Private real estate financing can help investors pay for, fix up or refinance a home via a short-term loan from a privately owned firm or an individual. As opposed to loans from banks, Atlanta private mortgage loans are fast closing, have minimal eligibility requirements and open to self-employed borrowers.

That's why, even if you have bad credit, having a real estate opportunity with good potential, a considerable down payment, previous real estate experience, and a clear exit strategy are more crucial in regards to being eligible for private money for a real estate loan. And with fast closings of 2 weeks, private real estate mortgages in Atlanta are a perfect solution for ambitious real estate investors.

Most real estate investors speak with Atlanta private mortgage lenders when:

1. They need funds to renovate a home and sell it at a much higher price point or to rent it out at a higher monthly amount.

   As an example, a past client owned a duplex. He had already built adequate equity in the house and the rent payments was a recurring income source. A number of choice home enhancements would undoubtedly help him boost his rents, but since he had a bad credit score of 520, it was very likely that a bank would turn down his mortgage request. After he got in contact with Read Rock Capital to obtain financing, we were glad to do a cash-out refinance for 65% of the property's valuation.

2. They're saddled with numerous unsecured debts and wish to combine them.

   The majority of people know how stressful it is to deal with countless payments every month. This is why numerous people choose to make use of the equity available in their residence to consolidate their outstanding debts into only one loan which has a lone payment per month.

3. They want to make use of the equity in an existing property or home to do a different real estate project.

   One of our customers located in Hawaii had a residence valued at $1M. When he failed to procure a buyer for the home, he inked a lease-option-to-buy arrangement with an interested party. The lease income made it possible to meet his existing mortgage payment, taxes and insurance. The renter also put $200k towards a non-refundable downpayment as part of signing the 3-year contract. These sureties meant he no longer had to be concerned with the home's ongoing expenses, so when a new investment opportunity came up, he reached out to Read Rock Capital and got a private mortgage loan at seventy percent loan to value. The loan helped him finance a new investment property and in addition, pay down his primary mortgage.

4. The balloon payment for a prior loan is due and they cannot pay it.

   If an unforeseen mishap stops someone from hitting his balloon payment due date, he can seek out an alternative lender to refinance. A cash-out refinance can help you pay the balloon payment and evade fines.

Planning to discuss mortgage alternatives with a private mortgage lender in Atlanta? Submit the form on this page or give us a call to discuss the property or properties you have in mind.