Private real estate financing helps investors pay for, remodel or refinance a home or property via a short-term mortgage loan from a privately owned business or an individual. Unlike loans from banks, Brookhaven private mortgage loans are fast closing, easy qualifying and available to self-employed borrowers.

Thus, while you might have poor credit, having a real estate opportunity showing good potential, a significant down payment, previous experience, and an intelligible exit strategy are much more relevant in regards to being approved for private money for a real estate loan. And with fast closings of fourteen days, private real estate mortgages in Brookhaven may very well be the ideal alternative for ambitious real estate investors.

Usually, clients get in touch with a private mortgage lender in Brookhaven when:

1. They want to renovate or fix up the house to enable them to offer it for sale at a much higher price or to get higher monthly rental fees.

   One example is a client who operated a 2-family rental property. He had a great deal of equity in the property and the rent generated regular monthly income. A handful of choice home improvements would allow him to bump up his rents, but because of a bad credit score of 520, it was extremely certain that a bank would turn down his loan application. After he got in contact with Read Rock Capital to obtain a mortgage, we were pleased to complete a cash-out refinance for 65% of the duplex's value.

2. They have numerous personal debts and prefer to combine them.

   A lot of people find that it's stressful to take care of countless payments each month. On that basis, some individuals do a loan against a property's equity to merge all their debts into one loan.

3. They want to allocate the existing equity in one property and acquire another one.

   For example, a homeowner located in Hawaii owned a home valued at $1.2M. When he failed to find a buyer for his house, he signed a lease-option-to-buy contract with somebody. The funds that stemmed from the lease took care of his monthly mortgage payment, home owner's insurance, and taxes. The renter furthermore went ahead and paid him $200,000 in the form of an advance payment for a 3-year lease. The signed agreement meant that he did not have to concern himself with the home's future financial obligations, and thus, when another promising real estate investment opportunity came up, he found Read Rock Capital and got a private mortgage loan at 70% LTV. This let him make the deposit for his next investment, and at the same time repay his current mortgage.

4. They need assistance to meet the balloon payment for the existing private loan.

   If a person cannot meet a balloon payment as a result of unexpected factors, he can seek to refinance the loan with a different loan provider. A cash-out refinance can help you complete the balloon payment and evade fines.

Hoping to connect with a private mortgage lender in Brookhaven speak about funding options for your next project? Enter your info into the contact form on this page or give us a call to discuss the project you have in mind.