Private real estate financing helps investors pay for, fix up or refinance a property using a short-term mortgage loan from a privately owned company or an individual. As opposed to loans from banks, Cedar Falls private mortgage loans are fast closing, easy qualifying and available to self-employed applicants.

It means that whether or not you have a good credit score, there is still a strong likelihood of obtaining private money for a real estate loan so long as your project is viewed to be profitable, you have adequate capital to set aside for the down payment, you have demonstrated yourself able in real estate previously, you have sizeable equity contained in the home or property or you have a legitimate plan to pay back the balance of the loan. And with fast closings of fourteen days, private real estate mortgages in Cedar Falls are a perfect solution for ambitious real estate investors.

Most borrowers depend on Cedar Falls private mortgage lenders when:

1. They need to remodel or make repairs to the property or home to enable them to sell it at a much higher price or to fetch higher rents.

   For instance, we had a customer who owned a two-unit rental. He previously built adequate equity in the house and the rent was a regular revenue stream. Although several remodeling work to the property would've enabled him to ask for higher rent, a bank would undoubtedly have turned down his mortgage application, considering that he had a credit score of only 520. When he contacted Read Rock Capital for a loan, we were happy to do a cash-out refinance at 65% of the duplex's valuation.

2. They want to combine their personal debts.

   Numerous debts with varying rates are quite overwhelming and hard to keep track of. Due to this, numerous people get a loan from their home equity to consolidate their financial debts into one manageable payment.

3. They would like to allocate their equity in one home and use it to invest in a different one.

   One of our borrowers in Hawaii owned a home worth over $1,000,000. Since it was challenging for him to find a buyer for the place, he had identified a person that was wanting to lease it having an option to buy. The rent amount was more than enough to handle his regular mortgage payment, property taxes and cost of homeowner's insurance. The person furthermore went ahead and paid him $200,000 as a deposit for the 3 year lease. These assurances meant he no longer needed to worry about the home's ongoing expenses, and as a result, when another promising investment opportunity surfaced, he came to Read Rock Capital and obtained a private mortgage loan at 70% loan to value. This enabled him to make the down payment for his next investment, and furthermore helped with his existing mortgage.

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

   If an unexpected incident prevents a person from meeting his balloon payment deadline, he can seek out a different mortgage lender to refinance. A refinance can help the person hit the due date for the balloon payment and prevent any fees and penalties.

Looking to meet a private mortgage lender in Cedar Falls to go over financing programs for your next project? Fill out the form on this page or get in touch with us via phone to discuss your property or properties.