Private real estate financing entails obtaining a short-term mortgage via a private firm or individual in order to purchase, perform improvements on or refinance a property. Although traditional lenders, for example, banks require a lengthy, time consuming application process and are likely to think twice about loaning money to a self-employed client, private mortgage loans in Crete close fast and are easy qualifying.

So in case you have bad credit, having a promising real estate opportunity, a significant downpayment, past experience in real estate, and a well-defined exit strategy are more crucial in regards to being qualified for private money for a real estate loan. And with fast closings of just 14 days, private real estate mortgages in Crete may very well be the right choice for real estate investors.

Most borrowers speak with Crete private mortgage lenders when:

1. They need to renovate or repair the property or home in order to offer it for sale at an increased price or to bring in higher monthly rental fees.

   For example, there was a borrower who owned a 2-family rental property. He held plenty of equity in the house and the rent checks generated regular income each month. He desired to perform some improvements to the place so that he could keep his rents high, but a low credit score of 520 meant that a bank would undoubtedly turn down the mortgage request. So the borrower got into contact with Read Rock Capital (Read Rock Capital) to complete a cash-out refinance that got him financing for 65% of the property's appraised value.

2. They would like to merge each of their financial debts into one loan.

   Numerous debts with a range of rates are quite overwhelming and hard to keep tabs on. Because of this, a lot of people choose to make use of the equity in their home to consolidate all their outstanding debts into just one mortgage loan having a single payment per month.

3. They want to make use of the existing equity in their current home and property to work on another real estate project.

   One of our customers located in Hawaii had a residence worth $1.2 million. Since it was challenging for him to get a purchaser for the place, he had somebody who was ready to lease it with the option to purchase it. The lease payments made it possible to meet his existing mortgage expenses, taxes and insurance. The person also went ahead and paid him $200,000 for a downpayment for a three year lease. Using these sureties to take care of the property's monthly payments on an ongoing basis, he contacted Read Rock Capital to get a 70% LTV private mortgage loan for his upcoming purchase of an investment property. This enabled him to pay an advance on the deposit for the new property, and at the same time pay down his existing mortgage.

4. They want assistance to satisfy the balloon payment for a previous mortgage.

   A real estate investor who currently has an existing private loan and is unable to pay for the balloon payment on account of a change of circumstances can fill out an application for refinancing from a new company. A cash-out refinance helps the person make the balloon payment and escape penalty.

Do you need a private mortgage lender in Crete to help you afford your real estate investment? Submit the form or get in touch with us via phone to talk about your property.