repay the loan. Furthermore, if you need a fast closing, there are few options better than Laurens private real estate mortgages.

Typically, people approach a private mortgage lender in Laurens when:

1. They're looking for funds to renovate a property or home and offer it for sale for a much higher price point or to rent it out at a higher monthly amount.

   Real example: one of our borrowers operated a two-family rental property. He'd already built adequate equity in the building and the monthly rent checks was a regular revenue stream. He desired to perform some modifications to the property to help keep his rents high, but a below average credit score of 520 meant that a bank would turn down his loan request. For that reason, the customer got into contact with Read Rock Capital (Read Rock Capital) to do a cash-out refinance which in turn provided him a loan for 65% of the home's value.

2. They need to consolidate their unpaid debts.

   A lot of people think it is stressful to take care of countless payments every month. In order to set up a more workable situation, some people merge all of their outstanding debts into a single line of credit with only one payment per month.

3. They wish to utilize the existing equity within their current property to do an additional real estate project.

   One of our clients located in Hawaii owned a house worth $1.2 million. He wanted to sell the house but that never transpired and he eventually was forced to be satisfied with leasing the house, with an option to purchase it at a later time. The revenue that came from the lease contract covered his ongoing mortgage expenses, home owner's insurance, and property taxes. The tenant additionally included two hundred thousand dollars towards a non-refundable deposit as part of signing the 3 year contract. Using these sureties to take care of the home's bills on a recurring basis, he called Read Rock Capital to obtain a 70% LTV private mortgage loan for his subsequent real estate investment. Meaning that he could make his down payment for his next investment, and also pay down his present mortgage.

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

   A real estate investor who has a prior private loan and is not able to afford the balloon payment because of a change of circumstances can apply for refinancing from a new lender. A refinance can help the borrower avoid missing the cut-off date for the balloon payment and prevent any penalties.

Intending to discuss your mortgage alternatives with a private mortgage lender in Laurens? Enter your info into the form or give us a call to discuss your property or properties.