A lot of real estate investors count on private real estate financing to acquire a new home or property, or update or refinance an existing one. Whereas typical lenders like banks will require a lengthy, time consuming application process and in all likelihood will think twice about giving money to a self-employed client, private mortgage loans in Athens close fast and are easy to qualify for.

Which means that regardless of whether you have a good credit score, you still have a good chance of getting private money for a real estate loan if your investment is presumed to be profitable, you have ample capital to put towards the downpayment, you have proven yourself competent in real estate in the past, you have considerable equity contained in the home or you have a legitimate plan to pay back the loan. In addition, Athens private real estate mortgages close fast to supply you with funding without delay, letting you close within weeks.

Typically, clients get in contact with a private mortgage lender in Athens when:

1. They need to update or fix up the home to enable them to sell it at a higher price or to fetch higher monthly rental fees.

   As an example, one of our clients had a twin-home / duplex. He'd already built up considerable equity in the house and the rent payments was a routine revenue stream. He sought to perform some improvements to the property to help keep his rents high, but a lower credit score of 520 meant that a bank would turn down the mortgage request. After he got into contact with Read Rock Capital for a loan, we were glad to complete a cash-out refinance at 65% of the house's appraised value.

2. They want to combine unpaid debts.

   Multiple debts with various lending rates can be too much to handle and tough to keep tabs on. As a result, some individuals get a loan against their home's equity to consolidate all of their unsecured debts into one single manageable payment.

3. They would like to take advantage of their house's existing equity for another purchase.

   As an example, one of Island View's past clients in Hawaii had a place valued at over one million dollars. Though it was challenging for him to secure an interested party for the property, he had identified someone that was wanting to lease it having an option to purchase it. The rental agreement income made it possible to meet his current mortgage payment, property taxes and insurance. The tenant furthermore consented to pay him 200k in the form of a down payment for a 3 year contract. Using these sureties to handle the property's bills on an ongoing basis, he called Read Rock Capital to obtain a seventy percent LTV private mortgage loan for his next purchase of an investment property. This gave him plenty of cash to use for a deposit on his next investment, but also made it easier for him to pay down the current mortgage.

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

   If a person cannot meet a balloon payment resulting from unanticipated factors, he can try and refinance his loan with a different loan company. A cash-out refinance helps the person make the balloon payment and evade fines.

Planning to discuss your financing options with a private mortgage lender in Athens? Submit the contact form or get in touch with us via phone to discuss your property or properties.