Countless real estate investors go with private real estate financing to pay for a new property, or update or refinance one they already own. As opposed to bank loans, Virginia Beach private mortgage loans are fast closing, easy qualifying and offered to self-employed customers.

This is very fortunate for investors since even an individual with lousy credit can qualify for private money for a real estate loan so long as he has a promising project, he has adequate cash for a downpayment, he has demonstrated himself able in the real estate market, and has a good exit strategy. Combined with fast closings of two weeks, private real estate mortgages in Virginia Beach may very well be the ideal choice for real estate investors.

Frequently, customers confer with Virginia Beach private mortgage lenders to fund their real estate activities when:

1. They are in need of capital to renovate a property and offer it at a much higher price or to up the lease amount for tenants.

   Real example: one of our customers operated a 2-family rental. He already retained a considerable amount of equity in the building and the rent payments generated steady revenue. Although several remodeling work to the property would've helped him ask for more rent, a bank would have turned down his mortgage application, due to the fact his credit score was merely 520. Hence, the client called Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that in turn provided him a loan for 65% of the property's value.

2. They need to combine all of their financial debts into a single payment.

   Multiple unsecured debts with different lending rates can be quite overwhelming and tough to manage. This is why numerous people choose to utilize the equity in their residence to consolidate all of their outstanding debts into only one mortgage which has a lone monthly payment.

3. They would like to take advantage of their home's existing equity for an additional real estate deal.

   For instance, one of our borrowers located in Hawaii had a property appraised at over a million bucks. When he failed to find a buyer for his home, he entered into a lease-option-to-buy deal with an interested party. The lease payouts served to meet his current mortgage expenses, property taxes and homeowner's insurance. The renter also included $200k for a non-refundable downpayment when he signed the 3 year agreement. The signed agreement meant that he did not have to be concerned with the home's future financial obligations, and as a result, when a new real estate opportunity showed up, he found Read Rock Capital and received a private mortgage loan at seventy percent LTV. This enabled him to make the deposit for his next investment, and at the same time helped with his existing mortgage.

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

   If a person cannot meet a balloon payment as a result of unforeseen causes, he can seek to refinance the loan with a different lender. A cash-out refinance can help the person pay the balloon payment and escape penalty.

Looking to connect with a private mortgage lender in Virginia Beach to talk about financing options for your upcoming real estate investment? Submit the contact form on this page or give us a call and let's discuss your property or properties.