Private Real Estate Mortgages in Ankeny

Private real estate financing can help investors purchase, remodel or refinance a home using a short-term mortgage from a privately owned firm or an individual. Contrary to loans from banks, Ankeny private mortgage loans close fast, are easy to qualify for and available to self-employed applicants.

That's good news for investors because even anyone with lousy credit can opt for private money for a real estate loan as long as he has a deal that shows promise, he has plenty of money for a downpayment, he has demonstrated himself competent in prior real estate investments, and he has a sensible exit strategy. Combined with fast closings of just two weeks, private real estate mortgages in Ankeny are a perfect choice for real estate investors.

Commonly, clients contact a private mortgage lender in Ankeny when:

  1. They want funds to renovate a property and market it for a higher price or to up the lease amount for renters.

    For example, there was this client who owned a two-unit rental property. He held enough equity in the asset and the rent checks generated routine monthly income. He desired to do some upgrades to the property so that he could keep his rents high, but a below average credit score of 520 meant that a bank would undoubtedly turn down his mortgage request. After he got into contact with Read Rock Capital to get a mortgage, we were happy to complete a cash-out refinance for 65% of the property's appraised value.

  2. They need to combine their financial debts.

    Numerous unsecured debts with different interest rates are incredibly overwhelming and tough to keep an eye on. This is why many people decide to make use of the equity available in their property to combine all of their debts into a single private mortgage having a single monthly payment.

  3. They would like to unlock the equity in one home or property and acquire a different one.

    One of our borrowers located in Hawaii owned a residence worth $1M. Because it was challenging for him to find a purchaser for his home, he had someone that was willing to lease it with an option to buy. The rent checks were sufficient to take care of the cost of his ongoing mortgage bill, taxes and insurance obligations. The tenant furthermore went ahead and paid $200,000 in the form of a downpayment for the 3-year agreement. Using these sureties to handle the property's expenses on an ongoing basis, he approached Read Rock Capital for a seventy percent loan-to-value private mortgage loan to aid in his subsequent real estate investment. Meaning that he was able to make his downpayment for his next property, and also help with his present mortgage.

  4. They need help to meet the balloon payment for the existing private loan.

    If an unexpected mishap stops someone from making his balloon payment due date, he could find a different loan company to refinance. Refinancing ahead of the due date allows the borrower to meet the due date for the balloon payment and avert any consequences associated with failing to pay the balloon payment.

Looking to meet a private mortgage lender in Ankeny to go over loan options for your next real estate investment? Enter your info into the form or get in touch with us via phone to talk about your property or properties.

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Investment property loans only please, no primary residences at this time.