Private real estate financing helps investors purchase, renovate or refinance a home via a short-term loan from a privately owned company or an individual. Unlike loans from banks, Beaufort private mortgage loans are fast closing, easy qualifying and open to self-employed individuals.

Thus, while you might don't have very good credit, having a real estate opportunity with good potential, a considerable down payment, past real estate experience, and an intelligible exit strategy are far more important in terms of being qualified for private money for a real estate loan. And with fast closings of only 14 days, private real estate mortgages in Beaufort may very well be the right choice for ambitious real estate investors.

Most borrowers use Beaufort private mortgage lenders when:

1. They are searching for funds to repair a house and market it for a higher price or to rent it out for more money.

   As an example, one of our clients had a duplex. He had an abundance of equity in the asset and the rent checks brought in routine income each month. Though some upgrades to the units might have enabled him to command more rent, a bank would most likely have turned down his mortgage request, since his credit score was merely 520. Right after he got in contact with Read Rock Capital to obtain a loan, we were glad to complete a cash-out refinance for 65% of the home's appraised value.

2. They would like to combine their financial debts.

   Countless outstanding debts with a range of interest rates can be very overwhelming and challenging to keep tabs on. As a result, many individuals get a loan from a property's equity to consolidate all of their financial debts into just one loan payment.

3. They want to release the existing equity in one property and buy another one.

   By way of example, one of Island View's borrowers in Hawaii had a place valued at more than a million dollars. Though it was challenging for him to find a purchaser for the home, he had identified a person that was ready to lease it having the option to purchase it. The amount of rent was enough to handle the cost of his ongoing mortgage bill, taxes and cost of homeowner's insurance. Additionally, he was given a $200,000 non-refundable advance payment for the 3-year agreement. With these sureties to cover the house's foreseeable bills, he discovered another promising investment opportunity and got in touch with Read Rock Capital for a private mortgage loan close to 70% of the home's appraised value. This means that he was able to make a deposit for his next property, and also help with his existing mortgage.

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

   A real estate investor who already has an existing private loan and is not able to pay for the balloon payment caused by a change of circumstances can fill out an application for refinancing from a new loan company. A refinance will help the person hit the cut-off date for the balloon payment and avoid fees and penalties.

Hoping to meet a private mortgage lender in Beaufort to discuss loan alternatives for your next investment? Fill out the contact form on this page or call us and let's talk about your property.