A lot of real estate investors depend on private real estate financing to acquire a new home or property, or rehab or refinance one they already own. Although conventional lending institutions like banks necessitate a prolonged, time consuming application process and in all likelihood will be reluctant to offer money to a self-employed client, private mortgage loans in Blacksburg close fast and are easy qualifying.

Which means that even if you do not have a very good credit score, you still have a good chance of getting private money for a real estate loan provided that your undertaking is regarded as profitable, you have adequate money to put towards the downpayment, you have demonstrated yourself capable in earlier real estate ventures, you have considerable equity in the property or you can show a clear plan to pay back the balance of the loan. Additionally, the fast closing Blacksburg private real estate mortgages grant you funding right away, helping you close on a deal within 2-3 weeks.

Usually, clients seek out a private mortgage lender in Blacksburg when:

1. They want to update or make repairs to the property to allow them to offer it at a much higher price or to bring in higher monthly rental fees.

   One example is a borrower who held a 2-unit rental. At the time, he retained a considerable amount of equity available in the property and the rent generated steady income. He desired to complete some renovation to the property in order to maintain high rents, but a lower credit score of 520 meant that a bank would undoubtedly turn down his loan request. Thus, he reached out to Read Rock Capital to get a cash-out refinance and acquired financing at 65% LTV.

2. They want to combine their personal debts.

   Multiple unsecured debts with a range of lending rates are often too much to handle and tough to keep tabs on. For this reason, many people make the decision to utilize the equity in their property to merge all of their unsecured debts into only one private mortgage loan having a lone monthly payment.

3. They wish to employ the equity in one property or home and use it to invest in another one.

   One of our borrowers in Hawaii owned a property valued at $1.2 million. His idea was to sell the house but it didn't happen and he ultimately was forced to be satisfied with leasing the house to someone, with an option to buy at a future time. The money that stemmed from the lease paid for his regular mortgage payment, insurance, and taxes. Additionally, he was given a $200k non-refundable advance payment for the 3-year lease contract. Using these assurances to handle the home's expenses on a regular basis, he called Read Rock Capital to get a 70% LTV private mortgage loan to help with his next real estate investment. This enabled him to pay an advance on the deposit for the new property, and at the same time pay down his current mortgage.

4. They want assistance to meet the balloon payment for the current private loan.

   If someone can't meet a balloon payment due to unanticipated causes, he can try and refinance the loan with a different mortgage company. A refinance will help the borrower avoid missing the due date for the balloon payment and steer clear of any penalty charges.

Do you need a private mortgage lender in Blacksburg to fund your investment purchase? Complete the form on this page or call us to discuss the project you have in mind.