Private real estate financing means getting a short-term mortgage loan via a private company or individual to be able to buy, perform upgrades on or refinance a property or home. Bluefield private mortgage loans have many advantages — they are fast closing, have minimal eligibility criteria and additionally, are available for self-employed individuals.

That's great for real estate investors since even anyone with lousy credit can qualify for private money for a real estate loan so long as he has a promising deal, he has plenty of money for a downpayment, he has proven himself competent in prior real estate investments, and has a sensible exit strategy. Furthermore, if you want a fast closing, there are no better options than Bluefield private real estate mortgages.

Commonly, customers reach out to a private mortgage lender in Bluefield when:

1. They want to update or repair the property to allow them to market it at a higher price or to ask for higher rents.

   For example, we had this customer who owned a 2-family rental. He'd already built up adequate equity in the building and the monthly rent checks was a recurring revenue stream. A few choice home renovations would allow him to increase the cost of rent, but since he had a low credit score of 520, it was very probable for a bank to turn down the loan application. Thus, he came to Read Rock Capital to do a cash-out refinance and got financing at 65% LTV.

2. They need to combine financial debts.

   Most people find that it's stressful to take care of countless payments on a monthly basis. Due to this, many individuals do a loan from their home's equity to combine all their unsecured debts into a single loan.

3. They wish to make use of the equity available in their current home and property to do an additional real estate investment.

   For example, a homeowner in Hawaii owned a property valued at $1,200,000. He wanted to sell the house but that didn't work out and he finally was forced to be content with leasing the property, with the option to purchase it at a later date. The rental agreement payments helped him meet his existing mortgage expenses, taxes and insurance. The renter furthermore consented to pay him 200k as a down payment for the 3 year contract. These sureties meant that he no longer needed to be concerned about the home's future financial obligations, and so when another promising real estate opportunity came up, he reached out to Read Rock Capital and received a private mortgage loan at seventy percent LTV. Meaning that he was able to make the downpayment for the new property, and also help with his present mortgage.

4. They need help to meet the balloon payment for a previous loan.

   If an unexpected incident hinders a borrower from making his balloon payment due date, he can contact a different mortgage lender to refinance. A cash-out refinance will help the person pay the balloon payment and escape fines.

Wanting to connect with a private mortgage lender in Bluefield speak about loan programs for your upcoming project? Complete the contact form on this page or call us and let's discuss your property.