Private real estate financing gives assistance to real estate investors who want to buy, remodel or refinance a home via a short-term loan from a private firm or an individual. Contrary to bank loans, Charleston private mortgage loans are fast closing, easy qualifying and offered to self-employed customers.

Meaning that even if your credit score just went through the wringer, you've still got a high probability of qualifying for private money for a real estate loan assuming that your project is deemed to be profitable, you have adequate capital reserved for the down payment, you have proven yourself able in prior real estate ventures, you have sizeable equity contained in the property or you have an intelligible plan to pay back the loan. And with fast closings of just fourteen days, private real estate mortgages in Charleston are a perfect alternative for real estate investors.

Most real estate investors depend on Charleston private mortgage lenders when:

1. A rehab or renovation can help to sell their property at a much higher price or charge significantly more rent.

   E.g. one of our customers had a twin-home / duplex. He had an abundance of equity in the property and the rent generated routine monthly income. He desired to perform some improvements to the units so that he could maintain high rents, but a lower credit score of 520 meant a bank would doubtless turn down his loan application. Accordingly, he turned to Read Rock Capital to obtain a cash-out refinance and acquired a loan at 65% LTV.

2. They would like to consolidate their personal debts.

   Numerous debts with a variety of lending rates are quite overwhelming and difficult to manage. Due to this fact, some individuals get a loan against their home's equity to combine each of their unsecured debts into one single mortgage loan.

3. They want to employ the existing equity in one property and use it to invest in another one.

   One of our borrowers located in Hawaii owned a home valued at $1M. When he was unable to procure a buyer for the property, he entered into a lease-option-to-buy deal with somebody. The rent checks were adequate to take care of the cost of his ongoing mortgage bill, taxes and homeowner's insurance obligations. Additionally, he received a $200,000 non-refundable deposit for the three year contract. These sureties meant that he did not have to be concerned about the home's ongoing financial obligations, and thus, when a new real estate investment opportunity surfaced, he reached out to Read Rock Capital and obtained a private mortgage loan at seventy percent LTV. This not only gave him plenty of capital to use for a downpayment on his next investment, but also made it easier for him to pay off the existing mortgage.

4. They have a previous mortgage and can't pay the pending balloon payment.

   If an unforeseen mishap prevents a person from hitting his balloon payment deadline, he could seek out another mortgage lender to refinance. A cash-out refinance can help the person make the balloon payment and evade fines.

Trying to find a private mortgage lender in Charleston to help you afford your real estate investment? Submit the contact form on this page or get in touch with us via phone and let's discuss your property.