Private real estate financing involves finding a short-term loan from a private firm or individual with the intention to purchase, carry out improvements on or refinance a home or property. In contrast to bank loans, Clemson private mortgage loans close fast, are easy to qualify for and offered to self-employed customers.

That's why, even if you don't have great credit, having a promising opportunity, a sizeable down payment, prior experience, and a good exit strategy are more important when it comes to being approved for private money for a real estate loan. Additionally, the fast closing Clemson private real estate mortgages provide you with financing right away, helping you close within a few short weeks.

Typically, clients get a hold of a private mortgage lender in Clemson when:

1. They want to renovate or fix up the home to allow them to offer it for sale at a much higher price point or to bring in higher rents.

   Real example: one of our borrowers held a two-unit rental property. He had already built up ample equity available in the building and the rent was a regular income source. He sought to perform some improvements to the place to help keep his rents high, but a below average credit score of 520 meant that a bank would undoubtedly turn down the mortgage request. Accordingly, he came to Read Rock Capital to do a cash-out refinance and acquired financing at 65% LTV.

2. They wish to consolidate their personal debts.

   Countless unsecured debts with different interest rates are incredibly overwhelming and difficult to keep an eye on. As a result, numerous people do a loan from their home's equity to merge each of their unsecured debts into a single loan.

3. They prefer to use their house's equity for some other purchase.

   By way of example, one of Island View's past borrowers in Hawaii had a property valued above a million bucks. His plans to sell the house did not work out and he ultimately was forced to be satisfied with leasing the place, with an option to purchase it at a future time. The rental agreement payouts served to meet his current mortgage expenses, property taxes and homeowner's insurance. The tenant also included $200,000 towards a non-refundable deposit as part of signing the three year lease. Using these sureties to handle the property's bills on an ongoing basis, he contacted Read Rock Capital for a seventy percent loan-to-value private mortgage loan to aid in his next investment. This not only gave him adequate money to use for a downpayment or his next investment, but also helped him pay off the current mortgage.

4. They need help to satisfy the balloon payment for the current private loan.

   If someone is not able to meet a balloon payment thanks to unexpected factors, he can seek to refinance his loan with another lending company. A cash-out refinance helps the borrower make the balloon payment and escape fines.

Wanting to connect with a private mortgage lender in Clemson to discuss funding alternatives for your upcoming project? Fill out the contact form or give us a call to talk about the property you have in mind.