Private Real Estate Mortgages in Benton

Private real estate financing can help investors pay for, fix up or refinance a home via a short-term mortgage from a privately owned company or an individual. In contrast to bank loans, Benton private mortgage loans close fast, are easy to qualify for and accessible to self-employed applicants.

That means that irrespective of the level of your credit score, there is still a high likelihood of getting private money for a real estate loan so long as your project is regarded as profitable, you have ample money to use for the downpayment, you have demonstrated yourself capable in real estate previously, you have considerable equity in the property or home or you can show a clear plan to pay back the balance of the loan. Furthermore, if you are searching for a fast closing, there are few options better than Benton private real estate mortgages.

In most cases, customers ask Benton private mortgage lenders to lend money for their real estate activities when:

  1. They wish to remodel or repair the house in order to offer it for sale at an increased price point or to get higher monthly rental fees.

    By way of example, we had this customer with a 2-family rental. He'd already built up ample equity available in the building and the monthly rent checks was a recurring revenue stream. Though several enhancements to the property may have helped him charge higher rent, a bank would undoubtedly have turned down his mortgage request, given that his credit score was only 520. Accordingly, he turned to Read Rock Capital to obtain a cash-out refinance and got financing at 65% LTV.

  2. They would like to combine personal debts.

    Many of us know how stressful it is to deal with countless payments each and every month. On that basis, lots of people borrow against a property's equity to consolidate each of their outstanding debts into a single loan payment.

  3. They prefer to use their home's existing equity for another purchase.

    Here is an example. A client in Hawaii had his residence which was appraised at $1,200,000. When he failed to find a buyer for the house, he inked a lease-option-to-buy arrangement with an interested party. The lease income served to meet his current mortgage payment, taxes and homeowner's insurance. Additionally, he was given a two hundred thousand dollars non-refundable downpayment for the three year lease. Using these sureties to cover the property's financial obligations on a regular basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan to aid in his next real estate investment. The borrowed funds helped him cover the cost of a different investment property and in addition, repay his original mortgage.

  4. They have a previous private loan and are not able to pay the looming balloon payment.

    A real estate investor who already has an existing private mortgage loan and is unable to pay for the balloon payment caused by a change in circumstances can fill out an application for refinancing from a different lending company. A refinance will help the borrower avoid missing the cut-off date for the balloon payment and avoid penalties.

Looking to connect with a private mortgage lender in Benton to discuss loan options for your upcoming project? Fill out the contact form or call us to discuss your property or properties.

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Investment property loans only please, no primary residences at this time.