Private real estate financing means finding a short-term mortgage through a private business or individual in order to buy, perform upgrades on or refinance a home. In contrast to bank loans, Cape Girardeau private mortgage loans are fast closing, easy qualifying and offered to self-employed customers.

That's great news for investors considering that even a person with lousy credit can qualify for private money for a real estate loan as long as he has a promising deal, he has adequate cash for a down payment, he has demonstrated himself able in the real estate market, and he can show a plan for an exit strategy. Additionally, Cape Girardeau private real estate mortgages close fast to supply you with funding without delay, helping you close on a deal within 2 or 3 weeks.

Usually, customers reach out to a private mortgage lender in Cape Girardeau when:

1. They need to remodel or fix up the home and property so that they can sell it at an increased price or to fetch higher monthly rental fees.

   For example, we had this customer who owned a two-family rental property. He previously built up considerable equity available in the house and the rent payments was a routine revenue stream. Some select home enhancements would undoubtedly help him raise the cost of rent, but because of a poor credit score of 520, it was highly likely for a bank to turn down his mortgage request. After he got in touch with Read Rock Capital for a mortgage, we were able to do a cash-out refinance for 65% of the duplex's value.

2. They're stuck with multiple personal debts and wish to consolidate them.

   Numerous debts with a variety of lending rates are incredibly overwhelming and challenging to keep track of. Due to this fact, many individuals borrow against their home equity to consolidate all their unsecured debts into one loan.

3. They would like to use their home's existing equity for an additional real estate deal.

   One of our customers located in Hawaii had a property valued at $1M. He wanted to sell the house but that didn't happen and he ultimately had to settle for leasing the home, with an option to buy at a future date. The money that came from the rent paid for his continuing mortgage payment, insurance, and property taxes. The tenant also consented to pay him two hundred thousand dollars in the form of an advance payment for a 3 year lease contract. These assurances meant that he no longer had to concern himself with the property's future expenses, so when another great real estate investment opportunity surfaced, he reached out to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. The loan helped him finance his next investment as well as deal with his original mortgage.

4. The balloon payment for a prior mortgage is due and they are not able to pay it.

   If an unanticipated mishap stops a person from hitting his balloon payment deadline, he could contact an alternative lender to refinance. A refinance will help the borrower avoid missing the due date for the balloon payment and prevent any fines.

Looking to meet a private mortgage lender in Cape Girardeau to talk about loan alternatives for your next project? Fill out the form or get in touch with us via phone and let's discuss the property or properties you have in mind.