Private real estate financing can help investors purchase, remodel or refinance a home or property via a short-term mortgage loan from a privately owned firm or an individual. Augusta private mortgage loans have many advantages — they are fast closing, easy qualifying and additionally, are available to self-employed individuals.

Which means that no matter the quality of your credit score, there is still a high likelihood of receiving private money for a real estate loan as long as your real estate project is regarded as profitable, you have ample capital to set aside for the down payment, you have demonstrated yourself competent in the real estate market in the past, you have considerable equity in the home or property or you can show a well-defined plan to take care of the loan. Combined with fast closings of only 2 weeks, private real estate mortgages in Augusta are a perfect alternative for ambitious real estate investors.

Most borrowers use Augusta private mortgage lenders when:

1. They are searching for funds to fix a home and property and sell it for a much higher price point or to rent it out for more money.

   As an example, one of our customers had a twin-home / duplex. He had an abundance of equity available in the asset and the rent brought in regular income each month. Though several remodeling work to the units could have helped him collect higher rent, a bank would most likely have turned down the mortgage application, considering that he had a credit score of only 520. Hence, the customer got in contact with Read Rock Capital (Read Rock Capital) to execute a cash-out refinance that gave him a loan for 65% of the duplex's assessed value.

2. They're stuck with multiple outstanding debts and want to combine them.

   Multiple outstanding debts with different lending rates are often too much to handle and tough to keep tabs on. For this reason, a lot of people make the decision to utilize the equity in their house to combine their debts into one mortgage loan having a lone payment per month.

3. They prefer to unlock their equity in one home and acquire another one.

   One of our customers located in Hawaii had a home valued at $1M. His plans to sell the house didn't work out and he finally had to be content with leasing the house to someone, with an option to purchase it down the road. The money that came from the lease took care of his continuing mortgage payment, insurance, and taxes. The tenant also included two hundred thousand dollars for a non-refundable deposit as he signed the three year lease. With these sureties handling the home's financial obligations on an ongoing basis, he phoned Read Rock Capital to obtain a 70% LTV private mortgage loan for his subsequent investment. This gave him more than enough money to use for a downpayment on his next home, but also made it easier for him to repay the existing mortgage.

4. They want help to satisfy the balloon payment for a previous mortgage.

   A real estate investor who already has an existing private mortgage loan and is not able to afford the balloon payment as a result of a change in circumstances can submit an application for refinancing from a different loan company. A cash-out refinance will help the borrower pay the balloon payment and escape penalty.

Looking to discuss mortgage programs with a private mortgage lender in Augusta? Submit the contact form or get in touch with us via phone to talk about your project.