Private real estate financing gives assistance to real estate investors who want to buy, renovate or refinance a property or home utilizing a short-term loan from a privately owned firm or an individual. Contrary to bank loans, Altus private mortgage loans are fast closing, easy qualifying and available to self-employed borrowers.

That's great for real estate investors because anyone with bad credit can qualify for private money for a real estate loan as long as he has a project that shows promise, he has sufficient money for a down payment, he has shown himself able in past real estate ventures, and he can show a preplanned exit strategy. Additionally, Altus private real estate mortgages close fast to provide you with financing without delay, letting you close a deal within two to three weeks.

In most cases, people talk to Altus private mortgage lenders to supply capital for their real estate ventures when:

1. A rehab or update will help them market their property for a higher price point or get extra rent.

   E.g. a past client owned a twin-home / duplex. He had already built up ample equity in the property and the rent payments was a recurring income source. Though some upgrades to the place could have enabled him to ask for higher rent, a bank would likely have turned down the loan application, because his credit score was a mere 520. After he got into contact with Read Rock Capital for financing, we were pleased to do a cash-out refinance at 65% of the house's assessed value.

2. They want to merge each of their financial debts into just one loan.

   Many people find it stressful to make multiple payments each month. Due to this fact, numerous people get a loan from a property's equity to merge their financial debts into a single manageable payment.

3. They would like to take advantage of the equity available in their existing home to work on an additional project.

   As one example, a homeowner in Hawaii had a home appraised at $1.2M. His plans to sell the house didn't work out and he eventually had to be content with leasing the home to someone, with an option to purchase it at a future time. The rental agreement income served to meet his current mortgage, property taxes and insurance. The tenant additionally put $200k for a non-refundable downpayment as he signed the 3 year lease. These sureties meant he did not have to worry about the home's future financial obligations, and so when another great real estate opportunity surfaced, he came to Read Rock Capital and got a private mortgage loan at 70% LTV. This allowed him to make the down payment for the new investment, and furthermore helped with his present mortgage.

4. The balloon payment for a previous mortgage is due and they cannot handle it.

   If a person cannot meet a balloon payment resulting from unanticipated causes, he can try and refinance his loan with a different loan company. A cash-out refinance will help you complete the balloon payment and escape consequences.

Trying to find a private mortgage lender in Altus to finance your investment purchase? Complete the form on this page or call us to talk about the project you have in mind.