Private real estate financing helps investors pay for, fix up or refinance a home using a short-term mortgage loan from a private business or an individual. Contrary to loans from banks, Centennial private mortgage loans are fast closing, easy qualifying and offered to self-employed customers.

So while you might don't have very good credit, having a promising real estate opportunity, a sizeable down payment, previous experience in real estate, and a well-defined exit strategy are more crucial when it comes to being approved for private money for a real estate loan. Furthermore, if you want a fast closing, you won't come across any available alternatives better than Centennial private real estate mortgages.

Most borrowers work with Centennial private mortgage lenders when:

1. They are in need of capital to fix up a home and property and market it for a higher price or to up the lease amount for renters.

   As an illustration, one of our borrowers owned a two-family rental. He previously built considerable equity in the house and the rent payments was a recurring revenue stream. While several enhancements to the place could have enabled him to charge higher rent, a bank would definitely have turned down the mortgage application, given that his credit score was a mere 520. So he reached out to Read Rock Capital to obtain a cash-out refinance and acquired a loan at 65% LTV.

2. They've got numerous unsecured debts and wish to combine them.

   The majority of people think it is stressful to deal with countless payments each month. This is why a lot of people make the decision to take advantage of the equity in their residence to combine their debts into just one private mortgage loan which has a lone monthly payment.

3. They would like to use their home's existing equity for a different purchase.

   As an example, one of our past borrowers located in Hawaii had a house valued at over a million bucks. Since it was tough for him to find an interested party for his house, he had found a person who was willing to lease it with an option to buy. The cash that stemmed from the rental payments took care of his continuing mortgage payment, insurance, and property taxes. The tenant also went ahead and paid 200k as a downpayment for a 3-year agreement. These sureties meant that he no longer had to worry about the property's ongoing financial obligations, and so when another promising real estate investment opportunity surfaced, he came to Read Rock Capital and obtained a private mortgage loan at seventy percent LTV. The money helped him pay for a new investment and also pay off his primary mortgage.

4. They want help to meet the balloon payment for the current mortgage loan.

   If a borrower cannot pay a balloon payment due to unforeseen causes, he can attempt to refinance the loan with a different mortgage lender. A cash-out refinance can help the person complete the balloon payment and evade fines.

Hoping to meet a private mortgage lender in Centennial speak about funding options for your next real estate investment? Enter your info into the form on this page or give us a call to talk about your project.