Private real estate financing can help investors buy, fix up or refinance a property or home using a short-term mortgage from a privately owned business or an individual. Unlike bank loans, Coeur d’Alene private mortgage loans are fast closing, easy qualifying and open to self-employed borrowers.

So in case you have lousy credit, having a real estate opportunity showing good potential, a significant down payment, previous real estate experience, and a clear-cut exit strategy are a great deal more important in terms of qualifying for private money for a real estate loan. And having fast closings of 2 weeks, private real estate mortgages in Coeur d’Alene are the right alternative for serious real estate investors.

Usually, people get in contact with a private mortgage lender in Coeur d’Alene when:

1. A rehab or restoration will help them sell the home for a higher price or get extra rent.

   E.g. one of our clients owned a twin-home / duplex. He had enough equity available in the asset and the rent payments generated routine income each month. While some improvements to the property might have enabled him to command higher rent, a bank would most likely have turned down his mortgage request, considering that he had a credit score of only 520. So the borrower contacted Read Rock Capital (Read Rock Capital) to complete a cash-out refinance that got him financing for 65% of the home's market value.

2. They have multiple personal debts and desire to combine them.

   A lot of people find that it's stressful to take care of multiple payments each and every month. Due to this, some individuals borrow against their home equity to merge their unsecured debts into a single manageable payment.

3. They would like to utilize the existing equity within an existing home and property to work on another project.

   One of Island View's customers located in Hawaii had a residence valued at $1M. When he failed to find a buyer for his house, he inked a lease-option-to-buy contract with someone. The amount of rent was sufficient to cover his monthly mortgage payment, property taxes and insurance obligations. The tenant furthermore went ahead and paid 200k in the form of a downpayment for the three year lease. With this collateral to cover the property's foreseeable bills, he stumbled on another promising real estate opportunity and contacted Read Rock Capital to obtain a private mortgage loan around 70% of the home's estimated value. This allowed him to pay an advance on the deposit for his next investment, and at the same time helped with his current mortgage.

4. The balloon payment for a preexisting loan is owed soon and they are not able to handle it.

   If an unforeseen incident hinders someone from making his balloon payment deadline, he could seek out another loan company to refinance. Refinancing prior to the term date allows you to make the deadline for the balloon payment and avert any consequences associated with failing to pay the balloon payment.

Interested in discussing financing options with a private mortgage lender in Coeur d’Alene? Complete the form or give us a call and let's talk about your project.