Private real estate financing entails finding a short-term loan via a privately owned business or individual person with the intention to purchase, perform improvements on or refinance a home or property. While traditional lenders like banks have an extended, drawn out application process and in all likelihood will be reluctant to offer money to a self-employed client, private mortgage loans in Artesia close fast and are easy to qualify for.

This means that even if you don't have a very good credit score, you still have a high probability of receiving private money for a real estate loan if your project is presumed to be profitable, you have ample capital to put towards the down payment, you have shown yourself capable in past real estate projects, you have substantial equity in the property or home or you have a clear-cut plan to pay off the loan. Furthermore, if you are searching for a fast closing, you will not find many options better than Artesia private real estate mortgages.

Most often, customers pay a visit to Artesia private mortgage lenders to finance their endeavors when:

1. They need money to fix up a home and property and offer it for sale at a higher price or to rent it out for more money.

   For instance, there was this borrower who owned a 2-unit rental property. At the time, he retained a significant amount of equity in the property and the rent checks generated steady revenue. Though a few upgrades to the units would have enabled him to ask for more rent, a bank would definitely have turned down his mortgage application, because he had a credit score of a mere 520. So the client approached Read Rock Capital (Read Rock Capital) to complete a cash-out refinance which in turn provided him a loan for 65% of the home's market value.

2. They have numerous debts and desire to combine them.

   A lot of people know how stressful it is to deal with multiple payments on a monthly basis. Due to this, many individuals do a loan from their home's equity to consolidate all of their financial debts into one mortgage loan.

3. They wish to make use of the existing equity in their existing home to work on a different real estate project.

   For instance, one of Island View's clients in Hawaii had a house appraised above a million dollars. He wanted to sell the house but that never materialized and he finally was forced to be satisfied with leasing the home, with an option to purchase it at a future time. The rent checks were sufficient to pay for the cost of his monthly mortgage bill, property taxes and homeowner's insurance payments. In addition, he was given a two hundred thousand dollars non-refundable downpayment for the 3 year lease agreement. Having these assurances to cover the home's foreseeable bills, he ran across another promising real estate opportunity and got into contact with Read Rock Capital for a private mortgage loan close to 70% of the home's appraised value. Meaning that he could make the down payment for the new investment, and also help with his existing mortgage.

4. They have an existing mortgage and are unable to afford the looming balloon payment.

   If an unexpected incident stops a borrower from making his balloon payment deadline, he could approach a different company to refinance. Refinancing prior to the term date enables you to meet the deadline for the balloon payment and stay clear of fees and penalties in connection with failing to make the balloon payment.

Looking to meet a private mortgage lender in Artesia speak about loan programs for your next investment? Submit the contact form or give us a call and let's talk about the project you have in mind.