Private real estate financing means getting a short-term mortgage loan through a private business or individual with the intention to purchase, carry out improvements on or refinance a home or property. Charles Town private mortgage loans have many advantages — they are fast closing, easy qualifying and are also available for self-employed applicants.

So while you might don't have great credit, having a promising real estate opportunity, a sizeable downpayment, previous real estate experience, and a well-defined exit strategy are far more important when it comes to being qualified for private money for a real estate loan. And with fast closings of just fourteen days, private real estate mortgages in Charles Town are an ideal choice for real estate investors.

Frequently, clients pay a visit to Charles Town private mortgage lenders to finance their projects when:

1. They're looking for capital to renovate a house and put it up for sale for a higher price point or to up the lease amount for tenants.

   As an example, one of our clients had a duplex. He already had a considerable amount of equity in the property and the rent payments generated steady revenue. He desired to do some upgrades to the units to be able to maintain high rents, but a low credit score of 520 meant a bank would undoubtedly turn down the mortgage request. After he got into contact with Read Rock Capital for a loan, we were able to complete a cash-out refinance for 65% of the home's valuation.

2. They wish to combine their financial debts.

   Countless outstanding debts with various lending rates can be extremely overwhelming and challenging to manage. Due to this, numerous people do a loan from their home equity to combine their financial debts into one mortgage loan.

3. They prefer to release the existing equity in one home or property and invest in a different one.

   One of our clients located in Hawaii had a home valued at over $1,000,000. He wanted to sell the house but that never transpired and he eventually had to settle for leasing the house to an interested party, with the option to buy at a later time. The lease income helped him meet his existing mortgage payment, property taxes and insurance. The tenant additionally included $200,000 in the form of a non-refundable deposit as part of signing the three year contract. These assurances meant he no longer had to concern himself with the home's ongoing financial obligations, and thus, when another great real estate investment opportunity came up, he found Read Rock Capital and obtained a private mortgage loan at 70% LTV. The money helped him cover the cost of a different investment property and also deal with his original mortgage.

4. They want help to satisfy the balloon payment for a previous private loan.

   If someone cannot pay a balloon payment due to unforeseen causes, he can try to refinance the loan with a new lender. A cash-out refinance will help the borrower complete the balloon payment and evade consequences.

In search of a private mortgage lender in Charles Town to help you afford your investment purchase? Fill out the contact form on this page or get in touch with us via phone and let's discuss the property you have in mind.