Private real estate financing means finding a short-term loan through a privately owned company or individual in order to buy, perform upgrades on or refinance a home or property. Unlike bank loans, Aiken private mortgage loans are fast closing, have minimal eligibility requirements and available to self-employed borrowers.

This means that even if you don't have a great credit score, you've still got a high probability of receiving private money for a real estate loan if your investment is regarded as profitable, you have ample money to put towards the downpayment, you have shown yourself capable in real estate in the past, you have substantial equity contained in the home or property or you have an intelligible plan to pay back the balance of the loan. Besides, if you would like a fast closing, you won't come across any available alternatives better than Aiken private real estate mortgages.

Most borrowers use Aiken private mortgage lenders when:

1. They would like to update or fix up the home to allow them to offer it for sale at a higher price or to charge higher rents.

   Real example: one of our applicants held a two-unit rental property. He held enough equity available in the asset and the rent payments generated routine income each month. While a few remodeling work to the place would have helped him charge higher rent, a bank would definitely have turned down the mortgage application, since his credit score was down at 520. So he came to Read Rock Capital to obtain a cash-out refinance and received financing at 65% LTV.

2. They've got numerous unsecured debts and want to consolidate them.

   Most people find it stressful to make multiple payments on a monthly basis. As a result, lots of people do a loan from their home's equity to consolidate all of their financial debts into one mortgage loan.

3. They want to allocate their existing equity in one home or property and buy a different one.

   By way of example, one of our previous borrowers located in Hawaii had a house valued above a million dollars. Because it was difficult for him to get a purchaser for the place, he had found somebody who was willing to lease it with an option to purchase it. The revenue that came from the lease contract covered his continuing mortgage payment, insurance, and property taxes. He also was given a $200,000 non-refundable downpayment for the three year agreement. The signed agreement meant that he did not have to be concerned about the home's future financial obligations, and so when another great real estate opportunity showed up, he found Read Rock Capital and obtained a private mortgage loan at 70% LTV. The money helped him afford a new investment property and in addition, repay his initial mortgage.

4. They have a previous loan and are unable to pay the looming balloon payment.

   If a person is not able to make a balloon payment as a result of unanticipated causes, he can seek to refinance his loan with a different lending company. Refinancing ahead of the due date helps the borrower to make the due date for the balloon payment and avoid penalty charges in connection with failing to make the balloon payment.

Planning to discuss your investment plans with a private mortgage lender in Aiken? Enter your info into the contact form on this page or give us a call and let's discuss the property or properties you have in mind.