Many real estate investors use private real estate financing to acquire a new home or property, or update or refinance one they already own. Clearwater private mortgage loans have many advantages — they are fast closing, have minimal eligibility requirements and additionally, are offered to self-employed applicants.

This is very fortunate for real estate investors since an individual with poor credit can opt for private money for a real estate loan so long as he has a promising deal, he has plenty of money for a downpayment, he has demonstrated himself competent in real estate, and has a preplanned exit strategy. In addition, Clearwater private real estate mortgages close fast to ensure that you get financing right away, helping you close a deal within a few short weeks.

In most cases, borrowers confer with Clearwater private mortgage lenders to finance their projects when:

1. They're in search of funds to remodel a property and offer it for sale for a much higher price or to rent it out at a higher monthly amount.

   Real example: one of our clients held a 2-family rental. He already retained a considerable amount of equity in the building and the rent delivered steady revenue. He sought to perform some upgrades to the units to help keep his rents high, but a low credit score of 520 meant that a bank would doubtless turn down the loan request. Thus, he reached out to Read Rock Capital for a cash-out refinance and received financing at 65% LTV.

2. They would like to merge their debts into a single loan.

   Multiple unsecured debts with different lending rates are very overwhelming and challenging to keep an eye on. This is why many people choose to utilize the equity in their house to merge their outstanding debts into a single private mortgage loan with a lone monthly payment.

3. They would like to allocate their existing equity in one property and buy another one.

   As an example, one of our customers in Hawaii had a place appraised at more than a million dollars. He wanted to sell the house but that did not happen and he finally was forced to be content with leasing the place to an interested party, with the option to purchase it at a future time. The amount of rent was enough to cover his monthly mortgage payment, taxes and cost of homeowner's insurance. In addition, he was given a $200,000 non-refundable advance payment for the 3-year lease. Using these sureties to cover the property's monthly payments on an ongoing basis, he phoned Read Rock Capital for a 70% loan-to-value private mortgage loan to aid in his subsequent real estate investment. This enabled him to make the downpayment for the new investment, and also pay down his present mortgage.

4. They need assistance to satisfy the balloon payment for a previous mortgage loan.

   If an unexpected event hinders someone from making his balloon payment due date, he could seek out an alternative company to refinance. Refinancing prior to the due date enables the borrower to make the deadline for the balloon payment and avoid penalties related to failing to pay the balloon payment.

Interested in discussing your investment plans with a private mortgage lender in Clearwater? Fill out the form on this page or give us a call and let's talk about your project.